Changing History 101

Blaming Bush #2623; Democrats CREATED the financial meltdown with the passage of the CRA (“Citizen’s Reinvestment Act of 1976”) passed in a Democrat-controlled Congress and signed into law by a Democrat president, strengthened by yet another Democrat-controlled Congress and another Democrat president, that FORCED lenders to lend money to people they KNEW could not repay (under threat of “investigation and prosecution” for “redlining” by Janet Reno), backed by the promise that Fannie Mae and Freddie Mac would “buy up” all those bad mortgages. This promise was purposely broken just before the 2008 election to ensure Obama’s win. Now they’re trying to blame the whole thing on Bush’s “lassez-faire policies,” IGNORING the Bush administration’s TWELVE attempts to “rein in” Fannie and Freddie and the Democrats’ (in the person of Barney Frank) consistent assurances that “there’s nothing wrong with Fannie and Freddie.” Now we know there WAS “something wrong” with them, they’re trying to “scream the loudest” about “Bush being responsible” so nobody will notice their own responsibility. They created the financial meltdown to win an election, but it is now out of control and they don’t know what to do about it except to “throw money at it,” which they are gaily doing. (IBD Editorials)