I'm listening to Obama speak on the economy and of course he blamed the Republicans for everything saying they created the mess and then wouldn't help fix it. Revisionist history at best and a down right lie at the worst.
The economic collapse was all driven by the problems with Fannie and Freddie and the sub-prime mortgage crisis. So who was responsible for this?
It was Clinton in 1995 who signed legislation which required lenders to give money to people who were a bad risk. If they failed to give these loans which were a bad business idea, they would no longer be able to receive federal funds. Blackmail to force them into stupid business practices.
In 2003 Bush attempted to pass legislation to undo this and stop the forcing of loans to people who wouldn't qualify under other circusmstances. He asked the Congress to stop making the banks piss money away. The Democrats in Congress refused to cooperate and threatened to fillibuster. Had this been passed in 2003 the current economic crisis would have been averted, but according to Obama it is the REPBULICAN'S fault. When Obama joined the Senate in 2005 he added his voice to the refusal to address this situation.
In 2006 Greenspan brought the urgency of the situation to the attention of Congress and said that the risky practices of Fannie and Freddie (legislated by Clinton and attempted to be fixed by Bush) would cause a collapse. Chris Dodd and Barack Obama (yes that guy now blaming somebody else) were the top two recipients of campaign contributions from Fannie and Freddie, and Chris Dodd was the chairman of the committee on banking which SHOULD have addressed this issue. Neither did a thing. With the Democrats taking control of Congress in January 2007 all hope of fixing this impending disaster was lost.
So here's the timeline in summary - 1995 Clinton passes legislation to start the mess. 2003 Bush attempts legislation to prevent the mess but Dems filibuster. 2006 Greenspan warns of imminent disaster and Dems refuse to address. In 2008 economy collapses as a direct result of what Greenspan warned. In 2009 Obama is blaming Republicans for not fixing the problem when he voted to filibuster against the fix.
The man really does have selective memory, and a total inability to accept any personal responsibility for the current situation.
Skipism Wednesday ~ B
4 hours ago
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