THE MOST NON-REPORTED STORY...EVAH.
The liberal Dems and their ACORN thug allies started this whole economic nose-dive by forcing lenders to give loans to people that could not repay them. Because owning a house is "a right." What? You didn't see that in The Constitution?
Those opposed were labeled racist. ACORN members showed up at Bank board meetings and surrounded board members to intimidate. They protested outside. So Congress caved and now the house of cards has predictably collapsed. And who is supposed to heal the economy? The same people that have been working so hard to destroy it. Obamacorn is in it up to the tops of his Gucci loafers and Barney Frank is in it up to the top of his pumps.
You would think this might make CNBC or something. Ha. Is to laugh.
THANK YOU, Mr. Greenspan.
Yesterday long-time Chairman of the Federal Reserve Alan Greenspan was called before Congressional bureauweenies to be scapegoated for the financial crisis they caused. But he turned the tables on them, pointing out the obvious by layingblame for the crisis on international economic forces that were pouring money into the U.S. real-estate market, as well as on domestic political pressures to boost homeownership. He singled out the congressionally chartered mortgage companies, Fannie Mae and Freddie Mac, which were major consumers of subprime mortgages.Mr. Greenspan suggested that Fed critics have lost sight of the political atmosphere that prevailed at the time. "I mean, I sat through meeting after meeting in which the pressures on the Federal Reserve — and on, I might add, all of the other regulatory agencies — to enhance lending were remarkable."That is, the housing crisis that caused the world economy to tank was caused by the liberal campaign to force banks to make loans they know won't be repaid — on a largely racial basis...