Dem lie of the month: "Republican policies caused the financial crisis we're in!"

[Little-Acorn]

I've heard this whopper several times now, most recently during the Dem convention this last week.

As has been pointed out in this forum (see http://www.debatepolicy.com/showthread.php?36822-A-reminder-of-what-caused-the-econ-crisis-we-ve-had-for-four-years-Democrat-policies ) , the current economic crises, which manifested itself four years ago with panic over crashing financial institutions, "toxic mortgage loans", and frantic bailouts, was caused primarily by court decisions penalizing banks for not making loans in a pattern someboy thought was "fair" - basically a quota system that measured how many mortgage loans were made to minorities, poor people, etc. Banks started making more and more such risky loans rather than risk long, costly lawsuits over ill-defined standards that they might lose.

It was then exacerbated by large government institutions such as FNMA and FNMC announcing they would buy up most "sub-prime" mortgages from the lenders, thus absolving the lenders from the risks of making loans that might not get paid back. They bought up literally billions of dollars worth of those risky loans, while large lenders such as Lehman Brothers, Countrywide Financial etc. kept many more in their own portfolios.

In fact, Republicans started sounding warnings over these practices shortly after they began, and made them stronger and stronger as Democrats laughed them off and kept right on doing what they had been doing. Republicans then started writing legislation to oversee and control those government institutions, only to see the bills buried in committee by Democrat majorities, or filibustered to death in the Senate when Democrats were in the minority.

Todays shouts by Democrats that "We don't want to go back to REPUBLICAN policies that cuase the problems we've been having!" are astoundingly misleading... a nice way of saying they are lying through their teeth, again. As usual. It was Democrat policies (fought every step by Republicans) that caused the economic crisis, and are well documented as doing so.

Next time you hear this Democrat Lie Du Jour, remind them of these things. It's time for the desperate lies to stop, and sense and intellgence to take over at last... or we will never get out of this mess they caused.

[aboutime]

Little Acord. Have you ever heard this line before?

It does apply here, and to every day, of every month, of every year for Liberal, Democrats.

"If you repeat a known lie often enough.
It soon becomes a false fact that must be repeated in order to convince the liars who created the false fact,
to believe their own lies."

[Little-Acorn]

Little Acord. Have you ever heard this line before?

It does apply here, and to every day, of every month, of every year for Liberal, Democrats.

"If you repeat a known lie often enough.
It soon becomes a false fact that must be repeated in order to convince the liars who created the false fact,
to believe their own lies."

Of course. Adolf Hitler's propaganda minister Josef Goebbels originated the phrase, and his party used it to perfection in coming to, and maintaining, power in the 1930s and 1940s.

It is invaluable to any group who is backing a false and unworkable philosophy like the current socialistic agenda, and wants to legislate it into law despite its destructive effects.

It's time to stop its use and hold its practitioners accountable - again.

[cadet]

3922


And that's all i'm going to say about the Dem lie.

[red states rule]

From the NY Times and please note the date





Fannie Mae Eases Credit To Aid Mortgage Lending


By STEVEN A. HOLMES
Published: September 30, 1999

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.


http://www.nytimes.com/1999/09/30/business/fannie-mae-eases-credit-to-aid-mortgage-lending.html





and Pres Bush warned Congress about Fannie and Freddie






The White House Warned Congress About Fannie Mae Freddie Mac 17 Times In 2008, Alone

September, 21, 2008 — nicedeb The White House (http://www.whitehouse.gov/news/releases/2008/09/20080919-15.html)attempts to set the record straight:
(I’m copying this post from the White House webpage in it’s entirety because I want people to read the whole thing).

For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (http://www.completelyfreesoftware.com/)(GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted. Unfortunately, these warnings went unheeded, as the President’s repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.

2001
April: The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.”

2002
May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)

http://nicedeb.wordpress.com/2008/09/21/the-white-house-warned-congress-about-fannie-mae-freddie-mac-17-times-in-2008-alone/

[aboutime]

From the NY Times and please note the date





and Pres Bush warned Congress about Fannie and Freddie







Not strange at all when you consider how the Democrats, and Obama always seem to forget how the Internet provides such lasting, never erased Information that always proves their Lies as Lies. Which is also why they have so much time invested in trying to prevent people who can READ, and THINK on their own from becoming more knowledgeable, or to improve their educational awareness.

Democrats depend on Uninformed, Under-educated Americans who will always vote for them because. As we can see with the state of our Educational systems today. They pretend to throw the Money they Promise at the children, which always ends up Padding the Teacher Union Leadership Pocketbooks.

[Tyr-Ziu Saxnot]

3922


And that's all i'm going to say about the Dem lie.

More than enough said for anybody that is a not a damn fooooooooooooooool or sold out jackass.
Were obama a whiteman (he claims black) with that record he would be damn lucky to get 20% of the vote in the coming election....
The 6 trillion in new debt alone would sink anybody but its claimed that it has not hurt him.... or so its claimed.. -Tyr

[Little-Acorn]

For some reason, our friends on the left don't seem to be very interested in contributing to this thread.

Why not?

:D

[red states rule]

Libs will continue to ignore this thread, the history of Dems wanting to make home ownership a right and not something one had to work for (and earn) Supporters of the Dem party will NEVER comment on what elected Dems said when confronted with the mounting evidence the housing bubble is going to burst

Here are the Dems (many are still in office and lying like hell what took the US economy into the toilet)



http://youtu.be/IyqYY72PeRM