Every American, young or old, must be told who was really behind the subprime loan disaster that threw our economy off track and injured the good people who lost their homes — like those now boarded up in Cleveland and other major cities — plus the millions of other citizens hurt by yet another failed Big Government-run program gone awry.
In 1977, Jimmy Carter and a Democrat Congress created the Community Reinvestment Act mandating that banks make more housing loans to lower-income and inner-city borrowers. It was for a well-intended social cause and even appeared to work in the 1980s.
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Government regulators rated banks by how well they performed in meeting these strict new CRA obligations. Failure to comply meant stiff penalties and limits on mergers, acquisitions and expansion.
Big Government forced the lowering of long-proven safe-lending standards. Most of the more than $1 trillion of new subprime CRA loans had adjustable rates. Many required no documentation of the borrower’s income and little or no down payment.
http://www.ibdeditorials.com/IBDArticles.aspx?id=308186097284712
Missing Saturday Night Live skit video on complicity of Democrats in causing the Fannie Mae, subprime mortgage fraud.
http://bubblemeter.blogspot.com/2008/10/saturday-night-lives-take-on-bailout.html
Reagan on the national finance crisis…..
“…our economic problems are deeply rooted and will not respond to quick political fixes, we must stick to our carefully integrated plan for recovery. That plan is based on four commonsense fundamentals: continued reduction of the growth in Federal spending; preserving the individual and business tax reductions that will stimulate saving and investment; removing unnecessary Federal regulations to spark productivity; and maintaining a healthy dollar and a stable monetary policy, the latter a responsibility of the Federal Reserve System.
The only alternative being offered to this economic program is a return to the policies that gave us a trillion-dollar debt, runaway inflation, runaway interest rates and unemployment. The doubters would have us turn back the clock with tax increases that would offset the personal tax-rate reductions already passed by this Congress. Raise present taxes to cut future deficits, they tell us. Well, I don’t believe we should buy that argument.”
The more time moves, the more events stay the same…This is from 1982….
http://www.reagan.utexas.edu/archives/speeches/1982/12682c.htm
Ken Salazar reveals again publically the fool he really is http://www.youtube.com/watch?v=ifpiV-gXKOA
John Culberson, 7th District Texas, Video Diary of House Protest of August Recess
http://www.webpronews.com/topnews/2008/08/01/culbersons-last-stand-tweeted
Gas Tax Relief and Earmark Moratorium Act of 2008 H. R. 5995
http://thomas.loc.gov/cgi-bin/query/z?c110:H.R.5995:
“Being held in committee by the Speaker of the House”
Lawmakers Could Consider Gas Tax Hike, After Gas Tax Holiday Fails
Sunday, July 20, 2008 AP
http://www.foxnews.com/story/0,2933,386643,00.html
“The political vision of a summer gas tax holiday died a quick death in Congress, losing to a view that federal excise taxes on gasoline and diesel fuel will have to go up if they go anywhere.
Despite calls from the presidential campaign trail for a Memorial Day-to-Labor Day tax freeze, lawmakers quickly concluded — with a prod from the construction industry — that having $9 billion less to spend
on highways could create a pre-election specter of thousands of lost jobs…”
The amount normally collected in gas taxes has decreased due to less demand triggered by increasing gasoline prices. The Democrat controlled Congress is being called upon to allow increased domestic drilling, but has failed to act and therefore have caused their own budget shortfall. Infrastructure is an important necessity in the US, without it the liberty of movement and our economy would suffer.
Instead of cutting needless spending to fix the budget short fall, those lacking sense in Congress have decided to “scare” the public into letting them increase taxes. This same backward logic is applied again and again across the US and is against sound economic policy. When demand decreases the prices decreases.
But then again, those members in Congress supporting this tax increase think it is the planets best interest if gasoline was eliminated altogether and the surplus world population reduced.
Definitely not the God fearing men and women they are supposed to be.