All Past Democratic Presidents have Amnesia
Al Ritter
President Carter recently said he thought he was “superior” to all the other living past presidents, and yet he has Amnesia about his part in the economic collapse in 2008. President Clinton denies his part in the financial collapse; obviously he has Amnesia about the very bill he signed into law called the Welfare Reform Act which gave teeth to an earlier program. President Obama claims he now has the keys to the car that the past administration drove into the ditch, but being the historical rewriter he is, ignores his party’s part in the financial disaster.
Granted Barack Obama was a mere 16 years old when the base was laid down by President Carter for the collapse of the housing bubble, but any honest research on even goggle can uncover this “superior” President’s part. The Community Reinvestment Act did more to remove the tools of lending institutions to make responsible loans than any other law. To be successful in the secured collateral lending field one has to have the ability to research an applicant’s ability to repay that loan. President Carter and his administration didn’t see this as a tool of the industry, he saw it as racial discrimination, and thusly the housing rush was on. The CRA fell conveniently into the hands of the race baiters of the 80’s and 90’s, and house loans were granted to practically anyone, who was poor, black or both.
Then there was a housing shortage because the applicants out-numbered the available housing. Because of the glut in the market, housing prices inflated to an unsustainable rate in the late 90’s. Democrats in the house and senate denied there was even a problem when President Bush had warned them 21 times in his two terms that this housing bubble was about to burst and drive Fannie Mae and Freddie Mac into financial ruin. In an effort to appear to support the “little guy,” the democrats in Congress pushed back hard, even playing the race card, in an effort to silence the executive branch.
The sad part in all this is that “the keys to the car” are still in Rep. Barney Frank and Sen. Chris Dodd’s hands. Not one of these contributing factors to the financial collapse has been changed under the law. Not one of the laws passed to keep home mortgage companies from researching the credit history of the applicants has been rescinded. Instead the democrats cleverly switch the blame to the big bad banking industry, rather than accept the blame, change the laws and move on. This leaves our country ripe for yet another housing collapse sometime in the future.
CRA should stand for “can’t remember anything,” rather than Community Reinvestment Act.
