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Still not the answer: Democrat social engineering April 9, 2009

Posted by vsap in Blogroll, Financial Crisis, Uncategorized, US Politics.
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For what you didn’t learn the first time, here’s another chance:

“Let’s be clear,” Mr. Obama said sternly. “What we’ve seen the last few days is nothing less than the final verdict on an economic philosophy that has completely failed.” – New York Times, Sep 17, 2008

“Stern” indeed, from the leader of the political party that helped create the situation, as we are reminded:

“[Barack] Obama… blamed the shocking new round of subprime-related bankruptcies on the free-market system, and specifically the ‘trickle-down’ economics of the Bush administration, which he tried to gig opponent John McCain for wanting to extend. But it was the Clinton administration, obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street’s most revered institutions. Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making. It was either that or face stiff government penalties. The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but ‘predatory.’ Yes, the market was fueled by greed and overleveraging in the secondary market for subprimes, vis-a-vis mortgaged-backed securities traded on Wall Street. But the seed was planted in the ‘90s by Clinton and his social engineers.” —Investor’s Business Daily I could spend time to indict Obama and Democrats on this topic, but let the man do the job himself: “Instead of offering up concrete plans to solve these issues, Senator McCain offered up the oldest Washington stunt in the book: you pass the buck to a commission to study the problem,” Mr. Obama said. “But here’s the thing — this isn’t 9/11. We know how we got into this mess. What we need now is leadership that gets us out.” – New York Times, Sep 17. 2008

We know how, indeed! And the Clintonian/Obamanation “leadership” is not the answer.

April 2009…and it will NEVER be the answer.

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