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December 22, 2008
Quite contrary to what the NYT wants us to believe, George Bush was not the cause of the global financial crisis (Updated)
Topics: Political News and commentariesAfter reading Roger Kimball's piece at PJM I find myself in full agreement with his view that, in a nutshell, the real cause of the global financial crisis is the utopian policies of left-wing Democrats who required banks to lend money to people who could not-or would not-pay it back. Of course, as with every other problem in the world, the NYT thinks otherwise - it's George Bush's fault.
Nonetheless, in spite of what the dying grey lady has to say, after Roger takes you through the facts, step by step - beginning with the root cause , you too will have little doubt who the real villain(s) are.
Here's a few excerpts:
* According to Senator Chris Dodd (D. CT) the "root cause" of the problem is "the housing foreclosure crisis."Keep going, don't stop now. You're getting close to Jimmy Carter's ........ "The (infamous) Community Reinvestment Act" that had the dubious distinction and purpose of requiring banks to provide credit to "under-served populations," i.e., those with poor credit [for the most part, people who do not work hard (if they work at all), people who have not saved up for a down payment, and people who do not pay their bills on time (if they pay them at all)]
Not 100% accurate, perhaps-it's really a credit crisis-but close enough for government work, especially from someone who has just happens to chair the Senate Banking Committee and who, completely coincidentally, has been such a conspicuous beneficiary of preferential mortgages and who, also coincidentally, leads the list of those who have received campaign contributions from Fannie Mae and Freddie Mac. (Guess who comes in 2nd and 3rd?)
* But what caused the housing crisis to which Senator Dodd alludes? The housing "bubble."
* And what caused the housing bubble? "Sub-prime," i.e., risky, mortgages; that is, mortgages made to people who, in the normal course of things would have to pay a premium in order to obtain a mortgage (if they could obtain one at all) because
a) they had bad or non-existent credit
b) their income was insufficient or
c) both.
Related: Fox News Panelists Excoriate NYT's 'Mortgage Bonfire' Hit Piece on Bush
Posted by Hyscience at December 22, 2008 9:27 PM
Articles Related to Political News and commentaries:
- Quite contrary to what the NYT wants us to believe, George Bush was not the cause of the global financial crisis (Updated) - Dec 22, 2008
