The government's meddling got us into this mess.(They used a different title, this was a better sub-title which reflects the truth)
CONTRARY TO A VIEW POPULARIZED DURING THE 2008 presidential election season, the current economic crisis was not the result of deregulation.
The Bush administration made many mistakes, but deregulation was not one of them.
Not only was there no major deregulation passed during the past eight years, but the Bush administration and a Republican Congress approved the most sweeping financial-market regulation in decades.
The bipartisan Sarbanes-Oxley Act was enacted in 2002 to prevent corporate fraud and restore investor confidence after the collapse of Enron and WorldCom. It failed to prevent the accounting fraud and influence-peddling scandals at Fannie Mae and Freddie Mac. And even after those scandals were widely understood, regulators sent Fannie and Freddie back into the market to continue buying subprime loans, lending and borrowing with implied taxpayer backing.
Across the government, the Bush administration supported new regulations that added almost 1,000 pages a year to the Federal Register, nearly a record. If this is insufficient regulation, it's hard to imagine a scope that would be effective.
We are in this mess largely because critical thought and moral judgment have been subordinated to the politicization of our economy, resulting in regulatory gaps and excessive controls of the wrong kind.
Government regulations should be limited to those that increase and protect transparency and competition, protect public and private property, promote individual responsibility and enforce equal opportunity under the law. Even if the right laws and regulations could be found, they would prove insufficient to protect freedom and prosperity.
Today’s problems have their roots in programs and financial instruments that shifted the locus of moral responsibility away from private individuals and institutions to wider circles that were understood to end with a government guarantee. Heads of the top banks and financial institutions could approve substandard home-mortgage underwriting — prone to increased default — because those loans could be securitized by Wall Street and sold off to investors or to government-sponsored enterprises (GSEs), with no likely recourse to the financial institution of origin.
Our present crisis began in the 1970s, during the Carter administration, with passage of the Community Reinvestment Act to stem bank redlining and liberalize lending in order to extend home ownership in lower-income communities. Then in the 1990s, the Department of Housing and Urban Development took a fateful step by getting the GSEs to accept subprime mortgages. With Fannie and Freddie easing credit requirements on loans they would purchase from lenders, banks could greatly increase lending to borrowers unqualified for conventional loans. In the name of extending affordable housing, this broadened the acceptability of risky loans throughout the financial system.
H/T to Hotair.
It's a shame most of the nation doesn't pay attention and only gobbles up the propaganda as transmitted to them by MSM and the Obama-trons.
More at Gateway Pundit:
Will the Mainstream Media Ever Correct Obama's Absurd Economic Statements?
In his Saturday YouTube Address President Obama placed blame for the current economic crisis on the "tired old theories" of the past eight years.
Obama believes wholeheartedly that only big government spending will save our economy... Although Joe Biden is not so sure.
Here are a few lines from this week's YouTube Address:Another 600,000 jobs were lost in January. We've now lost more than 3.6 million jobs since this recession began.Obama made many of these same allegations on Thursday in his Washington Post editorial. Obama makes a number of erroneous statements in both Thursday's editorial and today's YouTube address.
In the midst of our greatest economic crisis since the Great Depression, the American people were hoping that Congress would begin to confront the great challenges we face. That was, after all, what last November's election was all about...
Let's be clear: We can't expect relief from the tired old theories that, in eight short years, doubled the national debt, threw our economy into a tailspin, and led us into this mess in the first place. We can't rely on a losing formula that offers only tax cuts as the answer to all our problems while ignoring our fundamental economic challenges – the crushing cost of health care or the inadequate state of so many schools; our addiction to foreign oil or our crumbling roads, bridges, and levees.
(Continue reading for a good break down of lies told over the last couple of days)
So now that it is clear that the media and the democrats lied, and repeated the lie enough times to make the masses believe it as truth, will anyone ever set the record straight?
Unlikely, DNC are moving on to silence critics with a "Fairness Doctrine" legislation and "redistribute the wealth" to the politically connected through a "faux stimulus" spending bill.
Funny, I never knew winning an election is a license to mug the nation and push it into decades of poverty.
Banking queen funny video was removed from you-tube, instead, In give you the DNC state of mind as represneted by Bawny Fwank : plenty more rich people to tax:
It should be obvious though, the seed planted by the horrifyingly experimental Carter admin, have finally grew to a monster which drove US economy (and with it the entire world) down the tubes. What awfulness awaits future generations by the experiments conducted by the 46 year old political virgin?
P.S. SNL yesterday joked that Obama's mess ups during the first 2 weeks are nothing, because Bush broke the world over 8 years - snort..snort..ha..ha.. funny?! Who's still laughing at "Bush did it" jokes? Get over it moonbat NBC SNL crew, Bush kept the country safe and successful for most of his admin - he won Iraq, and drove the Taliban into hiding, he had us recover from a recession in first 2 years, he also tried to do a thing or two regarding the mortgage mess including urging congress to stop the disaster loose mortgage train before it hits the wall.
All the new mess is DNC's problem now. Refusing to accept it or deal with it is another issue.
The masses at the US are sadly blind and deaf to the truth, it's all about hope-n-change, and rights to terrorists, and abortions around the world and "My President is a Black NIGGER!" This is where the nation stands. We ought to face the music. The titanic is sinking and the passengers are being mugged by the captain and crew.