Democrats Started The Economic Crisis...

From The American Thinker: Here's What's Happening to the Economy, By Randall Hoven, March 12, 2009.

[The beginning of] the avalanche, the housing crisis, can be laid at the feet of Democrats almost entirely...

"Andrew Cuomo, the youngest Housing and Urban Development secretary in history, made a series of decisions between 1997 and 2001 that gave birth to the country's current crisis. ... helped plunge Fannie and Freddie into the subprime markets without putting in place the means to monitor their increasingly risky investments. He turned the Federal Housing Administration mortgage program into a sweetheart lender with sky-high loan ceilings and no money down, and he legalized what a federal judge has branded "kickbacks" to brokers that have fueled the sale of overpriced and unsupportable loans. Three to four million families are now facing foreclosure, and Cuomo is one of the reasons why."

Republicans tried to stop this... New York Times word if you prefer.

"The Bush administration is rightly pushing for the Treasury Department to regulate the two giants, along with the network of federal home loan banks. Freddie Mac and Fannie Mae provide financing to lenders by creating a secondary market for mortgages... Their current regulator is ill equipped to keep tabs on Freddie's and Fannie's sophisticated hedging strategies and the other financial moves they use to manage their huge investments."

But Democrats manned and womanned the barricades and stopped such regulation attempts. Here was Barney Frank in 2003:

"These two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

We've been spending about a trillion dollars a month since this started happening. What do we have for it? Lehman Brothers is still broke. AIG, who received over $150B from the government already, is also broke. Everybody and everything is broke. Nothing is fixed. And no one seems to be fixing anything.

Since Obama was elected president, the markets have tanked another 30% or so, much of which is due to investor's fears over Obama's socialist agenda.

Is this the change you voted for?

AAR