Video of Eleanor Clift: Fannie and Freddie Didn’t Cause Mortgage Collapse – It Was Bush and Wall Street

Liberal bias doesn't even begin to describe this:

Let's not forget how this all happened - government intervention at the behest of liberals. I have posted on this many times before, but here is the approximate sequence of events:

1. The Community Reinvestment Act (CRA) of 1977 is passed under Carter with pressure from groups like ACORN. It prohibits the practice of redlining - giving fewer loans to poor areas.
2. Sometime in the early 1990s home loan data was required to collect racial statistical data, used later to make the false case that minorities were being discriminated against in the loan market.
3. In 1995, Bill Clinton gave the CRA teeth. By the force of government, subprime loans were authorized specifically so that lower income minorities could buy homes without meeting the usual requirements.
4. Late in Clinton's second term he signed the Financial Services Modernization Act of 1999 and the Commodity Futures Modernization Act of 2000 that unleashed the GSEs of Fannie Mae and Freddie Mac.
5. Fannie Mae and Freddie Mac began buying subprime notes giving rise to entities like Countrywide that specialized in the practice. Fannie and Freddie became bloated with bad loans, went bankrupt leading to the mortgage meltdown of 2008. The rest, as they say, is history.

An aside to the story is that Bush tried to reform Fannie and Freddie in 2002 to prevent exactly what was to happen in 2008, but was blocked by Congress in 2003. Of course, the MSM ignores that inconvenient little nugget from history.My guess is that Obama knows exactly why the housing market melted down, but is instead pushing the Wall Street - eeeeevil! meme because he knows it's an easy story for the MSM to run with and spoon-feed to a gullible public that will readily eat it up.

Never, ever forget who was most culpable for this crisis. Let's just do a video recap, shall we? I have posted on this issue many times over, including a post that pointed at kook Barney Frank as being part of the problem: (Barney Frank Busted! Was Responsible For Housing Meltdown After All)

Here's another damning video implicating Fannie Mae that I posted back in March: (Another video on who's to blame for the housing meltdown)

Or this one implicating Clinton and Obama: (The True Origins of This Financial Crisis; Part Deux)

Or this one showing Democrats attacking the Freddie Mac regulator: (Maxine Waters blows a gasket)

Also, read my former post The True Origins of This Financial Crisis that includes Carter, Clinton, the Community Reinvestment Act (CRA), Fannie Mae, Freddie Mac, etc. In short, though, the mortgage meltdown was due to affirmative action being mandated in the banking system, resulting in loans being made to people that quite simply didn't qualify for them. All of the evidence in the blogosphere has now been officially corroborated by the Democrat-controlled U.S. House before they were voted out of office. (Democrats admit: Financial Crisis caused by Democrat Intervention) Plus this great news: Obama restores funding for zero-down home loan program. Again, thank your local Democrat for the housing crisis. In fact, thank them next November by drumming them out of office.

UPDATE: Via moonbattery: Obama Regime Imposing the Same Race-Based Loans That Brought On 2008 Collapse

Obviously it is not possible for an economy to thrive under the heel of lunatics, which is why people in other countries run by the likes of Obama and Holder are characterized by extreme poverty — as ours will be soon if we don't get these vermin out of power.

Civil Rights Division chief Thomas Perez is another prime example of the sort of Marxist ideologue overseeing our transition to an impoverished socialist tyranny. Like Holder, he is a protégé of Janet Reno, who is best remembered for her bizarre Satanic child abuse witch hunts that destroyed people's lives; sending a child back to a communist dictatorship that his mother died helping him escape; and of course barbecuing 74 men, women, and children at Waco.

Read the whole thing.

UPDATE #2: From George Will: How one liberal wrecked wealth

"Reckless Endangerment" is a study of contemporary Washington, where showing "compassion" with other people's money pays off in the currency of political power, and currency. Although Johnson left Fannie Mae years before his handiwork helped produce the 2008 bonfire of wealth, he may be more responsible for the debacle and its still-mounting devastations of families, endowments, etc., than any other individual. If so, he may be more culpable for the peacetime destruction of more wealth than any individual in history.

Read the whole column.