OMFG, not this again. - Edit 1
Before modification by Joel at 25/07/2011 09:50:03 PM
But Obama did support pressuring banks to give loans to people who couldn't afford. Or by chance are you one of those silly enough to say it was Bush's fault and not be able to point to anything stronger than tax breaks the democrats extended?
If you want to play that game it was Clinton signing off on the Republican repeal of Glass-Steagall, the New Deal law that erected a wall between the incestuous lenders, brokerage firms and insurers that did more than perhaps anything else to cause the Great Depression precisely the same way that it caused the housing bubble almost the moment Glass-Steagall was repealed. Democrats definitely played a role there, though it was once again the role of accepting Republican proposals, and that's the kind of thing addressed in the Jeffrey Sachs article I posted a few days ago. The recession was NOT, however, caused by Barney Frank and Obama helping low income minorities buy their own homes (you're seriously saying that low income housing caused an overvalued market?) THAT is a textbook example of the partisan rhetoric you like (inaccurately) accusing others of indulging. Have there ever been ANY stats to support that ludicrous but popular claim? Like, for example, a spike in minority mortgage defaults, or minority mortgage defaults significantly outnumbering defaults by whites? I've been seeing this claim for several years now, but have yet to see a single scrap of data supporting it, despite repeatedly requesting it. Is THERE any data to back it up, or is it just more Republican bashing of minorities and the lower class while condemning class warfare and denying charges of racism?