As Democrats aided by the media have been doing all they could to blame eight years of the Bush Administration for the financial panic now circling the globe, it was Congressional Democrats who allowed the housing bubble to get out of control, leading to the inevitable collapse that was so big it has shaken the entire financial system.
It started with local agitators across the country demanding banks make loans they never should have to people who couldn't afford them. In the forefront was ACORN, the national socialist organization, terrorizing and intimidating banks, bank and public officials into loosening lending standards. The ACORN chapter in Chicago was one of the national leaders in blackmailing banks; their people were trained in their intimidation tactics by none other than Barack Obama.
Then Democrats in Congress urged Fannie Mae and Freddie Mac to buy up all these risky loans that banks were more than happy to get rid of; they didn't want to make them in the first place. Then Fannie and Freddie had Wall Street package the loans and sell them around the world. With the assumed guaranty of the U.S. government behind the securities of these public sponsored agencies everyone bought relying on the credit of the U.S.
Efforts to slow down and stop the incredible expansion of subprime loans made possible by Fannie and Freddie (from 2% of total loans in 2002 to 30% in 2006) were blocked by Democrats in Congress led by Congressman Barney Frank of Massachusetts and Senator Christopher Dodd of Connecticut. John McCan was urging reform; Obama was not. Instead, Obama in just his very short time in the Senate became the second biggest recipient over 20 years of Fannie/Freddie campaign contributions (second only to Senator Dodd).
As a result of the Democrats' "do good' socialism, taxpayers will wind up paying hundreds of billions of dollars. Investors have already lost hundreds of billions of dollars and it could get worse if the bailout doesn't succeed. Warren Buffet thinks the $700 billion bailout may not be enough to stave off recession or worse.
Before the bailout bill to rescue the financial system from Democratic excess passed, Fox News presented an excellent short summary of how it all came about.
So put the blame where it belongs -- on Obama-type Marxist socialism pushed along by Democrats in Congress.
