Sunday, September 21, 2008

The History of the Financial Crisis

On Friday Mark Levin gave the most serious and intelligent explanation of the current economic crisis I have heard or read anywhere. He gave a dead on description of the political and legislative history going back several administrations, but concentrated in the Clinton Administration, where the major changes that led down this road were initiated. Oh yeah, he's royally pissed at the Democrat Congress who allowed this to happen and we should be too.
The day the government decided that banks refusing to give loans to people who couldn't afford it were 'racist', was the day this crisis began. It use to be that the poor should have a roof over their heads. Now the government is advocating that the poor should be able to buy a house. It doesn't matter that they don't have to money to buy houses.
What we have now are Americans who purchased homes that they couldn't afford, banks that were forced to make loans to those who they shouldn't have, financial institutions that made hay with the system -- they're now all off the hook. And the bill will be paid by responsible working class Americans who either paid their mortgages.

No comments: