Blame Clinton for the subprime meltdown 2

 This from the Investor’s Business Daily:

Obama in a statement yesterday blamed the shocking new round of subprime-related bankruptcies on the free-market system, and specifically the "trickle-down" economics of the Bush administration, which he tried to gig opponent John McCain for wanting to extend.

But it was the Clinton administration, obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street’s most revered institutions.

Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making. It was either that or face stiff government penalties.

Obama’s ‘remedies’ would make matters much worse, the editorial declares.

Read the whole thing here.

 

Posted under Commentary by Jillian Becker on Tuesday, September 16, 2008

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This post has 2 comments.

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  • Did you know many of the fat cats who circulate from board to board and from job to job throughout the financial industry are also members of the Bilderberg Group and or the Trilateral Commission, founded respectively in 1954, and in 1973, in New York City? When someone takes your money and steals your car, it makes an impression. When the thief belongs to such a shadowy political clique, it leaves an everlasting impression. Many of our elected officials even belong to these cabals. When Bill Clinton eased banking restrictions, he dished out $8-billion dollars for “community reinvestment loans.

  • Paul Johnson

    You’ve got to be kidding! Equating antiredlining laws that stopped discrimination based on where somebody lives with “forcing banks to make subprime loans” is ludicrous. What regulations that “forced lenders” to lower lending standards are you talking about?