The actual facts of why the US—and now the world—economy are in severe jeopardy have little to nothing to do with the current US administration or Republicans.
However, with the Democrats’ and their media continuing to call and report the Republicans responsible, the public might never know the difference.
Despite all proof to the contrary, the media … refuse to report on the actual programs that led to the current debacle. This is called “faked and manufactured news.”
Beginning with the Democrats and President Clinton’s push to force banks and mortgage companies to lend to low-income home buyers—coupled with the Democrats running Fannie Mae and Freddie Mac—the process that has placed us in the position of heading toward the current financial debacle was put into place. Then, with Clinton’s signing of the American Home Ownership and Economic Opportunity Act of 2000, the dye was cast.
Lenders not wanting to those who could not afford to buy homes were threatened by government investigation.
That’s when the ARM (adjustable rate mortgage) came into being in full force.
Huge balloon payments were the norm for the ARM and when they came due and equally huge foreclosure numbers for those who couldn’t pay them were the result.
As foreclosures increased, a domino effect began that took down mortgage companies and publicly exposed the corruptions inherent within the Democrats’ personal slush funds -- Fannie Mae and Freddie Mac.
Republicans in Washington, including Sen. John McCain, have tried for years to pass legislation that would provide oversight on both Fannie and Freddie.
Democrats blocked each and every attempt.
Link
A picture of my cave
..
..
