Posted by Tina
The President is fond of blaming the last administration for our financial problems. Democrats are fond of excoriating Republicans for wanting no regulation and oversight. Is that the truth or just something these political animals say:
“One place to start is serious financial reform. Look, I am not interested in punishing banks, I’m interested in protecting our economy. A strong, healthy financial market makes it possible for businesses to access credit and create new jobs. It channels the savings of families into investments that raise incomes. But that can only happen if we guard against the same recklessness that nearly brought down our entire economy. ** We need to make sure consumers and middle-class families have the information they need to make financial decisions. We can’t allow financial institutions, including those that take your deposits, to take risks that threaten the whole economy.” Barack Obama – State of The Union Address 2010
Lets look to see which party was “reckless” about home mortgage financing over the past two decades and which financial institutions, run by Bill Clinton Democrats were engaging in “risky” business practices? The following video is a little long (7 min) but worth viewing:
The last administration advised:
“And Congress can help even more. Tonight I ask you to pass legislation to reform Fannie Mae and Freddie Mac, modernize the Federal Housing Administration, and allow State housing agencies to issue tax-free bonds to help homeowners refinance their mortgages. These are difficult times for many American families, and by taking these steps, we can help more of them keep their homes.” – George W. Bush, 2008 State of The Union Address
One party denies the skunk in the basement, places blame on others, and uses the power of high office to “spread the wealth around”. The other party seeks equitable solutions that can work for all Americans.
All bold emphasis in the quotes above is mine. Hat tip: Neill Arnhart, Canada Free Press