My good friend Dan Smith sent me an article today and asked me to blog about it. I will summarize, but if you want to read the full thing the article can be found HERE.
The article talks about the top 25 people to blame for the economic crisis, one name that was absent, Bill Clinton. In an interview with old Billy, he also denied any responsibility. Saying Bill Clinton had nothing to do with the crisis is like saying George Bush had nothing to do with. Who's administration pressured banks into giving risky loans because "everyone deserves a house"? Who's administration made banks turn in quota reports on how many loans they gave to blacks and Hispanics? Who's administration propped up HUD (Housing and Urban Development)? So basically he looks like the hero for 8 years because people are getting houses they could never afford. Meanwhile a huge financial bubble is growing that is sure to pop, but what does Bill care, he will be out of office long before that happens.
Everyone wants to blame the banks. "Oh, the bankers were so greedy" liberals say. How is greed rewarded when you give loans to people that, more than likely, won't pay them off? Where is the financial gain in giving $170k with no money down to a turd that makes $32k a year and has two car payments? Sounds like that is a quick way to be out $170k. If Freddy and Fanny (both are government sponsored enterprises) come in an buy up these bogus mortgages then the bank is off the hook. So who cares if you don't have any money for a down payment? Who cares if you work at Starbucks for $6.60 an hour? Who cares if you have child support, a dog, and a car payment? Who cares if you have bad credit because you were a complete financial delinquent in college? From 1992 to 2008 there was a bank out there that would give you a mortgage for $150k. With a ridiculous adjustable arm of course.
I digress. The previous paragraph was written to illustrate what was going on right under Bill Clinton's nose for 8 years. It looked good on paper, it sounded good in speeches. Everyone getting a house seems like a good idea right? Liberals thinks so. That is why liberalism DOESN'T WORK! A conservative (notice I didn't say republican) would say the same things, but with rational thought thrown in, allow me to demonstrate.....Everyone deserves a house, that worked for it. Everyone can have a mortgage, if they can afford it. It sounds good in speeches, if you explain how it can be done without it blowing up in our faces. It looks good on paper, if whats going out adds up to what coming in.
Granted, there is a lot more to all this but I summarized. With all that being said, come on Bill, fess up, you not only have some responsibility for the crisis, you started the wheels in motion. I challenge anyone to find fault in this blog.
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2 comments:
Q, I appreciate you writing about this. I respect your opinion and like reading your point of views. It bothers me when people (liberals) try to put all the blame on Bush for the crisis we are in now. Liberals look at Clinton as a great President. The economy was great when Bill was in office. Great, maybe, setting the next President up for failure, for sure. I harp on this quite a bit but during the Clinton era a lot of internet businesses were popping up and really taking off. Is it Bush's fault they all came crashing down early in his time as President. Is it Bush's fault that banks were forced to give out loans to candidates who were not qualified...NO! The Liberals like to sweep all of that under the rug. Bill definately helped the country at the time (so he and the liberals think) but he set Bush up for failure.
good call dan. I was not a huge bush fan by the end either. not because of the war, or what main stream media said, but because he listened to the liberals too often. he has some very left wing policies put into place (no child left behind). you are right though, he doesn't desserve half the things he gets blamed for.
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