Hillary Clinton , like Obama, loves to incessantly blame George W. Bush for the economic collapse. But Despite Bush’s best efforts, he could not fix what was started in Bill Clinton’s second term. It was the Community Reinvestment Act first implemented by Jimmy Carter that got this started. But it was the Clinton’s who laid the ground work that led to the housing collapse in 2008. By 2007, there were almost 27 million subprime mortgages in America, totaling over $4.5 trillion. No economy can withstand this onslaught.
It was the Clinton Whitehouse who took Jimmy Carter’s dopey Community Reinvestment Act (CRA) idea and pumped it full of steroids. Carter’s plan, through the force of government, was to provide “affordable housing” to those he deemed less fortunate. The Clintons doubled down on Carter’s initiative and used their stooge Janet Reno, to force banks to offer mortgages to those who could not afford to purchase nor had a prayer of paying back the home loan.
It was the Bush administration who tried to rein in this government thuggery, but democrats like Barney Frank, Chris Dodd, and Maxine Waters convinced America that all was well in the housing industry. The proof was in the pudding, as we all know. Now people are on the Hillary bandwagon, and it must be some kind of blinded loyalty to support her candidacy to overlook all her failings over the last 30 years. Now we have a beltway outsider trying to save what’s left of the American dream against a rigged system; and so we hang by a thread in this upcoming election. Time to worry, don’t you think?