I have written extensively about how the government forced banks and lending institutions to lend money to people for homes that they could not possibly afford. The government-created entities that we call Freddie and Fannie encouraged this wild lending. These disastrous actions brought about the largest economic blow up in history, costing trillions of dollars in individual and family net worth, lost loans to lending institutions, states, and nations, and government bailouts and guarantees.
In short, the whole debacle began with Jimmy Carter in the late 1970s, slowed down yet did not stop with Reagan and Papa Bush, then sped to warp speed under Clinton. Although Bush tried to put the brakes on Fannie and Freddie, he also thought it a good idea that "every American be a home owner," which is, of course, a leftist Utopian idea and insane -- he thus encouraged his FHA to promote "home ownership for every American." I suppose this is what he meant when he called himself a "compassionate conservative." Do you think?
However guilty the government is, it has taken no responsibility for its actions. "Wall St. Bankers" are the culprits. Baby Boy Bush himself said that "Wall St. threw a party and we're all suffering from the hangover."
Obama and his cohorts never miss an opportunity to blame "Wall St." and "the private sector" for the whole mess. They then conclude -- quite naturally -- as they do when the wind blows or when it does not blow, that more government intervention is needed to prevent bankers from making worthless loans and sinking the nation into another deep abyss like the one we're in now. Thus, one year after the Devilrats rammed the Christopher Dodd-Barney Frank Financial Reform Bill up the banking industry's nose, we're still trying to figure out how much the taxes and regulations are going to cost we the people. Hundreds of billions we know at this point.
This is quite typical of our government: when its actions go awry and cause a big enough fiasco that the voting sheeple take notice of it, those government officials who caused the disaster blame a private group or a private individual -- just as they did in the Savings and Loan Debacle back in the 1980s. The government took everything Charles Keating had and he went to prison, while Papa Bush made a deal with then Speaker of the House Foley to whitewash the charges against the "Keating Five," which included Senator John McCain. After nailing Keating through the courts they threw the sheeple a bone by offering up one of their own: they dumped the whole mess on one, single retiring leftist Senator Alan Cranston, who wrote about what they had done before he died. So did Bob Novak and Rowland Evans. Therefore, the truth did get out, but to very few people.
Thomas Sowell shows what other negatives the government's having forced lending institutions to lend money to one of its favorite groups brought about. I would not doubt that there are many more negatives lurking around that we have not discovered.
And so it goes. And shall it be, as long as we have the type of government ours has become -- our government is always and forever innocent and you and I, along with the rest of we the people are guilty and need watching over and regulated by our savior: the Almighty Three-Headed Warring Warthog sitting in Washington, DC.
Here's a sample of government "innocence:" How the Government Caused the Loss in Net Worth of Blacks, By Thomas Sowell.
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