I don't have time to parse the words of this timeline that proves that the FED had the power since 1994 to prevent the sub-prime mortgage disaster and the GOP refused to join the efforts of Democrats to provide affordable rental options for low-income families?
The record exists.
Even a time line produced by the House of Representatives. You can read it at this link:
A Timeline of Republicans’ Failure to Stop Reckless Mortgage Lending
September 2010
Fight back against the GOP disinformation campaign to blame Democrats for the disaster. Please share the information.
A Timeline of Republicans’ Failure to Stop Reckless Mortgage Lending
September 2010
Republican leaders in Congress are understandably eager to deflect attention
away from their failure to rein in the reckless mortgage lending practices that
contributed to the financial crisis. Republicans controlled the House, Senate*,
and White House from January 2001 to January 2007, when subprime
lending exploded and the housing bubble became fully inflated.
That’s why, as a partisan diversionary tactic, Republicans have chosen to distort
Chairman Frank’s record.
As the timeline shows, these Republican attacks are entirely baseless.
Did you know that in 1994, while the Democrats had control, they passed Homeownership and Equity Protection Act (HOEPA)? that
required that the Federal Reserve issue rules to stop abusive lending
practices.
The FED chose not to until 2008 when Bernanke
finally issue rules under the
authority that the Fed had held since 1994.
That's right.
Willful neglect from 1994 - 2008 by the FED.
Did you know that while Bush and the GOP Congress was enabling sub-prime predatory lending to low-income people so they could join the "Home Owner Society", that Barney Frank and the Dems were fighting for affordable rental housing?
Bush and the GOP, in essence, tried to privatize affordable housing and end Section 8 housing. We all know how well this willfully neglectful plan worked out.
Recorded history can be so irritating to those who are guilty. But recorded history is the best way to counter their disinformation tactics.
We need this information to go viral to prove that the blame belongs to the FED and the 12 year majority of the GOP.
Without their willful neglect and/or willful enabling, we would not be in this miserable economic mess.
It's just that simple.
Send this to all your right wing friends, not that facts have a huge chance of their willful neglect to respect the record. But not responding isn't helpful either.
You can read the entire Timeline here.
SHAME ON THE FED & THE GOP FOR THEIR WILLFUL NEGLECT!
For a view of exactly how the heist was accomplished, you can go here.