Yep - that's what I'm being told via email from my brother-in-law using a Rush quote and an editorial from Investor's Business daily. You see, the banks HAD to start making those risky investments because the Clinton administration forced them to. Join me after the jump...
Here's the email:
"When the federal government is involved in regulation and bailouts, it eliminates the notion of risk. It's risk that causes responsibility. Today, Senator McCain said we need more regulation. No, Senator, with all due respect, we need accountability for a change."
Our current financial crisis was caused by too much government regulation, not too little. Banks were forced to give mortgages to deadbeats who couldn't afford them, under the assumption that government would bail them out. This is not a free market anymore, and central planning does not work........ Rush Limbaugh
FYI......Before you believe what the media and political candidates are telling you, read a little on the facts first!
The Real Culprits In This Meltdown
And here is the gem from the IBD article:
The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but "predatory."
It goes on to say how Clinton was "obsessed with multiculturalism" and put tough new regulations in place that
"forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making. It was either that or face stiff government penalties."
So I'm of course using Devilstower's incredible diary Three Times is Enemy Action as my rebuttal starting point. I can lay out how we've just been repeating the same dergulatory mistakes since Reagan and how the R's have controlled congress since 1994 and that's where the laws got made.
But I'm not sure where the multiculturalism mandate came from. Can anyone explain to me where this notion originates? Was this codified as part of Gramm-Leach-Bliley? I don't want them to come back and say that the Dem's forced these provisions into the bill(s) and that's what triggered the mess we're in.
Thanks in advance.
Thanks,