I Thought This Was All W's Fault??

As much as I love hearing over and over again about the horrible situation that the President has "inherited" and the possible "catastrophe" caused by the problems created in the last eight years, I am not sure how many more times I can take hearing it. Let's have a little dose of reality for a sec, and put down the cool aid. That's not how it happened according to this New York Times article from September 30, 1999, you know, seeing as how that was before the horrible Bush Administration had a chance to start ruining everything with their "greed" and "failed policies." I mean when did cutting taxes ever work anyway? People are much less responsible, with their own money, than the government would be! Anyway, back to the article; I'm going to go find a shovel it's getting deep in here........

Peter Wallison predicts a bailout because of increasing pressure, from the Clinton Administration, on Fannie Mae to approve loans that should never have been approved.

"In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits." Full Article