Posted by
MrWebsmith on Friday, October 31, 2008 3:10:51 PM
Shock! Dismay! Unbelievable! Really? So the government is not using the 700 billion dollars to buy up toxic mortgages even though they said they would? This should not come as a surprise. All one has to do is think back to the tobacco settlement. We were promised it would be used for healthcare and various related issues. On average, states have spent less than five percent of settlement dispursements on health care issues and expenditures. The story we were fed by the elite media and liberals in Congress conveniently omitted the fact states were actually free to spend the money on whatever was deemed necessary. Why should we be surprised to find out that the bailout money is going to people and places other than those who were supposedly going to lose their homes and businesses if the federal government did not immediately rescue us? MrWebsmith thinks that what we really need to be rescued from is the likes of Barney Frank, Christopher Dodd, Bill Clinton, Jimmy Carter and others who strong-handed mortgage lenders into making bad loans via the Community Reinvestment Act, Interstate Banking Act, and other policies and laws that paved the way for the mess we are now witnessing.
Suggested reading:
In Bill Clinton's book My Life, p.517-18 he brags about CRA and how his administration was able to push through 800bln to Fannie/Freddie