So, as part of a speech on what was going to be a bi-partisan effort to 'fix' the credit crisis, Nancy Pelosi once again spout out the BS she and her party have been pushing that the Democrats had absolutely no responsibility for causing the current crisis, instead placing 100% of the blame on President Bush and Republicans in General.
“$700 billion. A staggering number. But only a part of the cost of the failed Bush economic policies to our country. Policies that were built on budget recklessness, when President Bush took office, he inherited President Clinton’s surpluses four years in a row, budget surpluses. On a trajectory of $5.6 trillion in surplus. And with his reckless economic policies, within two years, he had turned that around. Now eight years later, the foundation of that fiscal irresponsibility, combined with an anything goes economic policy, has taken us to where we are today. They claim to be free market advocates when it’s really an anything goes mentality. No regulation, no supervision, no discipline. And if you fail, you will have a golden parachute and the taxpayer will bail you out. Those days are over. The party is over.” - Text posted at Townhall
Then there is this comment from earlier this month:
Pelosi (D-Calif.) ripped President Bush’s “mismanagement” of the economy and a lack of regulation that led to the current situation.“I think the American people have had it with this situation where the middle-income people in our country are not protected from the ramifications of the risk-taking and the greed of these financial institutions,” Pelosi told MSNBC.When asked whether the Democrats “deserve some responsibility” regarding the economic crisis, Pelosi responded: “No.” - The Hill
If she and her fellow Democrats really believe this, they she should submit a bill to the house requiring that lenders take into account the ability of a borrower to repay a loan as the single most important factor when evaluating a loan application. I am sure that she will have no problem finding enough Republicans to help her pass it. Hell, the Republicans should help her and submit this bill for her.
Blaming Republicans is just stupid. There is enough blame for both parties as well as for all the borrowers who stopped paying their mortgages. It was their responsibility to know whether they could afford to pay back a loan or not.
Video Link (Updated 30 Sept.)
"Bad Social Engineering" Caused The Credit Crisis - Video
AIG's Role in the Subprime Mortgage Mess Explained
The Trillion Dollar Write-off
"Requiring banks to produce the paperwork at a foreclosure hearing is a nuisance"
The Subprime Mess Explained (SubPrime Primer)
Interest Only - Worse than Renting
No Bailout for Homeowners in Trouble
Video: Real Estate Prices illustrated via a Roller Coaster Ride