Many of us knew this from the days that we started to see the economy tank. Anyone who owned a business knew it for sure as we watched the failure of the CRA explode and all industries related to the housing market began to suffer. The liberal cancer spread away from the housing market through joblessness and changes in loan policies as banks scrambled to recoup. That I could tell, there wasn't an industry not touched by these failed policies.
Excerpts:
A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left's race-baiting attacks on the housing market (the Community Reinvestment Act--enacted under Carter, made shockingly more aggressive under Clinton) is directly responsible for imploding the housing market and destroying the economy.
The study painstakingly sorted through failed home loans that caused the housing market collapse and identified an overwhelming connection between them and CRA mortgages.
Again, let's review:
-President Bush went to Congress repeatedly for years warning them that Fannie Mae and Freddie Mac were going to destroy the economy (17 times in 2008 alone). Democrats continuously ignored him, shut down his proposals along party lines and continued raiding the institutions for campaign contributions on their way down.
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