Obama and the Progressive libs blame Bush and the past 8 years for the economy - however documented evidence proves other wise:
Now we are to believe, without any dissent or discussion that it is in the Country's best interest to spend up to 4 trillion dollars. Where is the money going to come from?The New York Times, story by Steven Holmes, September 30th, 1999.
Headline: "'Fannie Mae Eases Credit To Aid Mortgage Lending' -
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.
'''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. 'Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.' Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market. In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's."
This is like telling someone who owes 1000 dollars in debt that to get out of that debt they must borrow and spend a million dollars? Is this how you pay off your debts by getting into more debt?
Obama has a voice of a pied piper...and luring people into a dark cave whence they'll never return…