Bubba's Been Lying About Shit.

If there is any single president that is solely responsible for a major economic calamity in modern times it would be Bill Clinton. It was amazing, but not surprising to see him at the DNC proudly wearing his carefully crafted new image of elder statesman , and most successful president in the last 30 years. However, Bill Clinton basically sowed the seeds for what would be become the housing crash.

 Yes, Virginia despite the media cover-up Democrat Libs caused the financial collapse. In 1999, liberals were bragging about extending affirmative action to the financial sector. They hailed the Clinton administration's affirmative action lending policies as one of the "hidden success stories" of the Clinton administration, saying that "black and Latino home ownership has surged to the highest level ever recorded." Meanwhile, economists were screaming from the rooftops that the Democrats were forcing mortgage lenders to issue loans that would fail the moment the housing market slowed and deadbeat borrowers couldn't get out of their loans by selling their houses.

In Bush's first year in office, the White House chief economist, N. Gregory Mankiw, warned that the government's "implicit subsidy" of Fannie Mae and Freddie Mac, combined with loans to unqualified borrowers, was creating a huge risk for the entire financial system. Rep. Barney Frank attacked Mankiw, saying he had no "concern about housing." How dare you oppose suicidal loans to people who can't repay them! The New York Times reported that Fannie Mae and Freddie Mac were "under heavy assault by the Republicans," but these entities still had "important political allies" in the Democrats.

The main-stream media is comfortable ignoring the facts when it comes to the causes of the housing crisis, and pushing the Obama narrative that Republican policies over the last thirty years got us into this mess, it's no accident that Obama stresses thirty years ago, that is a direct assault on Reganomics, which in reality brought us 20 years of prosperity.

By now it is hardly a secret that Obama is using the Financial crisis to push his Statist ideological policies, advance class-warfare, and demagogue Republicans, along with Reagan's pro-growth policies that were so successful in the 1980's, all to the amusement of a complicit, mostly liberal mainstream media, while he doubles down on the liberal policies of the 1990's that caused the problem and tries to push some of the costs from the middle class onto the wealthy in the form of higher taxes.

When Obama bailed out Wall Street and the big banks he made good on the governments promise to shield them from the bad investments they were coerced into making, and the middle class was stuck for paying for the Democrat's two favorite constituent groups: rich Wall Street bankers and welfare recipients.

After the DNC Obama gave Clinton a new title "Secretary of Explaining Shit" the more accurate title would be "Secretary of Lying About Shit"

An  excellent blog post with much more details about the Housing Crash can be found here : http://tjhancock.wordpress.com/housing-bubble-financial-crisis-detailed-comprehensive-assessment/