The whack-job, fear mongering, parrots of no-change are viral emailing this information around … and most of the senders never seem to do any of their own research.
The story appears to have been agitated by a FAR right wing, Republican, Evangelical Christian, radio talk show host and writer named Joseph Farah.
( BTW Farah is so right wing, he does not approve of McCain because he remembers that McCain is not too picky about his beliefs [as long as they get him elected to something]. Farah has spent a good part of his life involved in bringing down Bill Clinton and has been involved in forming something called the Arkansas Project.”)To support his case he uses an article that was in the New York Times called Fannie Mae Eases Credit To Aid Mortgage Lending from 1999, written by Steven A. Holmes. Now, I am not sure if he (and the people who forward this information) are using this information to shift the blame from Republicans to Clinton or to poor minority borrowers. But it is an obvious move to shift the blame away from the GOP.
To shift the blame away from the GOP requires readers with complete ignorance about the 1990’s and too lazy to do their own research before sending on this babble to others as if it had some validity.
( Reminder – I am not a Democrat. I am a registered Republican who is an Economic Republican that has not been able to vote for a Republican since the Reagan era – when the party was hi-jacked by religious nutcases.
I am no champion of Bill Clinton because of his boorish behavior to his wife and family after infidelity ordeal; And the amount of embarrassment that they had to endure because he did not deal with that matter quickly, decisively and honestly.
I have always felt that he just should have said – “This is a private matter between my wife and I – I will not answer any questions about this matter”. Instead, the lie, though understandable, put the family in a very bad situation.
Now, since his wife and he have apparently dealt with it and comparing it to the president we have had since – I have dropped it from problems with Mr. Clinton.)To review the salient history, Bill Clinton and the current financial situation.
Even if “Fannie Mae has been under increasing pressure from the Clinton Administration to expand mortgage loans” as the article in the NY Times states – so, what? The Clinton Administration was not in a position to do one thing - the Congress had the power.
If not Clinton then, who was the power for financial change at that time? Number one on my list is, Republican Phil Gramm of Texas. Gramm was Texas Senator from 1985 until 2002 (also served as the Democratic Congressman from 1978 – 1983 and Republican Representative from 1983 until 1985). Senator Phil Gramm is also the holder of a doctorate in economics from the University of Georgia and taught Economics at Texas A & M.
The good Senator served on the Banking, Housing, and Urban Affairs Committee and Senate Budget Committee from 1989 until leaving office in 2002. Significant to this discussion is the fact that Gramm authored the Gramm-Leach-Bliley Act in 1999. This Act removed safeguards that were put in place in the 1930’s (Glass-Steagall Act) to separate banking, insurance and brokerage industries.
Glass – Steagall Act of 1933 – formed the FDIC, changed banking and tried to end speculation that had factored in the Wall Street Crash of 1929. This Act stopped banks from owning things like mortgage companies, insurance companies other financial businesses. The Gramm-Leech-Bliley Act reversed this law. Gramm was not alone in this debacle though – the vote was 362 to 57 in the (Republican controlled) House and 90 to 8 (Republican controlled) Senate .
– Clinton signed it into law.
Can anyone say “Vendetta” -- - I bet you can Ven-det- ta……
……….watch out folks. When you buy into other people’s crud - maybe even mine, folks, this is the internet - we can say anything we want … do your own research.