The Big Media Lie: Mortgage Crisis Is Bush’s Fault

Bush derangement syndrome goes far beyond January 20, 2009. Remember that day? When Democrats very disrespectfully and derisively sang “Nan-na-na-na! Hey! Hey! Good-bye!” when the outgoing President and Vice-President came out? Well, a part of that reason is because Old Media would cherry-pick information that was politically expedient for Democrats and use that limited information to write stories for print. In other words, Old Media would deliberately withhold facts that might have painted the Bush Administration in a positive light.

Fortunately, the Internet does not have a “memory hole” like the one used in George Orwell’s novel 1984.

One of the lies that Old Media is perpetuating, and Barack Obama is trying to underscore in order to sell his $100 million mortgage bailout plan, is that the current housing mortgage crisis is the fault of George W. Bush. That is simply not true. The current mortgage crisis has its roots in the 1977 Community Reinvestment Act.

In fact, it is the uber-liberal New York Times that debunks this lie with its own archive of stories. In fact, it validates my earlier blog entry about how Barney Frank lied about the who was responsible for the collapse of Freddie Mac and Fannie Mae.

From a New York Times article that was published September 11, 2003:

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac — which together have issued more than $1.5 trillion in outstanding debt — is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.

Clearly, the Bush Administration knew that there was a big problem with Freddie and Fannie. The New York Times proves this with the above referenced article.

So, why didn’t anything get done about it? Because the Democrats, that is the same Democrats who are falsely blaming Bush, stopped it. In fact, the Democrats were saying that there was nothing wrong with Freddie and Fannie while they were failing.

Read this:

Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

“These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. “The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

Representative Melvin L. Watt, Democrat of North Carolina, agreed.

“I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Mr. Watt said.

Let me repeat what Barney Frank told the New York Times in 2003: “These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis.” He said this at a time when the Bush Administration was trying to fix the system and avoid the very problem we are facing today! And Barney Frank is one of those trying to Blame Bush!

But, Old Media will never admit the truth. Instead, despite what the archival evidence is, Old Media would rather repeat the lie.

You can access the original New York Times article on-line here:

New Agency Proposed To Oversee Freddie Mac And Fannie Mae
Stephen Labaton
New York Times
September 11, 2003

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2 Responses

  1. yea dude i really hate how everyone demonizes bush, its not really his faults. Its greedy corporations, banks and such, and a multitude of factors

  2. Another good article on you blog! I always come back for me. Thanks.

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