How we got into this financial crisis.

How we got where we are:
1. Community Reinvestment Act 1977 signed into law by President Carter
2. Clinton gives Community Activists power to force banks into making bad loans
3. Clinton tells the Fannie Mae and Freddie Mac to buy up bad loans.
4. Banks decide that being forced to write bad loans isn’t so bad since they can sell them to Fannie and Freddie.
5. Some smart guys on Wall Street package these bad loans with some good ones and selling these derivatives around the world.
6. Bush,at first, encourages this activity.
7. Bush sees the danger and tries to put the brakes on Fannie and Freddie.
8. Democratic representative from Massachusetts, Barney Frank, fights the reigning in Fannie and Freddie.
9 Not sure of timing but Fannie and Freddie were cooking the books and one of the main “cookers” was Barney Frank’s boy friend.
10. Bush caves in rather easily letting Fannie and Freddie go on buying bad loans so he is not off the hook completely for economic problems.
11. Democrats gain more power in House and Senate 2006 elections so the whole world knows that the US will not drill for its own oil, will not build new refineries,will not build new hydro electric dams, will not build new nuclear power plants, and will try to close down coal fired plants.
12. Price of oil goes through the roof. Gas prices rise dramatically.
13. Home owners living on their financial edge fall off due to gas prices which start the economic implosion.
14. Our great and powerful federal government decides to bail out some banks and Wall Street financial houses.
15. Bail out supposedly required to keep banks lending, but the banks stopped lending anyway. (Personally, I think we should have let them fail).
16. A year later banks still aren’t lending.
17. Now our federal government decides to bail out Chrysler and GM to avoid bankruptcy. (Oh! That didn’t work).
18. PRESBO changes bankruptcy laws retroactively stealing from bond holders.
19. Unions are big winners with Chrysler and GM bankruptcy, yet one of the main reasons Chrysler and GM were in trouble were the unions.
20. Congress “stimulus” package that doesn’t stimulate.
21. House passes “Cap and Trade (TAX) bill), the most powerful job KILLER ever conceived.
22. Only 10% of “stimulus” spent after six months, but had to be passed at night without even being read.
23. Congress passes budget that is just chock a block full of EAR MARKS, most ever.
24. Since PRESBO elected he has threatened tax increases.
25. Job losses continue because PRESBO agenda does everything possible to put brakes on recovery.
26. PRESBO with his congressional Democrats tries to jam through a health “care” bill. Oh, excuse me, now it’s a health “insurance” bill. What next.
27. To pay for government health care/insurance/? PRESBO wants to increase TAX on rich. Seems to me that’s another job killer. (Ever tried to get a job from a poor person?)
28. Ever wonder what happened to the US Constitution? And hear we are watching parts of Europe lead the way out of recession. We should have lead the way!