Who’s Really To Blame For Our Financial Crisis?

The answer is BOTH parties. The democrats, particularly Clinton’s Administration, caused the most harm. Here is the history:

1977:  Under Carter the Administration the Community Reinvestment Act (CRA) was enacted that encouraged banks to provide home mortgages in their low-income neighborhoods where low-income customers had deposits — a good and noble goal.

1995:  The Clinton Administration rewrote the CRA rules to REQUIRE loans be made to low credit quality borrowers and these new rules became effective in January 31, 1995. This was the start of subprime mortgages — where borrowers did not meet the historic standards of the homeowner of the past.

Pre-September 2012 Blog Articles By Dr. L. Lynn Cleland

Inverse Chronological Order 

Career Politicians: Irrational and Greedy

Career politicians’ are our Nation’s most irrational and greediest citizens! Yet they have convinced many of us it is those who disagree with them, big corporations, and the wealthy who are greedy. Consider the irrational and greedy actions of our politicians.

To stimulate the economy politicians irrationally:

  1. Indebt future generations. It’s done nothing. So they stimulate with more debt and quantitative easing (money printing) again and again. Money printing ultimately devalues existing money and raises inflation.
  2. Cut interest rates. It’s done nothing. So they cut rates again and again.

Obama’s “Tax The Rich” Mantra

President Obama’s stump speech to “tax the rich” is more rhetoric than fact. Let’s look at his statements and the facts before we all jump to the conclusion these taxes will fix our deficits/debt problems. He proposes to let expire the (Bush) tax cuts for those making over $250,000 per year. He claims these tax reductions:

  1. Have been a “major” contributor to our deficits
  2. Will raise $1 trillion over ten years for debt reduction
  3. Will not hurt businesses
  4. Will make the rich pay their fair share.

The facts are:

Older Blog Articles by Dr. Cleland

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