Today I have read and heard about how this financial mess is the fault of Republicans. Nancy Pelosi, Barney Frank, Barak Obama have all spoken on this subject. So today I will agree with the Democrats that this whole mess is the Republicans’ fault.
In 1977 the Democratic Congress passed the Community Reinvestment Act. This wonderful piece of legislation set aside funds for “economically challenged” Americans. They loaned this money to people who did not have the ability to repay the loan. The Republicans are at fault for not defeating this bill.
The Association of Community Reform Now (ACORN) and community organizers showed up in 1995 to push these lenders to offer even more loans to people who could not afford them. Subprime mortgages were the new rage. Forget the 20 percent down payment.
Forget that a sixth-grade student can add, subtract, multiply and divide. You could own a home with no money down and no money in the bank! The Republicans failed to stop this as well.
Today, Barney Frank railed about how the Republicans must come together to fix this bailout. This is the same guy, along with Harold Raines (Barak’s advisor and former head of Fannie and Freddie), who said in 2003 that there was no problem with Fannie and Freddie. The Bush administration tried more than 10 times in the past eight years to get more oversight for Fannie and Freddie. The Democrats opposed this at every turn. Again, we can blame the Republicans for not stopping this madness. For every action there is a reaction. The Republicans failed to react. Now that we can lay all this blame on the Republicans, can we all get busy making sure we do not enact policy that allows this to happen again? All this blame is killing me.
Support Local Journalism
Support Local Journalism
Readers around Aspen and Snowmass Village make the Aspen Times’ work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.
Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.
Each donation will be used exclusively for the development and creation of increased news coverage.
Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.
User Legend: Moderator Trusted User
The coronavirus pandemic provided an unlikely springboard for the Aspen Brain Institute’s programs, allowing them to go virtual and global and sustain a large audience outside of its Aspen bubble.