If the dems didn't cover up the criminal activity of Raines. There may never have been a housing problem, and no credit squeeze which is a big part of the contraction of business.
Plus you have the media saying we are in a recession since January. And now business anticipating less capital in the coming years. When you add this together then people start tightining their wallet.
Don't forget Clinton thrived on the dotcom bubble. CNBC said the other day that 70 cents on the dollar in tax cuts goes back to employees. That's big money to people and bigger money to Uncle Sam.
More Rush limbaugh nonsense. The FBI on the behalf of the RNC began looking into both fannie and freddie, But the question I have for you,
WHAT CRIMINAL CHARGES HAVE BEEN LAYED AT MR RAINES FEET?
Before you call anyone a criminal, better have some proof.
Its no big surprise some of you on this board have absolutely no clue how the mortgage industry works or the function of both fannie and freddie, but then again, you all get your news and info from the same dummies on radio and television. (FOX, RUSH, INGRAHAM, HANNITY)
Rush and Fox news have managed to promote the most twisted facts when it comes to the housing market and its collapse.
They have you all convinced that fannie and freddie write the mortgages themselves and knew when the loans were closed that they were "bad" loans.
But anyone with a basic knowledge of the mortgage industry should know that this is not how its done.
To say that Franklin Raines was the cause of the mortgage meltdown is rediculous at best. Rush has managed to convince his loyal fans of the most rediculous claims this year and OBAMA's victory proved how IRRELVENT Rush has become.
The unfortunate part is trying to undo the damage to the people who believe things like Franklin Raines is responsible for the housing crisis.
Secondly, this attack on the media. It strikes me that this poster blames the MEDIA for the recession rather than the facts.
Since 2006, GDP has been shrinking every quarter, unemployment was on the rise every quarter, manufacturing in the US was shrinking every quarter, productivity was shrinking every quarter and this trend continues today.
Currently, we are in the 17th straight month of job losses and more expected in the coming months until the unemployment rate hits 7.5% (projected by summer 2009).
You want to blame the media when the handwriting was on the wall?
Your problem my friends is that you wanted to believe that GW BUSH wasnt running this country into the ground, his friends on right wing radio and TV convinved you of this.
It was all media hype was the claim by RUSH. He stated many times in 2006 and 2007 that "there was no housing bubble" and this was just the dems trying to knock the bush administration.
But at the end of the day , who was right? RUSH & FOX?? or the Recession and unemployment that we are in?
Yes, its a bitter pill to swallow, but BUSH jacked this country up and both FOX and Rush were WRONG, as usual.
The media had it right, the country was headed in the wrong direction and 92% of americans agree except you and Tieguy.
Why are you talking about clinton? Does this obsolve bush somehow??
Why is it that the republican supporters just cant admit their party screwed the country?
Just get it over with, stop defending their actions and move on.
The democrats now have at least 8 years to correct the damage, and if the republicans dont somehow put their party back together, they wont see the white house or power for 16 years.
. -Rocky
