AUDIO: OBAMA SAID SUB-PRIME LENDING A 'GOOD IDEA'

As the Sub Prime mortgage crisis was unfolding in 2007, the money trail led right to Fannie Mae and Freddie Mac. On September 17, 2007 Barack Obama spoke at Nasdaq and actually said the practice 'started off as a good idea, helping Americans buy homes who previously couldn't afford to.' Sounds like a 'Joe the Plumber' moment before the now infamous 'Joe the Plumber' moment right before the election.

Via Gateway Pundit



For the latest spin on this, check out this Reuters article, which basically says it wasn't the practice of lending to unqualified borrowers that caused the problem; it was predatory lending practices applied to minorities. In other words, those racist bankers, though forced to lend to unqualified applicants, were actually racist for demanding payment, I guess.

Obama represented ACORN in a lawsuit against Citibank in 1994 so it would make sense that he thought sub prime lending was a good idea. The incredibly bizarre aspect to this story is that all of this information was available before the 2008 election and Obama was still voted in to office.

Wow.

h/t to Gateway Pundit