Via Rush Limbaugh:
...it is a credible indictment of the Democrat Party, Democrat leaders and the Democrat Party's alliance with Wall Street leaders in creating -- by virtue of policy -- the entire crisis that has led to the present state of the economy, that it can be laid at the feet of Democrats exclusively. Now, in terms of its origins -- origins, by the way, which go back to 1992 and Bill Clinton. Now, in the ensuing years, there have been Republicans that have come along and have allowed such things as subprime crisis and all to go on. There were other Republicans that tried to regulate against it and stop it. So it's not entirely laid at the feet of Democrats, but its origins are. It's a devastating book. I've now started hunting and pecking my way through it.Then he says this:
This traces the current crisis all the way back to Bill Clinton personally, not some members of his administration (although they are included) but him personally. The first words in the book are a quote from Bill Clinton about the need for home ownership to be spread far and wide, that it would rebound the economy, that it would give a greater sense of community. But whether people can afford homes or not, they need to be in them. It details and explains the subprime crisis, how it came about, what it is and how people made money from it. It explains the derivatives. It explains the packaging (or the pooling, if you will) of mortgages. It traces the first such evidence of this in the private sector. Now, Fannie Mae is target number one along with Clinton and the Democrats. Barney Frank, Chris Dodd.Ok, so the subprime mortgage crisis originates with Bill Clinton. Rush then asks the obvious question:
So you make a bunch of loans to people that can't pay them back, you know that going in, and how in the world do you make money? You lie to other people. You pool those subprime mortgages into what's called a security. You put 130 million mortgages together, $130 million worth of mortgages together in a pool in the security -- you pool them -- and you sell that to an investor on the basis that the income stream from all of those mortgages in one security is going to be a goldmine. The income stream being people making their monthly payments. You fudge all that. You're not truthful about who is in this pool and how unlikely they are to pay, but you sell this great future revenue stream on the come. Investors go out and buy it, and at each stage investors learn they bought a bill of goods.This last part has a strong Biblical corollary. Check out what Rush says:
The plan, former Fannie executives say, was to commit so much money to 'low-income housing for families and communities most in need,' that no one would dare criticize the other activities Fannie Mae engages in."In light of that premise, check out John 12: 3-6:
So you go out of your way to make it possible for the poor to get into homes and whatever else you do is ignored because you're doing the Lord's work.
3 Then Mary took a pound of very costly oil of spikenard, anointed the feet of Jesus, and wiped His feet with her hair. And the house was filled with the fragrance of the oil.Perhaps we have another reason why Democrats don't like Christians. Bill Clinton was operating from Judas Iscariot's playbook.
4 But one of His disciples, Judas Iscariot, Simon’s son, who would betray Him, said, 5 “Why was this fragrant oil not sold for three hundred denarii[b] and given to the poor?” 6 This he said, not that he cared for the poor, but because he was a thief, and had the money box; and he used to take what was put in it.
Read it all.