I don’t often post what is on other blogs, but sometimes there are things too important not to point out. Power Line has a post up on the, well, “True Origins of the Financial Crisis,” that you should check out. Video is also posted, which is the most important aspect of the entry.
President Barack Obama scolded banks yesterday for not lending more money. Earlier, the Obama Administration lambasted banks for lending too much. The rationale then was that banks were greedy and careless by lending to much money to people without the means of actually repaying the loans.
What is most surprising about Obama’s tough talk on banks to lend more money in the face of the gigantic housing bubble that burst, is that he is working to repeat the same mistakes of sub-prime lending that got us to where we are today.
In Mid-October, Obama Launched An Initiative To Provide More Mortgages Backed By The Government. “The Obama Administration launched a new initiative Monday aimed at supporting affordable mortgages, backed by the federal government.” (Michael O’Brien, “Obama Enlists Fannie And Freddie In Bid To Boost Mortgages,” The Hill’s Blog Briefing Room, 10/19/09)
“The Obama Administration Launched A New Initiative Monday Aimed At Supporting Affordable Mortgages, Backed By The Federal Government.” (Michael O’Brien, “Obama Enlists Fannie And Freddie In Bid To Boost Mortgages,” The Hill’s Blog Briefing Room, 10/19/09)