Wednesday, August 07, 2013
Bud Norman takes Obama's "major" address on housing apart. It's well worth reading.
Objectively Obama's words are untruthful, but we’re not sure why. Nearly five years into his administration the people, like me, who don’t know Obama personally, are not sure whether he is an evil genius or an evil dumbass.
Obama was still coughing out bong hits with the Choom Gang when Jimmy Carter planted the seeds of the crisis by signing the Community Reinvestment Act way back in the ‘70s, but he was already playing his own small role in the debacle as a bank-suing lawyer when Bill Clinton got the subprime mortgage industry going in earnest and he was there to vote “present” as a Senator when it all came crashing down. He should know as well as anyone that the government employed a variety of both sticks and carrots to induce America’s banks to lower their credit standards and make the hundreds of billion dollars worth of loans to subprime borrowers which inflated a housing bubble whose popping brought down the international financial system. During a speech Tuesday in Phoenix, however, Obama blamed the whole affair on “recklessness on the part of lenders who sold loans to people who couldn’t afford them, and buyers who knew they couldn’t afford them.”The speech was full of similar howlers. He boasted of a robust recovery creating jobs without mentioning that most of them are part-time and low-paying, touted investments in new energy technologies without mentioning the resulting bankruptcies, talked about a boom in natural gas production as if he had anything to do with it, and repeated his complaint about “phony scandals” as the incompetence and lies of the Benghazi debacle and the Internal Revenue Service’s targeting of his political opponents were matters of no importance. More nonsense came in the form of a five-point plan that he believes would simultaneously increase property values and make housing more affordable.
Bud also notes, as I did yesterday that
Obama proposed that the government begin “winding down” the New Deal-era Fannie Mae and Freddie Mac programs, an idea that was laughed at as a “gaffe” back when Sarah Palin proposed it in ’08
So which is he, liar or simply stupid? Whichever, it's very, very bad.