You guys were still blaming Clinton when things were going south when Bush was around, but now that Obama has been in office for one month, it’s all his fault?

Actually, the start of this entire mess is Clinton’s fault. During the Toon administration, lenders were told to lend money to people that would never pay it back. They were forced into it because if they didn’t, Toon’s justice department was going to charge them with violations of the Fair Housing Act. The lenders knew they could either lose billions defending themselves in court or lose billions when the very risky loans went into default. When the economy picked up after 1996 (when the Republicans got taxes cut) everything looked rosy. But the borrowers were starting to default and it was noticed in 2001. Frank, Waters, and Dodd refused to blame FannieMae and FreddieMac and the democrats blocked any regulation.

So, I place the blame squarely where it belongs; Bill Clinton and the democrats.

Want to fix it? Pass the FairTax!