Obama started the "great recession" in 1995 with his following!
Maroney: Obama’s hidden role in subprime crisis
Staff Writer
MetroWest Daily News
According to an article that appeared in the Daily Caller, published on Sept. 3, 2012, Barack Obama was one of many Chicago activists who pioneered the national subprime real estate bubble, which contributed to the financial scandal which has affected the whole country.
The article is titled “With landmark lawsuit Barack Obama pushed banks to give subprime loans to Chicago’s African Americans,” and contains the following quote:
“Fay Clayton, a Chicago progressive activist, initiated the discrimination lawsuit in 1994. Obama’s employer, a lawyer named Judson Miner, allied with Clayton to file a class-action lawsuit a year later.”
The suit was filed against Citibank on behalf of several African-Americans based on allegations that it had refused to issue them mortgage loans.
This is an abbreviated account of the proceedings that began with a class-action suit in which Obama represented approximately 90 clients who sued Citibank. That was the beginning of the real estate bubble, which has affected thousands of homeowners. Barack Obama, along with other activists, pushed banks to make loans to low income African-Americans even though they knew they had the inability to pay off those loans.
Obama’s hypocrisy is breathtaking. Although he is well aware of the part he played in bringing about one of the biggest scandals in recent history, he continues to claim Republicans created the bubble in the first place and blames George Bush for creating the mess he “inherited.” And why not? He knows he can rely on the mainstream media to keep his private sector law career a secret.
In a rousing speech while running for office, Senator Barack Obama quoted Judge Louis Brandeis, “Sunlight is the greatest disinfectant.” He promised that his administration would be open and transpa…
www.metrowestdailynews.com
And the main Democrat congressman who oversaw the major cause of the "Great Depression"...
Barney Frank..
Fannie & Freddie of the history of the "great recession" again started with Obama's 1995 lawsuit against lending companies that restricted loans to areas
"red lining" that had a history of poor credit or repayments of loans. With that lawsuit starting the Federal govt. Fannie & Freddie backing those loans with poor credit, raised the rates on loan payments which in turn caused... A housing bubble is a sustained but temporary condition of over-valued prices and rampant speculation in housing markets. The U.S. experienced a major housing bubble in the 2000s caused by money inflows to housing markets and loose lending conditions.Mar 15, 2024
A housing bubble is a run-up in home prices fueled by demand, speculation, and exuberance that bursts when demand falls as supply increases.
www.investopedia.com
NOW Barney Frank admitted the linkage caused the great recession.
BUT NOTE Barney Frank in 2021 he re-canted his support for Fannie and Freddie MAE!!
Just to repeat this is what Barney said in 2021.... after he and his boyfriend profited ! ...in a recent CNBC interview, Frank told me that he was ready to say goodbye to Fannie and Freddie.
"I hope by next year we'll have abolished Fannie and Freddie," he said. Remarkable. And he went on to say that "it was a great mistake to push lower-income people into housing they couldn't afford and couldn't really handle once they had it."
He then added, "I had been too sanguine about Fannie and Freddie."
Can you teach an old dog new tricks? In politics, the answer is usually no. Most elected officials cling to their ideological biases, despite the real-world facts that disprove their theories time...
www.realclearpolitics.com
So the majority of lower income people were specifically oriented towards BLACKs i.e. "redlining"!!!
www.nbcnews.com
news.gallup.com
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www.aljazeera.com
