The US Constitution Does Not Read “Government Shall Buy Us Houses”
I’ve been working on a thorough analysis and article on the start of the economic crisis, the sub-prime mortgages. It begins with the “Community Reinvestment Act” under the Carter administration, which was then loosened up under Clinton, when Democrats not only changed banking rules (intended to force the halt of “redlining”, but instead resulted in meddling), but they also began allowing the same low-income mortgage applicants to purchase these homes with $0 down payment, and gave them HUD/FHA loans from Fannie Mae/Freddie Mac. Insurance companies like AIG then insured the mortgage companies, Countrywide, Wells Fargo, even government sponsored Fannie and Freddie… so that if the mortgage holders defaulted on their loans, the mortgage company’s insurance policy would cover the tab. As the housing bubble built up, the rate at which FHA loans defaulted rose as well. Soon, a majority of the “Community Reinvestment Act” spurred FHA loans became auto-default loans – meaning NO payment was ever made on them. Free rent for 6 months.
As I was working on my research, I came across this video, and it really clearly demonstrates everything that I’m already writing about. So I figured, why not just offer you the video? View this and you will understand why we are here today, why Americans are angry, why we are protesting ANY taxes for Congress to use for entitlement programs, and why Americans are demanding the government return the country to its founding roots – the US CONSTITUTION! This is why our founders wanted smaller government. Let the people take care of the people. Government is not our caretaker. We are.
View this video: Burning Down The House: What Caused Our Economic Crisis?