New study confirms economy was destroyed by Democrats

Preface by Norman E. Hooben

Remember when Nancy Pelosi said, “We have to pass the bill so that we can see what’s in it.”  That was in regards to the so-called Affordable Care Act also known as ObamaCare.  Well Congresswoman Pelosi was not the first Democrat to champion that method of shove-it-down-your-throat legislation.  Back in the era when it was not highly derogatory to be referred to a progressive Democrat, Representative Henry B. Steagall of Alabama pushed through the Emergency Banking Act of 1933, referred to as the Glass-Steagall Act.  Steagall reportedly had the only copy of the legislation in the House. He waved it over his head and admonished the chamber to pass the bill, which it did with less than an hour of debate.  So they passed the bill so that we could see what’s in it.  And in it were some good things.

It prohibited commercial banks from participating in the investment banking business. The Act was passed as an emergency measure to counter the failure of almost 5,000 banks during the Great Depression.  And so it lasted a good sixty-six years and generally speaking monetary policies were also good.  Good that is, until Bill Clinton moved into the White House.  Under his leadership the bill was repealed in 1999.

Now I should interject a note here for the naysayers who would reply, “So what!”  Ask any of the Clinton supporters and they will tell you that everything about the economy was just hunky-dory under the Clinton Administration.  The facts prove otherwise in that the strong economy was a direct result of former President Reagan’s policies otherwise known as Reaganomics (argue the point somewhere else, not here).  

Back to Glass-Steagall…  So Bill Clinton got rid of the protection people had from unscrupulous bankers.   Were the bankers banking on Clinton?  You decide.

Clinton was not finished with his plans to collapse the strongest economy in the world.  A predecessor of his, by the name of Jimmy Carter signed into law something called the Consumer Re-Investment Act, aka the CRA.  The CRA appeared outwardly that it would protect the little guy and in some respects it did.  But when Bill Clinton put some teeth into the CRA things began to fall apart…and that was by design.   All New World Order (NWO) participants subscribe to the idea that in order to achieve their goals the current structure has to be removed.  But they will preach* to you in so many nice ways that the average person has no clue to their real agenda. 

Staying on track is sometimes difficult once I mention a new subject like the New World Order.  Suffice it to say the Bill Clinton is a NWO kind of guy and Henry B. Steagall was not.  Both were Democrats but only one was a patriot.  ~  Norman E. Hooben
 

* See What is an Alinskyism? 

See also:

1.  CRA - The beginning of crap!

2.  "...a blueprint for the destruction of U.S."
 

New study confirms economy was destroyed by Democrat policiesThe Examiner
A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left's race-baiting attacks on the housing market (the Community Reinvestment Act--enacted under Carter, made shockingly more aggressive under Clinton) is directly responsible for imploding the housing market and destroying the economy.
The study painstakingly sorted through failed home loans that caused the housing market collapse and identified an overwhelming connection between them and CRA mortgages.
Again, let's review:
-President Bush went to Congress repeatedly (see video below) for years warning them that Fannie Mae and Freddie Mac were going to destroy the economy (17 times in 2008 alone). Democrats continuously ignored him, shut down his proposals along party lines and continued raiding the institutions for campaign contributions on their way down.
-John McCain also co-sponsored urgently critical reforms that would have prevented the housing market collapse, but Democrats shut that down as well, along party lines, and even openly ridiculed anyone who suggested reforms were necessary...to protect their taxpayer-funded campaign contributions as the economy raced uncontrollably toward the cliff.
-No one was making bad loans to unqualified people until Democrats came along and threatened to drag banks into court and have them fined and branded as racists if they didn't go along with the left's Affirmative Action lending policies...all while federally insuring their losses. Even the New York Times warned in the late 1990s that Democrats continuing to force banks into lowering their standards would lead to this exact catastrophe.
-Obama himself is even on the record personally helping sue one lender (Citibank) into lowering its lending standards to include people from extremely poor and unstable areas, which even one of the left's favorite blatantly partisan "fact-checkers," Snopes, admits (while pretending to 'set the record straight').
-Even The New York Times admitted that there is "little evidence" of any connection between the "Republican" deregulation measures Obama blames, like the Gramm-Bleach-Liley Act (signed into law by a Democrat), and the collapse of the housing market.
But non-Fox media have spent years deliberately and relentlessly inoculating people against the facts, training them to mindlessly blame Bush for being in charge when Democrat policies destroyed the economy. So here we sit, to this day, still watching Obama excuse and shrug off endless economic failures, illegal government takeovers and utter national bankruptcy with zero accountability.

Suggested by the author

Fact-Check: Bill Clinton's policies were a total disaster

Top ten signs something is wrong with the 2012 election results

Obama classmate: There is a reason Obama refuses to release his college records