Sunday, October 18, 2009

Bank failures were caused by government

Peter Wallison's piece in the WSJ has a snappier title:

Barney Frank, Predatory Lender

Almost two-thirds of all bad mortgages in our financial system were bought by government agencies or required by government regulations.

The left cannot have it both ways, blaming the private sector for subprime lending while absolving the government policies that created the demand for subprime loans. If the financial crisis was caused by subprime mortgages and predatory lending, the government's own policies made it happen.
Wanna bet they can't have it both ways? That's logic. The Obama-Pelosi-Reid axis don't use that old-fashioned stuff any more. They'll have it any way they want it.

Seriously, read the whole thing. And don't blame the banks, or "deregulation."

And speaking of Democrats and mortgages: here's a video that would be funny if it weren't so sick. Democrats on the House Oversight Committee left the room to avoid voting on a subpoena for Countrywide Mortage records.
Bank of America, which has acquired Countrywide, has said it will release the information about the “Friends of Angelo” program as soon as it receives a subpoena. But that would require a majority vote by the House Oversight Committee, something that is very hard to achieve when the majority party walks out on the vote, as Hodes and his colleagues did on Thursday.
No shame, no oversight. None so blind.

Thanks to Glenn Reynolds.

1 comment:

Trooper York said...

Why should that surprise you. These dudes always walk out on their responsiblities. They are Obama's daddy in more ways then one.