Really, why keep lying to America?

This quote below is a stunning example of the way politicians lie and obfuscate the truth. This is yet another example of the Democrat party and the Obama administration lying to the American people about what happened in the financial meltdown. 

"Freddie and Fannie ewre not instumental in the decable in the financial crisis," [Geithner] told Fox News. " there's no denying it: we gave motgages in america to people who hadterrible credit histories, who had no down-payment, that didn't have a good. solid work history, that really shouldn't have been given a mortgage. Fannie and Freddie competed for some of those mortgages. They were part of the problem, yes, but the private sector was five times as irresponsible as they were."


Read more: Geithner tells bold faced lie to American people

Here is the truth…

Yes, Fannie and Freddie made bad loans, but to then point the finger at the banking industry and make the childish claim – “But they were way worse!” (Sic.) is only half the truth.

Do you know why banks were making bad loans?

The Clinton administration through Janet Reno’s Justice Department threatened banks and lenders with prosecution if they did not expand President Carter’s initiative of providing loans to people who really can’t afford them.

The banks had no choice but to make the bad loans, knowing that collapse was inevitable.

In the meantime, Chris Dodd and Barney Frank were making out like bandits in the ensuing real estate boom, knowing it was all a fraudulent house of cards. To make matters worse, when George Bush and Sen. McCain actually tried to ward off the impending disaster by entering legislation to stop the practice of sub-prime loans the measures were defeated by, wait for it...the Democrats! Convenient for them that the collapse happened on Bush’s watch so they could blame him and the republicans, when in reality it was a crash of their own making going back as far as Jimmy Carter.

For more on this see US Financial Meltdown Backstory

Once again, the law of unintended consequences puts us on the path of destruction paved with good intentions. (Though that assumes the Dems didn’t want to crash our economy as a means to secure more federal power.)

I am no huge fan of Bush, and am disgusted with the Republicans, and yes, the banks played a role, even if they were coerced, but come on people; the Democrats need to be held accountable for their complicity in this mess and rampant lying.