Unfortunately in politics, who ever is in office is blamed for whatever happens during his/her term. Examples! John F. Kennedy is blamed for the Bay of Pigs invasion even though Eisenhower (the previous president) was the one who planned it. Nixon and Lyndon B. Johnson are generally blamed for the Vietnam War even though it was FDR and Truman who first escalated the war from the beginning.
In the present, George W. Bush is blamed for the Mortgage Crisis of 2008 by the ignorant media. Does anyone else notice that the Democratic Party has barely put any blame on Bush? Why has Mrs. Pelosi not said a thing about Republicans messing things up? Is it just my imagination?
It is not my imagination. The Democrats know that the mortgage crisis is their fault. During the Clinton administration, the Democrats (and many Republicans) voted to give out "unchecked loans." That is, poor citizens of the USA were given loans, and they had to give no information about their paychecks. They did not have to show the banks their credit scores, past bankruptcies, or salaries. The banks were forced to give loans to everyone. Even if these people had no intentions of paying back the loans, the bank was forced to give the loan out. Why? It's the American dream of course! Own a home, and everything will work itself out!
So what happened? These people who had no business of getting loans were granted loans for huge houses that they had no ability to repay. The poor and upper class were given loans that were impossible to repay because of government interference in the market economy. The poor were given loans they could not even dream to repay. The rich were given houses and properties way beyond their means. Once the economy went down, the people could not repay their loans. Now we have millions of people who cannot repay their loans because of the bad economy, houses have to be foreclosed.
Why did this all happen? Government interference in the free market created this disaster. When the government forced banks to accept people who couldn't repay loans, the free market went out the window, and the market collapsed within a few years.
Government created this problem. Socialist-esque policies of the Clinton administration force the free market to take on people who could not fulfill their commitments. Less government would have allowed the right people to get the right loans needed for home ownership.
(I wrote this article on Microsoft Word. I tried to edit all the kinks and errors from posting it on AG. Sorry if there are any weird symbols on this post).
And still, calling America socialist is ridiculous.
I agree. Just because of Obamas tax policies and the nationalistaion of some banks people jump to ridiculous conclusions. When you look at the massive gap between the rich and the poor, the fact they have no national health service the terrible state schools in many areas, doesnt sound like a socialist state to me.
