For all of you who have made George W. Bush the scapegoat for everything from Iraq to the mortgage meltdown to the heartbreak of psoriasis, may I recommend some light, 7,000-word reading from M. Jay Wells at the American Thinker, called “Why the Mortgage Crisis Happened.”
It is a detailed account of deeds, misdeeds and outright corruption from the New Deal to today.
Wells opens with a quote from Barack Obama on Sept. 15: "I certainly don't fault Senator McCain for these problems, but I do fault the economic philosophy he subscribes to. It's a philosophy we've had for the last eight years, one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else."Wells’ conclusion, and one that is hard to deny after reading his chronological litany, is that “it is not free-market capitalism at
the root of the current mortgage industry crisis, but rather the very socialism Obama hawks. The historical record makes this fact unmistakably clear.”
I found one paragraph buried far down in the narrative to be particularly eye opening:
“By falsifying signatures on Fannie Mae accounting transactions, $200 million in expenses was shifted from 1998 to later periods, thereby triggering $27.1 million in bonuses for top executives. James A. Johnson received $1.932 million; Franklin D. Raines received $1.11 million; Lawrence M. Small received $1.108 million; Jamie S. Gorelick received $779,625; Timothy Howard received $493,750; Robert J. Levin received $493,750.”Though Wells doesn’t even bother to point it out, most of those people have either contributed to, been supporters of or advisers to
the one and only Barack Obama.
With friends like these …