Study Proves Democrats Destroyed the Economy

Here’s a study you won’t find in the op-ed section of your local liberal rag.  You can be damn sure of that. 

 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 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.

But what you will find are reports on how these financial institutions screwed over the “little guy.”  The Charlotte Observer reported a record amount of fines collected by the courts.  Most of it due to the federal government’s manufactured housing bubble.

The U.S. Attorney’s Office in Charlotte and the Western District of North Carolina obtained record collections – more than $5 billion – in civil and criminal actions in 2012.

The $5.05 billion was the fourth highest collection amount among the nation’s 94 U.S. Attorney’s Offices. Much of the money, federal prosecutors said, came from a $25 billion settlement with the nation’s five largest mortgage servicers, including Bank of America and Wells Fargo, to resolve allegations of abuse and fraud in mortgage loan servicing and foreclosures.

The $5 billion in collections represents a huge increase over the 2011 budget year, when the U.S. Attorney’s Office in Charlotte and the Western District of North Carolina collected more than $13.5 million in civil and criminal actions.

The vast majority of the 2012 money – about $5.04 billion – was collected in civil actions. More than $11.3 million was collected in criminal and civil forfeitures and more than $4.4 million was collected in criminal actions.

Nearly $6.4 million was paid to the federal court for distribution to victims of crimes, including individuals, companies and government agencies.

Could those government agencies include Fannie Mae and Freddie Mac?  Because the Democrats would have us believe they were the biggest victim of all.

Source: http://www.charlotteobserver.com/2012/12/27/3748011/western-nc-prosecutors-courts.html#storylink=cpy

 

http://www.examiner.com/article/new-study-confirms-economy-was-destroyed-by-democrat-policies