Rush’s Morning Update: Just The Facts
October 8, 2008
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For years, Barney Frank – the Democrat from Massachusetts – used his power to block the reform of Fannie Mae and Freddie Mac. Now, amazingly enough, Congressman Frank is accusing Republicans of racism – claiming that Republicans are blaming blacks and poor people for the mortgage foreclosure crisis that led to the global financial crisis.
No, Mr. Frank, we are blaming you, and your party. Fact: Democrats in Congress – during Bill Clinton’s tenure – put massive pressure on banks to issue sub-prime loans. Janet Reno threatened banks that would not comply. Fact: Minorities were targeted by Democrats for this special treatment – under the premise that they were unfairly denied loans by banks engaging in “red-lining.” Fact: Despite Bush Administration attempts to reform Fannie and Freddie, Democrats – including the Congressional Black Caucus – obstructed all reforms, accusing Bush of racism for demanding it.
Fact: Democrat appointees made tens of millions pillaging – er, “administering” – these programs. Fact: Some of them work with the Obama campaign. Fact: Not only did minorities benefit from sub-prime status; so did speculators drawn in by the free money giveaway.
The only racists in this play are Democrats. They used their power to target the poor and minorities to buy votes and prop up a false economy. You, Mr. Frank, were one of the chief racists at every step of this scandal. So save your race-based insults for yourself.
Last fact: This crisis is a Democrat party creation lock, stock, and barrel.
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