ah of course

it's the NEGROES that caused the crisis! we should have known! (that is sarcasm for those of you that didn't know)

Bachmann Blames President Clinton, ‘Blacks,’ And ‘Other Minorities’ For Current Financial Crisis»

Yesterday in a Senate hearing on the financial crisis, Rep. Michele Bachmann (R-MN) spoke on what caused the situation. To make her point, she read from an article called “How A Clinton-Era Rule Rewrite Made Subprime Crisis Inevitable,” written by Terry Jones in the right-wing publication Investor’s Business Daily.

The article criticizes the Community Reinvestment Act (CRA) for pushing “Fannie and Freddie to aggressively lend to minority communities.” Jones goes on to say that Clinton was misguided to push “homeownership as a way to open the door for blacks and other minorities to enter the middle class.”

Rep. Keith Ellison (D-MN) sharply criticized Bachmann and other conservatives who have been trying to pin the economic crisis on minorities:

I personally am not going to just sit by and let people trash programs that helped folks get into housing who have been struggling to get in......

uh - oh

someone is fibbin'. is it the grey lady or is it the mccain campaign? hmmmmmmmmmmm

NYT: McCain lied about campaign manager Rick Davis' ties to Fannie and Freddie
John Aravosis (DC)

A rather thick article from the NYT, but the gist of it is that McCain on Sunday night said that his campaign manager, Rick Davis, who was paid $2m by Fannie and Freddie to help keep them deregulated, had nothing to do with either group since he left their employ in 2005. Not true, we learn, via the NYT.

One of the giant mortgage companies at the heart of the credit crisis paid $15,000 a month to a firm owned by Senator John McCain’s campaign manager from the end of 2005 through last month, according to two people with direct knowledge of the arrangement. The disclosure contradicts a statement Sunday night by Mr. McCain that the campaign manager, Rick Davis, had no involvement with the company for the last several years. Mr. Davis’s firm received the payments from the company, Freddie Mac, until it was taken over by the government this month along with Fannie Mae, the other big mortgage lender whose deteriorating finances helped precipitate the cascading problems on Wall Street, the people said.

They said they did not recall Mr. Davis doing much substantive work for the company in return for the money, other than speak to a political action committee composed of high-ranking employees in October 2006 on the coming midterm congressional elections. They said Mr. Davis’s his firm, Davis & Manafort, was kept on the payroll because of Mr. Davis’s close ties to Mr. McCain, the Republican presidential nominee, who was widely expected by 2006 to run again for the White House....

Freddie Mac’s roughly $500,000 in payments to Davis & Manafort began immediately after Freddie Mac and Fannie Mae in late 2005 disbanded an advocacy coalition that they had set up and hired Mr. Davis to run, the people familiar with the arrangement said...............