Blowhard News for Saturday.

Bachmann Blames President Clinton, ‘Blacks,’ And ‘Other Minorities’ For Current Financial Crisis
Thursday 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.
Fannie and Freddie — I don’t think are failed models. CRA certainly isn’t a failed program. These are important and good programs and should be protected.

And If you want to find blame somewhere, let’s look at Gramm-Leach-Bliley. Let’s look at the very deregulation that so many people called for and clamor for and now we see what deregulation, lack of corporate responsibility put together with flat declining wages for the American people will bring about. It’s brought about this.