The other two or three conservatives in this community haven’t corrected Professor Easton’s allegations that somehow progressives are just out of the loop and not influencing anything going on. Mmm.. In fact, progressives (aka liberals, leftists, Democrats) have been running the country since the beginning of the Bush second term. Bush shifted left just as the 2004 election results were in, and he took the House and Senate to the left with him. Democrat leaders (Rahm Emanuel, David Axlerod, and others) saw the Liberal votes of Republicans from conservative states and districts, and ran Democrats on conservative platforms in those districts knowing that, once in Washington, they’d get their heads twisted left. It all went exactly as planned, and these “Blue Dogs” enabled Democrats to take over the House and Senate in 2006. Bush’s idea of crossing the isle was to give Democrats whatever they wanted. The federal government size and deficits exploded during Bush’s second term. Then, in 2008, the progressive numbers in congress further increased plus the Presidency to the point that conservatives literally had no influence. Progressives have gotten everything they wanted since 2004. Before that, Clinton, under pressure from ACORN, Barney Frank, Chris Dodd, and other progressives, began enforcing the Community Reinvestment Act, pressuring lenders to give loans to unqualified buyers – no credit history, no down payment, no verification of income. Fannie Mae and Freddie Mac, once enforcers of criteria for qualified buyers, became simply government piggy banks for bad loans. By enforcing the CRA (passed by progressives during the Carter administration), Clinton planted the seeds for the housing bubble and subsequent defaults on loans, and then the housing burst. On several occasions, Bush tried to get congress to reform Fannie and Freddie, but Frank, Dodd, Franklin Raines and the chorus of other progressives shouted his attempts down. They were all too busy giving themselves bonuses for how great they were doing. Bailouts for Fannie and Freddie are nearing $500 billion. Conservatives opposed bailouts of automakers and financial institutions. Don’t confuse Republicans with conservatives, because many Rs are not Cs. Progressives had and continue to have the major responsibility for this recession, and the failure to recover.
C. Mathews
Boulder
I rather dislike adding any dignity to this irrational piece, but its core — blaming the borrowers for the huge housing crash — is like blaming OB/GYN's for over population. Overinvestment (by the LENDERS or anyone) always leads to tears. One would think the "Internet bubble" of 1999-2000 might have taught everyone this lesson. It's getting really, really old hearing diehard blowhards castigating the fireman instead of the arsonist. Better luck next time, pilgrim.
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