An Open Letter to Michael Moore 5/21/09 May 22, 2009
Before you begin your movie on the economy continuing to bash George W you should read these two pages from the Federal Register.
Section C & D
This will explain to you the kindling point when in 1997 Bill Clinton expanded Jimmy Carter’s 1977 Community Reinvestment Act. (60 FR 22156–57)
In a nut shell, Bill Clinton mandated that banks make loans a lot easier for people that could not afford homes so that they could buy them anyway. The usual Socialist Democrat “Creating a land of Entitlement.”
You may also want to read my Blog.
You will notice that I wrote this entry on September 29, 2008.
You will also notice that almost everything that I predicted about Barack Obama came to be true including the relentless blaming of George W. for all the problems with the economy when it was really Bill Clinton that started it in 1997. I will admit that George W. did not battle hard enough against the Democrats in 2004 to prevent the total meltdown of the economy in 2007-2008.
I will bet that you will mention absolutely nothing about what Bill Clinton did in your movie and if you do it will be one line with no coverage of his blunder at all.
This act that Bill Clinton did was swept under the carpet and never mentioned on any news cast including Fox News Network. How did I find out? My cousin sent me the “Burning Down the House” video and I was just so blown away that I spent a month researching it before I wrote my blog. When I got to the mandate in the Federal Register I knew that it had really happened and the rest of the puzzle could be put together by a 12 year old.
This is how it plays out. If Bill Clinton had never expanded the CRA in 1997 and mandated that banks write loans to people that could never afford a home to begin with, The banks would have continued to write safe and secure traditional 30 year loans instead of using creative lending practices like 5/25, 2/28, no down payment, Interest only loans etc. The deregulation opened doors to predatory lenders that took advantage of a very dysfunctional, bad law. None of that would have happened and our economy would not be in the condition that it is in today with Barack Obama making worse and worse every day he speaks.
I hope you are intelligent to see this chain of events and now the Socialist/Democratic way of handling the economy will fail just like it did in 1997 with Bill Clinton except a lot worse. We are looking down the barrel of huge taxes, very high interests rates to combat inflation that will be created by printing all this money that doesn’t exist today and 13% to 15% unemployment. You can’t create jobs with high taxes and excruciating regulations on business. Businesses will not grow or even start to employ people until taxes come way down and restrictions are lifted on corporations to grown and reduce unemployment.
Today Barack Obama continues to use the “Community Reinvestment” theme that failed so miserably in the past.
I hope you are intelligent enough to do your own research and find out more about this.
P. S Nancy Pelosi want to investigate the Bush administration for war crimes, yet she does not want to investigate Bill Clinton for dereliction of duty and crimes against the US economy by providing a mandate that facilitated the destruction of the credibility of the US banking system that eventually spread though out the world.