Cuomo, as Wayne Barrett wrote in the Village Voice in 2008, made a series of decisions that “helped plunge Fannie and Freddie into the subprime markets without putting in place the means to monitor their increasingly risky investments. He turned the Federal Housing Administration mortgage program into a sweetheart lender with sky-high loan ceilings and no money down, and he legalized what a federal judge has branded ‘kickbacks’ to brokers that have fueled the sale of overpriced and unsupportable loans. Three to four million families are now facing foreclosure, and Cuomo is one of the reasons why.”
Barrett goes on: “Perhaps the only domestic issue George Bush and Bill Clinton were in complete agreement about was maximizing home ownership, each trying to lay claim to a record percentage of homeowners, and both describing their efforts as a boon to blacks and Hispanics. HUD, Fannie and Freddie were their instruments, and as is now apparent, the more unsavory the means, the greater the growth. ... (Cuomo) did more to set these forces of unregulated expansion in motion than any other secretary and then boasted about it, presenting his initiatives as crusades for racial and social justice.”
Naturally, when Clinton’s HUD secretary became New York’s attorney general, he vowed to prosecute unscrupulous lenders. I’m waiting for him to prosecute himself.
President Clinton happily takes credit for reducing America’s budget deficit and presiding over a period of strong economic growth. But this happened not because of wise leadership. Clinton had the good fortune to reside in the White House just as the high-tech information revolution kicked in and a Republican Congress stopped him from spending what Democrats wanted to spend.
Progressives say that his increase of the top tax bracket did not prevent economic growth, but it never occurs to them that growth would have been even stronger had government not confiscated that money.
Sadly, most who watched St. Bill at the DNC will never know the truth.
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