Federal regulators admit that
Clinton
Rush Limbaugh –
1/10/2013
That bunch of people decided to
repackage them as something else and sell them again, and all the while they
were insured by Fannie Mae and Freddie Mac. Worthless paper, worthless loans
that everybody knew were worthless kept being passed down to other investors
until finally there were no more saps left to buy them and that's when the crash
happened and that is the Cliffs Notes version of what happened. That's your
subprime mortgage problem, right there. And it shoulda never happened. People
that can't afford to pay back a loan should never get a loan. I don't care how
discriminatory it sounds. I don't care how mean-spirited. It's not
mean-spirited; it's common sense business.
RUSH: Federal regulators for the
first time are laying out rules aimed at making sure that people that borrow
money for mortgages can afford to repay the loan. For the first time. For the
first time. Again, I know you've had to go through this, you're thinking, "What
do you mean, that rules have been in place? I've had to do this." Yes, so have
I. Remember who this is aimed at. They're admitting what they did back in 1998.
They gave money to people that couldn't pay it back. The banks were forced to do
that.
But Obama and the Reverend Jackson
used to call these new regulations redlining. So look, we've closed the loop
now. We're back to where we were before the problem happened, and in the process
people here have unwittingly admitted what caused the financial
crisis.
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