Rush is Still a Big Fat Liar

I had a chance to listen to Rush Limbaugh while on a rare midday drive. He was ripping into the democrats and President Obama as you would expect for proposing a new home refinance program for homeowners under water. He ranted about how Obama will say he's spending $1.2 trillion on the program because the banks were dishonest and suckered people into taking these high priced mortgages. "It was the government that is responsible for the crisis," said Rush. WOW! We are 4 years into the crisis and we are still arguing who is at fault.

Tell a lie enough, people will believe it. Assume that the Community Reinvestment Act - enacted during Jimmy Carter's administration to make sure that banks don't discriminate in lending - is the reason for the mortgage crisis; who forced the rating agencies to rate the crappy mortgages as AAA? Also Rush, who created the securities that put sub-prime mortgages on top of sub-prime mortgages and sold them as AAA? More importantly Rush, tell your listeners the name of the law enacted by either party that forced banks to lend to borrowers with bad credit, no liquid assets and no income? Huh Rush? Can't hear you. Because there is none.

I'm a mortgage industry insider having owned my own mortgage company. There are not too many innocent parties in this crisis, the government included, but to blame it all on them is disingenuous and dishonest. Of course we are talking about Rush Limbaugh here so that goes without saying. Sorry Rush, I used to be a sort of fan because much of what you say has some merit, but this is beyond the pale. Until we fix business AND GOVERNMENT nothing will be fixed in this country.

I'm guessing that if this is the direction my party, the Republican party, will try to win the upcoming election, then Barack Obama will be reelected. Under these conditions that may just be the better outcome.