On Tuesday President Obama visited Georgetown University to give an expansive speech -- "A new foundation for the economy" -- promoting his domestic policies. The speech deserves the attention of concerned citizens.
The speech begins with a potted history of the financial crisis originating in the housing market. Obama omits any mention of the Community Reinvestment Act, the Federal Reserve or Fannie Mae/Freddie Mac in creating the housing bubble. Rather, Obama points his finger at Wall Street. Obama finds Wall Street culpable for the growth of subprime loans. According to Obama, "the reason these loans were so readily available was that Wall Street saw big profits to be made." [Power Line]
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