Gee, I wonder if the Dems timed it so the national debt would top 16 trillion during their convention? Certainly would be fitting. Any day now… tick… tick…
 
But exploding the country’s debt has only been one part of the president’s long-term plan to knock America down to size. As the Daily Caller is reporting today, before he was even elected to public office Obama was directly involved in helping to precipitate the mortgage crisis that triggered the present recession.
 
Pushing the utopian premise that everyone has a right to own a home – regardless of their ability to afford one –progressives have been strong-arming banks into loaning money to unqualified mortgage applicants for years. And right there, bullying with the best of them was our charismatic community organizer…
 

President Barack Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices.
 
As few as 19 of those 186 clients still own homes with clean credit ratings, following a decade in which Obama and other progressives pushed banks to provide mortgages to poor African Americans.

 
While both sides of the political aisle had a hand in the mortgage meltdown that triggered this long-term recession, it’s the Leftist ideology that was driving it ~

Obama’s lawsuit was one element of a national “anti-redlining” campaign led by Chicago’s progressive groups, who argued that banks unfairly refused to lend money to people living within so-called “redlines” around African-American communities. The campaign was powered by progressives’ moral claim that their expertise could boost home ownership among the United States’ most disadvantaged minority, African-Americans.

 
Progressive activists’ ambition instead contributed greatly to a housing bubble that burst in 2007, crashed the nation’s economy in 2008, wiped out at least $4 trillion in equity, kept unemployment above 8 percent for four years, and damaged the intended beneficiaries of looser mortgage lending standards.

 
Yes indeed, just another stark example of the way progressive redistributive actions simply result in equal misery for all.
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Since the mortgage bubble burst, some of Obama’s former clients are calling for a policy reversal ~

“If you see some people don’t make enough money to afford the mortgage, why would you give them a loan?” asked Obama client John Buchanan. “There should be some type of regulation against giving people loans they can’t afford.”

 
Well duh.
The problem is, progressives regulate against common sense, hoping to alter reality.
 

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If you’re still wondering why your net worth has dropped 30-40% over the last four years, I recommend reading the whole article. It includes a through recap of the whole sorry mortgage mess.
A follow-up piece details the fallout: Obama’s Citibank plaintiffs hit hard when housing bubble burst. How sad.