YouTube Video Causes Stir By Showing How Democrats Caused Crisis
In another example of the power of the Internet to move public perception, a video that shows how the Democrats caused the current financial crises has nearly 850,000 views just hours after being linked to by The Drudge Report.
Updated (092908) to 850,000 views.
The YouTube video titled, "Burning Down The House: What Caused Our Economic Crisis?" is not so much a political piece as it is a timeline of what actually happened to cause the banking and credit crises.
It really comes down to a push by Democrats including Obama to force lenders to give creative (sub-prime, zero interest, balloon payment) loans to people who otherwise would not have qualified because of low income and bad credit. This caused a huge demand for homes pushing the prices to historic highs.
Unfortunately, as Republicans predicted including John McCain, so many of these loans failed to be paid back and with hundred’s of thousands of foreclosures all at once the housing bubble burst. This caused a spiraling effect because these bad mortgages were sold as part of a financial product called mortgage backed securities.
I could go on but the end result is that the house of cards that the Democrats built collapsed and because the media is in their corner only videos like this on YouTube that are linked to by a maverick like Matt Drudge brink the truth to light.
This of course is just my opinion, please feel free to disagree by commenting below.