Want a Clear Expose' on Credit Default Swaps?

This is one of the best explanations I've seen and a clear rebuttal of the claims that the Democrats caused the financial meltdown by 'forcing' loans to minorities. It's from a posting on the Daily Kos blog:

History may be written by the winners, but that doesn't stop the losers from wasting a lot of ink in the attempt. This time, it's the GOP revanchists who are busy trying to come up with a reason -- any reason -- for the economic crisis that doesn't point directly to their conservative ideology and the greedy green horse of the Apocalypse, deregulation.

There are dozens of letters percolating through Republican chain mail, and a matching number of posts on right wing blogs, all trying to spread the same message: Democrats loaned money to black people!

Here's an example plucked from my own mailbox.

We're on the brink of an economic disaster and another Great Depression. This was not caused by Republicans. This was caused solely by Democrats.

In 1977 Democratic President Jimmy Carter passed the Community Reinvestment Act to provide housing to poor people. In the 1990s Bill Clinton had Attorney General Janet Reno threaten banks under red lining rules into giving loans to people who could not afford them. Then in the last 8 years, the leftist group ACORN, which has ties to Barack Obama, went to banks and threatened them to relax their rules again. Banks had to give loans to people who had no jobs or no identification.

You have to hand it to them. In terms of bringing together the maximum number of Republican demons -- Carter, Clinton, Reno, Obama -- with the smallest amount of connecting narrative, this is a keeper.

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