Letter to an ignorant Obama-worshipping kool aid-drinking friend

(Name removed even though none of my liberal friends would ever waste their precious Obama-worshipping time on my blog...and I say "ignorant" because every Obamaphile I know REFUSES to even glance at ANY news reflecting badly on him.)

This person, a real estate agent, was telling me how great things are (and how Obama is cleaning up Bush's mess) so I sent this: Bloomberg reported yesterday – “U.S. Home Prices May Be Lost for a Generation”

"A major lesson of Fan and Fred and the subprime fiasco is that no one benefits when we push families into homes they can't afford. Yet that's what Congress is doing once again as it relentlessly expands FHA lending with minimal oversight or taxpayer safeguards." Wall Street Journal reports today – “The Next Housing Bust”

Wall Street Journal reports today: …the International Monetary Fund has just released a study of estimated losses on U.S. loans and securities. It was very bleak -- $2.7 trillion, double the estimated losses of six months ago. Our estimates at RGE Monitor are even higher, at $3.6 trillion, implying that the financial system is currently near insolvency in the aggregate.

PS: Your history is factually incorrect about the previous eight years.

Bush and Republicans repeatedly called for financial reforms and were blocked by Democrats--who took over Congress in 2006--including Chris Dodd (Chairman of the Senate Banking Committee) and House Financial Services Committee Chairman Barney Frank and more: http://tinyurl.com/5xz7d6

Democrats distorted the market through the CRA and through Fannie and Freddie’s massive securitizing of bad debt, and then blocked regulators from doing their jobs. Shocking Congressional Video: Democrats insist “nothing wrong” at Fannie Mae, Freddie Mac (2004): http://tinyurl.com/4njuuv