Obama wants to give community banks $30 billion and turn them into Fannie Maes

President Obama tonight in his State of the Union speech said that he wants to dump $30 billion on community banks and force them to loan money to small employers regardless of their credit ratings or business prospects. In short, he wants to create 3,000 or more small Fannie Maes. Since the mid 1990s, Barney Frank, Chuck Schumer, George Bush and Obama have forced Fannie Mae to make the subprime loans to unqualified home builders. This policy has been a major contributor to the three-year-old financial crisis that persists. Obama’s long and boring and highly partisan campaign speech was a disgrace. He still doesn’t get it.

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