Hannity Blames Obama For The Mortgage Crisis

Blog ››› ››› JEREMY HOLDEN

Sean Hannity may have just gone on record as the last person on the planet to recognize the housing bubble.

On Tuesday, Hannity offered a simple -- and spectacularly ignorant -- explanation for the mortgage crisis: Obama's "policies"; Obama's "fault."

Where to begin?

In July 2005 -- nearly four years before Obama was inaugurated -- Dean Baker, an economist and co-director of the Center for Economic and Policy Research, put together a fact sheet on the housing bubble, warning that its collapse would "throw the economy into a recession."

Then there is The Economist from June 2005:

The worldwide rise in house prices is the biggest bubble in history. Prepare for the economic pain when it pops

Or how about economist Nouriel Roubini in 2006:

This is the biggest housing slump in the last four or five decades: every housing indicator is in free fall, including now housing prices.

In June 2007, Bloomberg reported that mortgage foreclosures had hit a "record pace." New Century, a subprime lender, filed for bankruptcy in April 2007; American Home Mortgage followed suit in August. In September 2008, The New York Times' Andrew Ross Sorkin reported:

In one of the most dramatic days in Wall Street's history, Merrill Lynch agreed to sell itself on Sunday to Bank of America for roughly $50 billion to avert a deepening financial crisis, while another prominent securities firm, Lehman Brothers, filed for bankruptcy protection and hurtled toward liquidation after it failed to find a buyer.

The humbling moves, which reshape the landscape of American finance, mark the latest chapter in a tumultuous year in which once-proud financial institutions have been brought to their knees as a result of hundreds of billions of dollars in losses because of bad mortgage finance and real estate investments.

You know ... Obama "policies."

Sean Hannity has already demonstrated that he is not above fudging unemployment numbers to spruce up the Bush economy. Now he's bending time to peg an $8 trillion housing bubble on Obama.

Posted In
Economy, Housing
Fox News Channel
Sean Hannity
We've changed our commenting system to Disqus.
Instructions for signing up and claiming your comment history are located here.
Updated rules for commenting are here.