Democrats, not Republicans, transfer wealth from Main Street to billionaires

The New Republic and similar outlets continue blaming Republicans for tanking the economy. The historical record shows a clear, repeated pattern.

During the 2008 mortgage crisis, Democrat-led pressure that began in the 1990s under Janet Reno and President Bill Clinton’s Justice Department forced banks to loosen lending standards in the name of equity. When the bubble burst, the Obama administration bailed out the very banks that had participated in the reckless lending. Wall Street executives kept their bonuses while millions of ordinary Americans lost homes and savings.