Local Dems Distort Facts
The issue is regarding mortgage rates. The local democrats were suggesting that George H.W. Bush was responsible for double digit mortgage rates and that Bill Clinton has a monopoly on single digit mortgage rates. Wrong!
The truth is that Jimmy Carter handed Ronald Reagan the highest mortgage interest rates in the history of the United States of America. At the end of the Carter administration mortgage interest rates were approaching 20%! I'll bet that is a little fact that the democrats were hoping would be
forgotten. Heck, I'll bet the Democrats are hoping we forgot a whole bunch of Carter administration facts.
For those readers who may not remember Jimmy Carter, he was the Democrat President whose Presidency can best be described as a train wreck.
Luckily, Ronald Reagan turned the economy around and spent the next eight years lowering mortgage rates and restoring the dream of home ownership to millions of Americans.
When George H.W. Bush entered office he continued the fight to lower mortgage rates throughout his term in office. At the end of his term mortgage rates were the lowest in nearly two decades.
In January 1993 George H.W. Bush handed Bill Clinton two gifts. The first was mortgage interest rates in the 7s, and the second was a talented Republican Federal Reserve Chairman named Alan Greenspan. Thank goodness Bill Clinton's handlers were smart enough to advise him on the value of those gifts.
Now, the time is approaching for Bill Clinton's reign to come to an end. And the truth is that mortgage rates are higher today than they were in January 1993.
I think it would be very nice if Bill Clinton would pass those gifts he received back in 1993 on to George W. Bush on January 20th, 2001 when GWB is inaugurated into office.
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