In the fall of 2008, the United States economy was nearly destroyed by the financial crisis.

The seeds were planted by the Clinton Administration with the Community Reinvestment Act, which forced banks to hand out mortgages to individuals with weak credit in the name of “diversity.”

Now Barack Obama is recycling the failed policies of the past, and he could very well end up taking down the entire U.S. economy.

The Washington Post reports:

The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit, an effort that officials say will help power the economic recovery, but that skeptics say could open the door to the risky lending that caused the housing crash in the first place.

President Obama’s economic advisers and outside experts say the nation’s much-celebrated housing rebound is leaving too many people behind, including young people looking to buy their first homes and individuals with credit records weakened by the recession.

In response, administration officials say they are working to get banks to lend to a wider range of borrowers by taking advantage of taxpayer-backed programs — including those offered by the Federal Housing Administration —  that insure home loans against default.

These government guarantees led to banks doling out mortgages like candy in the late 90s and mid-2000s .

But when the bubble burst, nearly 9 million jobs were lost during the recession, and taxpayers got stuck with a $800 billion bailout bill.

And despite the fictions spouted by the Obama regime and their mouthpieces in the media, our economy has yet to completely recover from the Great Recession of 2008 and 2009.

A record 94 million Americans are out of the work force.

And the National Employment Law Project reports “taking into account cost-of-living increases since the recession officially ended in 2009, wages have actually declined for most U.S. workers.”

And why is Obama pursuing a policy so blatantly self-destructive?

To tighten the government’s grip on the housing market.

The Post also reports:

Deciding which borrowers get loans might seem like something that should be left up to the private market. But since the financial crisis in 2008, the government has shaped most of the housing market, insuring between 80 percent and 90 percent of all new loans, according to the industry publication Inside Mortgage Finance. It has done so primarily through the Federal Housing Administration, which is part of the executive branch, and taxpayer-backed mortgage giants Fannie Mae and Freddie Mac, run by an independent regulator.

Since day one, the Obama regime has operated under the mantra, “never let a crisis go to waste.”

And by pushing the banks to make risky loans, the Obama regime is accomplishing two goals: tighter control of the housing market and increased dependency on government.

Banks acting irrationally because of government guarantees are how we ended up in an economic death spiral.

America barely survived the last housing crash.

But on his way out the door of the White House, Obama is enacting a scheme that could be the kill shot to the U.S. economy.