A Tragic and Ludicrous Travesty: Barack Obama “Advising” on Finacial Crisis
Republicans? Democrats? Who is at fault? Neither party actually. The “party” at fault is one that has grown and proliferated in our country, our media, and throughout our educational system much like fungi thrives under the cover of darkness. They are called socialists and they are in both parties.
They hide. They hide behind children, they hide behind illegals, they hide behind the poor - all of whom they use to provide the cover of “compassion”. They hate freedom, they hate capitalism, they hate life, and they hate this country.
In this election they have produced a public face that they are hoping will successfully camouflage the rot that composes their souls as they make a bid to take this country down. His name is Barack Hussein Obama.
Democrat Obama and Republican McCain… sat down with the president at the White House for an hourlong afternoon session that was striking in this brutally partisan season—but also, according to one participant, “a full-throated discussion.”
[...]
Obama and McCain were at distant ends of the oval table, not even in each other’s sight lines.
(Source)
That Barack Hussein Obama should participate with this nation’s leaders on this economic meltdown is as much of a sham as his accusations that Republicans and capitalism have brought America to the precipice upon which we now totter. It’s rather like inviting a diseased whore to advise on the necessity of virtue and morality. Yet, there they sit, Barack Obama and his pimps, advising on a crisis that their political agenda and ideology has brought to poisonous fruition.
Please consider the following:
Chris Dodd (head of the Senate Banking Committee), Barack Obama and John Kerry were the top three recipients of Fannie’s money, together collecting around $360,000. (Here and here)
Democrats Channel Hugo Chavez in Rescue Demands
But perhaps the public doesn’t understand — as I didn’t until this month — just how much of that collapse was in fact orchestrated by the socialist hijinks of congressional Democrats (including Obama), by Bill Clinton, and by Jimmy Carter: Between them, they forced banks and S&Ls into the volatile and risky sub-prime market; and then the Democrats repeatedly prevented any attempt by congressional Republicans (and by President Bush) to oversee and regulate that market.
Why would they do this? First, because Democrats have long been getting huge campaign donations from banks and other mortgage lenders; in fact, the top two recipients of such money are Sens. Chris Dodd (D-CT, 95%) and Barack Obama. Both subsequently encouraged exactly the sort of loan speculation they now decry, an act that reeks of corruption. In addition, many former members of the Clinton administration, including Franklin Delano Raines, former Commerce Secretary William Daley, and Deputy Attorney General Jamie Gorelick (of “Gorelick’s wall” infamy), ended up running Fannie and Freddie or lobbying for them… and incidentally raking off tens of millions of dollars for themselves.
But the real culprit in this collapse isn’t just Democratic corruption; it’s the leftist demand to increase minority home ownership by lending low-income borrowers more money than they qualify to borrow, with higher mortgage payments than they are able to pay. That is, offering mortgages that violate the most basic rules of banking, as a form of “housing welfare.” That is the crux of this very real, but very specific crisis.
Obama and his media pals mislead on Wall Street turmoil
…in 2005, McCain was pushing the Federal Housing Enterprise Regulatory Reform Act to rein in Fannie Mae and Freddie Mac and require more stringent regulation by the Department of Housing and Urban Development, by which time Barack Obama — who did nothing — was on his way to becoming a top recipient of of donations from Fannie Mae, Freddie Mac and Wall Street firms enmeshed in the sub-prime mortgage mess. (Indeed, the biggest chunk of industry donations to Camp Obama comes from the Finance, Insurance & Real Estate (FIRE) sector — just edging out Lawyers & Lobbyists.) So McCain did not suddenly embrace this issue; if anyone has, it is Obama, who is grasping for an issue to regain the lead in the public opinion polls with less than 50 days until the election.
‘Crony’ Capitalism Is Root Cause Of Fannie And Freddie Troubles
Meanwhile, Fannie and Freddie also became a kind of jobs program for out-of-work Democrats.
Franklin Raines and Jim Johnson, the CEOs under whom the worst excesses took place in the late 1990s to mid-2000s, were both high-placed Democratic operatives and advisers to presidential candidate Barack Obama.
Clinton administration official Jamie Gorelick also got taken care of by the Fannie-Freddie circle. So did top Clinton aide Rahm Emanuel, among others.
The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities
Sphere: Related ContentThe Clinton administration has turned the Community Reinvestment Act, a once-obscure and lightly enforced banking regulation law, into one of the most powerful mandates shaping American cities—and, as Senate Banking Committee chairman Phil Gramm memorably put it, a vast extortion scheme against the nation’s banks. Under its provisions, U.S. banks have committed nearly $1 trillion for inner-city and low-income mortgages and real estate development projects, most of it funneled through a nationwide network of left-wing community groups, intent, in some cases, on teaching their low-income clients that the financial system is their enemy and, implicitly, that government, rather than their own striving, is the key to their well-being.
The CRA’s premise sounds unassailable: helping the poor buy and keep homes will stabilize and rebuild city neighborhoods. As enforced today, though, the law portends just the opposite, threatening to undermine the efforts of the upwardly mobile poor by saddling them with neighbors more than usually likely to depress property values by not maintaining their homes adequately or by losing them to foreclosure. The CRA’s logic also helps to ensure that inner-city neighborhoods stay poor by discouraging the kinds of investment that might make them better off.
- The Dirty Dog Days of Barack Obama...
- Bi-partisan My Ass: Barack Hussein Obama is a Liar...
- Soros, Barack Hussein Obama, the Finacial Meltdown: Destroying America...
- Where Barack Obama and Democrats Are Concerned,Truth Doesn’t Matter...
- Barney Franks, His Boyfriend Moses, and Fannie Mae...
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This entry was posted on Friday, September 26th, 2008 at 3:34 am and is filed under Elections, Exposing the Left, Finance, Liberals Suck, Obama-debacle, RINOs and Socialist News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
"Conjure magic for them and they'll be distracted. Take away their freedom, and still they'll roar. The beating heart of Rome is not the marble of the Senate. It's the sand of the Coliseum. He'll bring them death... and they will love him for it."
