Democrats To Blame For Financial Crisis
Posted on September 18, 2008
Via Freerepublic
A September 11, 2003 New York Times article shows that President Bush proposed “the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.” His proposal: An agency within the Treasury Department to supervise mortgage giants Fannie Mae and Freddie Mac. Fearing that mortgages would no longer be available to people who were unable to pay them back, Democrats eventually killed the proposal. The current meltdown in the mortgage industry is a direct result of giving mortgages to people who could not pay them back, a practice protected by Congressional Democrats.
Via NY Times
Welcome to the Socialist States of America!
» Filed Under 1st Amendment, Congress, Economy, Government ethics/corruption, News, Socialism, Stupidity
Trackback URL
Comments
4 Responses to “Democrats To Blame For Financial Crisis”
Affiliations
The Giants
-
Donate
Suggestions
Our Store
Click the design to visit our store and help Stop the ACLU!
More blogs about the ACLU
I blogged on this a couple of days ago! Read:
Blame Socialist DemocRATS for Financial Meltdown!
Follow up:
AIG Takeover: The Impact on Capitalism
According to the Center for Responsive Politics, the top three U.S. senators getting big Fannie and Freddie political bucks were Democrats, and No. 2 was Sen. Barack Obama, who as Fox noted had only been in the Senate four years but still managed to grab that No. 2 spot ahead of longtime colleagues John Kerry and Chris Dodd, the chairman of the Senate Banking Committee.
Fannie and Freddie were where big-time Washington Democrats went to work and pocketed millions. Franklin Raines, Clinton’s White House Budget Director, ran Fannie and collected $50 million.
Jamie Gorelick, an official in Clinton’s Justice Department — the woman who built the “wall” that prevented the FBI from targeting terrorists before 9/11 — worked for Fannie Mae and took home $26 million. Big-time Democrat Jim Johnson, who headed Obama’s VP search committee, also hauled in millions from running Fannie Mae.
Obama brazenly blames John McCain and the GOP for the current Wall Street mess when it’s clear none of it was due to Republican policies. The truth of the matter is that it was McCain and three GOP colleagues who sought to reform the government’s lending policies three long years ago after the Bush administration had failed two years earlier. On May 25, 2006, McCain spoke on behalf of the Federal Housing Enterprise Regulatory Reform Act of 2005, and warned against the debacle we are now facing if it failed to pass.
He told the Senate that a report by the Office of Federal Housing Enterprise Oversight charged that “Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives.”
McCain warned, “If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.”
McCain predicted the entire collapse we now are suffering through. He stressed the falsification of financial records to benefit executives, including Obama advisers Franklin Raines and Jim Johnson.
Isn’t Raines the ghoul who was arguing with Ben Stein the other night, when The Donald gave McC his endorsement? He seemed a little (a lot) up Barry’s butt - now I get why.
So when do we begin filing legal charges against a rogue political Democrat party that has lead the nations people down a path of deception for more than 30 years, and has
virtually suceeded in breaking the back of America’s financial institutions?
They need to be dragged from their seats of congress and publicly disgraced!!!