Obama's Role in the Economic Crisis
By JB Williams (09/19/08)
The FACTS about More Dam* Obama Lies! - It’s not an easy task to find any Obama accomplishments. But the current banking crisis, driven by bad home mortgage lending policies over the last decade, provides a close up look at Obama’s past economic decision making, which happens to have played a major role in the current collapse of the mortgage and housing industries.
In short, though Obama is on the campaign trail blaming the current economic crisis on President Bush and John McCain, it is actually Obama, the Congressional Black Caucus and Democrats who are at the root of today’s financial woes. Facts don’t lie... Politicians do!
While claiming “he” is the solution to this as well as every other problem on earth, past Obama decisions are in fact at the epicenter of the crisis.
Bush Efforts to Reform Fannie and Freddie (blocked by Democrats)
Hot Air Blog does a magnificent job of detailing the hard facts concerning the long road to disaster traveled by Fannie and Freddie, as well as many other mortgage lending institutions. It was the effort to turn mortgage lending into yet another federal welfare program that led to the collapse of the mortgage industry.
Hot Air Blog details the history behind the disaster in its exposé Whose policies led to the credit crisis? [1] Every American voter seriously concerned with how we got where we are today, must read this historical account of the facts involved.
Fannie Mae CEO calling Obama and the Dems "Family"
Mortgage lenders were forced by congressional Democrats, specifically Barack Obama and the Congressional Black Caucus, to lower lending guidelines to welfare levels in order to make homeownership possible for Democrat constituents who would otherwise never qualify to own a home. This 2005 video clip of Fannie Mae CEO Daniel Mudd [2] before the Congressional Black Caucus swearing in ceremony connects the dots that Obama hopes you will never see...
Fannie and Freddie Bought a Blind Eye from Congressional Regulators
CNN Reports [3] “Freddie Mac (FRE, Fortune 500) spent over $94.8-million on lobbyists since 1998, making it the nation's 12th-largest lobbying client, while Fannie Mae (FNM, Fortune 500) bought $79.5-million of influence, the 20th biggest spender, according to the Center for Responsive Politics.” – “They wanted to fend off regulation of their enterprises," said Massie Ritsch of the Center.
“Sen. Barack Obama is the No. 3 recipient of Fannie and Freddie campaign dollars, having collected $123,000 from the companies since he first ran for the Senate in 2004, according to the Federal Election Commission and the Center for Responsive Politics.”
Other names top the list as recipients of Fannie and Freddie lobby efforts. Top dog Christopher Dodd (D), Chairman of the Senate Banking Committee, John Kerry (D), Barney Franks (D) and Charles Schumer (D) all played a major role in creating today’s financial crisis and they all are favored recipients of Fannie and Freddie lobby funds.
If one really wants to know what went wrong with our financial markets, one need look no further than the Democrats paid to look the other way while Freddie and Fannie used welfare style lending policies until the bubble burst...
Fannie and Freddie Execs Now Obama Economic Advisers
World Net Daily exposes [4] just how deep Obama’s role was and is in our current financial crisis. Voters should expect what kinds of “change” in economic policy from a candidate advised by the men who bought off Obama, Dodd, Kerry, Franks and Schumer, only to bankrupt the financial industry in the end?
As we listen to Obama, Biden and all of their Democrat parrots (including in the press) attempt to lay today’s financial crisis at the door of the Bush White House, which tried desperately to reform lenders before it became a crisis, remember the facts and that the facts matter.
The Congressional Black Caucus [5] and the Progressive Democrat Caucus (aka Democratic Socialists of America), along with Barack Obama, Chris Dodd, John Kerry, Barney Franks and Chucky Schumer, are wholly responsible for the lack of real oversight that allowed our current financial crisis to become an unavoidable reality.
Fannie and Freddie bought them, and now the American tax-payer is stuck with the $300 billion dollar tab.
If this is the kind of “change” you have in mind, by all means, vote for Obama – Biden! If you like how they forced our financial system to the brink of disaster from congress, just imagine what they can do from the White House!
You DUMMY!
[1] http://hotair.com/archives/2008/09/16/whose-policies-led-to-the-credit-crisis/
[2] http://www.youtube.com/watch?v=usvG-s_Ssb0
[3] http://money.cnn.com/2008/09/08/news/companies/fan_fred_buying/index.htm?postversion=2008090908
[4] http://www.wnd.com/index.php?fa=PAGE.view&pageId=75586
[5] http://www.cbcfinc.org/
[6] http://pdcw.org/
[7] http://www.dsausa.org/dsa.html
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