Democrats Destroy Economy - Blame Republicans
By Sher Zieve (10/07/08)
The actual facts of why the US - and now the world - economy are in severe jeopardy have little to nothing to do with the current US administration or Republicans. However, with the Democrats’ and their media continuing to call and report the Republicans responsible, the public might never know the difference. Despite all proof to the contrary, the media - AKA the usual suspects - refuse to report on the actual programs that led to the current debacle. This is called "faked and manufactured news."
Note: This contrived “news” is also what will most likely end up being our only source in an Obama administration. Get ready folks. The days of opposition to any and all leftist policies and regimes in the USA are coming to an end.
But, until then, let’s take another realistic look at why we are in the current financial mess. Beginning with the Democrats and President Clinton’s push to force banks and mortgage companies to lend to low-income home buyers—coupled with the Democrats running Fannie Mae and Freddie Mac—the process that has placed us in the position of heading toward the current financial debacle was put into place. Then, with Clinton’s signing of the American Home Ownership and Economic Opportunity Act of 2000, the dye was cast. Institutions that did not want to lend monies to those who could not afford to buy homes were advised that they would be investigated by the government. Thus, the ARM (adjustable rate mortgage) came into being in full force. Huge balloon payments were the norm for the ARM and when they came due—equally huge foreclosure numbers for those who couldn’t pay them were the result.
As foreclosures increased, a domino effect began that took down mortgage companies and publicly exposed the corruptions inherent within the Democrats’ personal slush funds—Fannie Mae and Freddie Mac. Then, the commercial banks—the ones who had initially been forced to carry the bad-paper mortgages “or else” began to fail. After that, other banks and lending institutions started to experience problems and then—as the world’s banks are now connected—European and Asian financial institutions have begun to crash. What was put in place by US Democrats as at its best “good intentions” for poor folk and at its worst another way to scam the system has now caused world-wide panic in financial institutions. Note: Elected Congressional Republicans—including Sen. John McCain—have tried for years to pass legislation that would provide oversight on both Fannie and Freddie. Democrats blocked each and every attempt.
But, who are the scammers who for years benefited from this con? Bear in mind, if we refuse to recognize the culprits, we refuse to correct the problem. Democrat Franklin Raines ran Fannie Mae into the ground and, after making over $100M for his efforts. Due to his cooking the books, former Fannie Mae CEO and Barack Obama advisor Raines was ordered to pay $24.7M in fines. Considering the crime, this was a slap on the wrist. Another Obama advisor and the one who chose Biden as Obama’s VP running mate, is James A. Johnson—another Democrat former CEO of Fannie Mae. Johnson was also involved in the “book cooking” scandal and walked away from the company with tens of millions of dollars. Former Clinton Deputy Attorney General Jamie Gorelick (the infamous woman who would not allow the CIA and FBI to share information on terrorists) was Vice Chair of Fannie Mae from 1997-2003. During that time Gorelick is officially reported to have “earned: $26M but, is said to have actually acquired over $100M for her efforts.
Rep. Barney Frank (D-MA) was one of the loudest opponents of enacting oversight for Fannie Mae and Freddie Mac. Knowing full well that both organizations were in dire straits, in 2002 Frank said: “I do not regard Fannie Mae and Freddie Mac as problems. I do not think we are facing any kind of a crisis.” Because of these statements, thousands more invested in Fannie Mae—and thousands more lost their proverbial shirts. Frank claims no responsibility and, instead, arrogantly continues to blame Republicans. Senator Christopher Dodd (D- Conn.) is reported to have received the most monies in funding from Fannie Mae. Sen. Barack Obama (D-IL) is said to have received the second greatest amount of funding from Fannie Mae. There are many more examples—too many to be included in one column.
These are the facts. If you doubt them, check my references—below. Had any Republican been involved in the corruptions that caused the ongoing financial catastrophe, he or she would have already been frog-marched to jail by Democrat guards. After Obama is elected, we will no longer be able to express opposition to either him or his policies. So, inform and steel yourselves with the truth now. With an Obama presidency, we are in for some very dark times indeed.
http://www.allbusiness.com/finance-insurance/993847-1.html
http://www.unionleader.com/article.aspx?articleId=f78b0491-9b36-4478-9ee9-e23d6c06b24e&headline=Featuring+Frank%3A+Symbol+of+failure
http://seattletimes.nwsource.com/html/businesstechnology/2004358433_webraines18.html
http://media.collegepublisher.com/media/paper441/documents/5nkzph1t.pdf
http://directorblue.blogspot.com/2008/09/jamie-gorelick-mistress-of-disaster.html
http://blogs.wsj.com/washwire/2008/09/19/mccain-attacks-obama-on-ties-to-former-fannie-mae-ceos/
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