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JB Williams
Obama’s Role in the
Economic Crisis
September 19, 2008
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 & 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? 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 & 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 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 “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
Jerome R.
Corsi 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 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! |
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