Sunday, October 5, 2008

Sept 22, 2008 - ' How The Democrats Created The Financial Crisis '

Sept . 22. 2008
How The Democrats Created The Financial Crisis
Commentary by Kevin Hassett, Bloomberg.com
Link to article :
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aSKSoiNbnQY0
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2 comments:

VRae said...

It is ironic that McCain is taking the hit for the economy when, most hopefully now know, it was he, along with the entire team of Republicans on the Senate Finance Committee, fought for regulation of GSEs in 2004/5. It was Barnie Frank, House (Democrat) Finance Committee Chair, Chris Dodd, Senate (Democrat) majority leader, Bill Clinton, together with every single Democrat on the Senate Finance Committee who, despite strong recommendation from our chief economist, Alan Greenspan, and despite a thorough investication that revealed corruption and faulty loan standards, shot down the Republican Fannie and Freddie regulatory plan, so that it could not even go to a Senate vote. If not for that timely defusing of any possible regulation of these implied government entities, regulations that would simply have put the GSEs, Fannie and Freddie, on par with those of banks, we would not be talking about $740B bail outs today. By the way, republicans don't want regulation of free enterprise. They DO want regulation of out of control, corrupt GOVERNMENT affiliated and controlled entities such as Fannie Mae and Freddie Mac.

Also, ironic that McCain is taking the hit for the economy when it was Obama who trained ACORN, Madeline Talbot, and her key staff to activate members to:

a) intimidate bankers to make risky loans (Obama, himself organized a group of ACORN folks to march into the board room of a bank during their board meeting, stare down the board members, and peaceably leave), and

b) Obama also trained and helped ACORN to lobby GSEs, Congress, (i.e., Barney Frank and his boyfriend) to relax loan criteria and remake risky loan products leading directly to the current "need" for a $740B bail-out of the banks who participated.

It is well worth noting that Barnie Frank, as House Finance Committee Chairman was the go-to person for the risky loan product changes advocated by ACORN, and assisted by Obama. Frank was living with his boyfriend at the time. Frank's boyfriend was the associate director of loan products, i.e., the guy who is responsible for creating new loan products at Fannie Mae. This made for a very powerful relationship during a time when the platform for loans that caused the current financial services fall-out was created. Frank and live-in boyfriend may have had possibly the most influencial of relations affecting the corruption and loan standards weaking at Fannie Mae and Freddie Mac which led to our current bank loan disaster.

Frank and boyfriend benefitted to the tune of millions in bonuses paid to boyfriend for this (Frank benefitted in the form of campaign contributions from boyfriend's employer, Fannie and Freddie). Obama would have been very likely to have been involved in these arrangements. I have yet to hear detail of the latter, but Frank, boyfriend, Fannie and Freddie were certainly appreciative of Obama, as Fannie and Freddie funnelled more campaign finance contributions to Obama than to any other candidate out there, with only one exception, our Senate majority leader, democrat Chris Dodd, who received the highest level of campaign finance contributions.

It's a little bit difficult to watch now as Frank and Dodd are given big high fives for their efforts to push through the $740B financial services bail out. In my opinion, the only thing bailed out by that $740B are Frank, Dodd, Jim Johnson, Frank Raines, and others including Obama, who are now pleased as punch to pin the blame for the crisis on the Republicans and McCain. It is not the Republicans that should be hoping the country's focus will turn from all of this.

In an informed, rational world, Obama should be the person most looking forward to turning the converstaion away form the economy right now. Once and if the $740B begins to show positive effects in the stock market you can be sure Obama will be heaving a big sigh of relief as folks forget about the whole mess and hail him into the White House.

Thank the Lord in heaven above for conservative talk radio where these facts are beginning to be commonly approached. Please do your part and articulate this to folks across the nation in any way you know how.

October 6, 2008 at 11:16 AM
Pug said...

Thanks! You articulated this so well. In addition to your comment in the beginning, " It is ironic that McCain is taking the hit for the economy when, most hopefully now know,it was he, along with the entire team of Republicans on the Senate Finance Committee, fought for regulation of GSEs in 2004/5.... " , that account is on audio tape being played by talk radio ! McCain needs to put all youv'e said here AND those audios in commercials and play repeatedly until and on election day !

In assition, he needs to do and air commercials on Barack Obam's friendship with past Domestic terrorist Willaim Ayers and the facts of B. Obama working hand in hand with him. If MCain does this, he will end Barack Obam's campaign and win the White House. If not , we will see Barack Obama in the White House.

We all need to make the most of time and contact the McCain camapign with your comments and mine. - Pug

October 6, 2008 at 2:01 PM

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