Democrat leaders are not only the architects of our economic crisis, they are soley repsonsible for this domino effect of global proportions.

Today we apparently do “reward failure”, Mr Franks.

As noted by Factcheck.org, “Key Democrats opposed the Federal Housing Enterprise Regulatory Reform Act of 2005, which would have established a single, independent regulatory body with jurisdiction over Fannie and Freddie – a move that the Government Accountability Office had recommended in a 2004 report. Current House Banking Committee chairman Rep. Barney Frank of Massachusetts opposed legislation to reorganize oversight in 2000 (when Clinton was still president), 2003 and 2004, saying of the 2000 legislation that concern about Fannie and Freddie was “overblown.”

The timeline is damning:

1977: Carter introduced a law called the Community Reinvestment Act that forced lenders to accept unqualifed buyers. 

During Obama’s younger street agitating days , he backed ACORN (the radical anti-capitalist “Association of Community Organizations for Reform Now”) and fought to lower credit standards even more to unqualified buyers.

1997-2001: Democrat Andrew Cuomo, the youngest Housing and Urban Development secretary in history, made a series of decisions between 1997 and 2001 that gave birth to the country’s current crisis. He took actions that—in combination with many other factors—helped plunge Fannie and Freddie into the subprime markets without putting in place the means to monitor their increasingly risky investments.

1999 Clinton repealed the 1933 Glass-Steagall Act. Tearing down the barriers between commercial and investment banks contributed to the current crisis because it allowed commercial banks such as Citigroup (C) to trade mortgage
-backed securities. (both nancy pelosi and joe biden voted yes on repealling glass stegall)

Conflict of Interest: Democrat Barney Frank was also the homosexual lover of an executive of Fanny Mae while he was writing banking legislation. (media continues to ignore this)

(Barney playing grab-ass)

Imagine if McCain’s ex wife had a relationship with the top exec at Fannie Mae, you wouldnt be able to find one channel on tv without the “mainstream” media hammering and digging and yelping FOUL at the Republicans. This is fact.

Obama still insanely still blames McCain and Bush for the credit crisis instead of looking within his own corrupt party. I truly feel like Im stoned on something when I see the kind of shit Obama gets away with.

Note of Interest:: Obama the 2nd highest reciever of contributions (in only a couple years he surpassed lifelong contributions to other senators’ totals) from Freddie Mac and Fanny Mae with over $125,000.00. (For the record McCain recieved 12k)

2003: Critized and blocked by Congressional Democrats, President G.W. Bush administration recommended what the NY Times called “the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.” This change was to move governmental supervision of Fannie Mae and Freddie Mac under a new agency created within the Department of the Treasury.

2005: Democrats Blocked Financial Reforms that McCain and GOP Proposed in 2005. These reforms would have substantially lessened the crunch we’re all in, many saying it would have thwarted this from becoming a crisis altogether.

2007: President Bush announced a private sector plan to address the mortgage crisis by freezing the subprime mortgage rates of some borrowers called FHA Secure. Ridiculed and critized by Democrats for not “doing enough” (can you spell L-O-L?), but fortunately the plan passes anyway. 

2008: Even as of last summer Democrat Barney Frank (along with every democrat leader in congress) continued to block any regulations to reign in the mortgage banking market even as it was spinning out of control, saying that “Fannie and Freddie are solid.” (My head spins trying to keep track between “not doing enough” and “we dont need to do anything” Democrats.)

We all have read and heard Barney Franks, Chris Dodd, Obama, Pelosi, and Biden all blaming everything on Bush’s “failed policies”. Not only did this slight of hand work on the majority of our uneducated citizens, it managed to propel Barak Obama to Jesus-like stardom.

Incredible.

References:
http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline
http://www.factcheck.org/elections-2008/who_caused_the_economic_crisis.html
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aSKSoiNbnQY0
http://businessandmedia.org/printer/2008/20080924145932.aspx

This entry was posted on March 20, 2009 at 3:42 PM and is filed under Politics. You can follow any responses to this entry through the RSS 2.0 feed.