Obama–ACORN–CRA–Congress–Democratic Party–Fannie Mae–Freddie Mac–Bailout–Socialism– Just Say No!
For What It’s Worth – Buffalo Springfield
Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis
Explosive Video, Fannie Mae CEO calling Obama and the Dems the “Family” and “Conscience” of Fannie Mae
OBAMA CAUGHT SAYING ACORN AND FRIENDS WILL SHAPE HIS PRESIDENTIAL AGENDA
EVIDENCE FOUND!!! Clinton administration’s “BANK AFFIRMATIVE ACTION” They forced banks to make BAD LOANS and ACORN and Obama’s tie to all of it!!!
Jim Rogers Speaks the Truth about Fannie Mae and Freddie Mac
Jim Rogers: Socialism for the Rich.
Reaction To Fannie Mae, Freddie Mac Rescue Plan
Will Congress Pass Bailout Plan?
Kevin Phillips on Bill Moyers – Economic crash 2008 (3/3)
Wall Streets Day of Reckoning: Turmoil in the Global Market
Dollar Collapse – Chicken Little Was Right – Goodbye Dollar
The American people are outraged by the corruption in Washington.
The American people are opposed to any bailout of Fannie Mae, Fannie Mac, AIG, investment, commerical, security and mortage bankers that profited from the home subprime mortgage scam –the crime of the century.
The American people want the politicians of either party that aided and abetted this crime to be exposed for what they are–corrupt criminals that should not be in Congress nor the Whitehouse but in prison.
The Democratic Party fought against more regulation and oversight for both Fannie Mae and Freddie Mac recommended and proposed by both President Bush and Senator McCain.
The Democratic Party insisted and required by law, the Community Reinvestment Act, that banks make loans to people that were clearly unqualified to receive them.
The Democratic Party made sure that the executives running both Fannie Mae and Freddie Mac supported their efforts to fund undocumented loans for home mortages.
The Democratic Party is responsible for starting this crisis by their meddling and government intervention in the mortage market.
The former executives who ran both Fannie Mae and Freddie Mac should be in prison and not advising Barack Obama.
Reform yes. Cover up no!
Prison yes. Bailout no!
Only you can prevent socialism in America!
Ron Paul Blasts Secret Government Running Economy
Background Articles and Videos
Do Facts Matter?
It raises the question: Do facts matter? Or is Obama’s rhetoric and the media’s spin enough to make facts irrelevant?
Fact Number One: It was liberal Democrats, led by Senator Christopher Dodd and Congressman Barney Frank, who for years– including the present year– denied that Fannie Mae and Freddie Mac were taking big risks that could lead to a financial crisis.
It was Senator Dodd, Congressman Frank and other liberal Democrats who for years refused requests from the Bush administration to set up an agency to regulate Fannie Mae and Freddie Mac.
It was liberal Democrats, again led by Dodd and Frank, who for years pushed for Fannie Mae and Freddie Mac to go even further in promoting subprime mortgage loans, which are at the heart of today’s financial crisis.
Alan Greenspan warned them four years ago. So did the Chairman of the Council of Economic Advisers to the President. So did Bush’s Secretary of the Treasury, five years ago.
Yet, today, what are we hearing? That it was the Bush administration “right-wing ideology” of “de-regulation” that set the stage for the financial crisis. Do facts matter? …”
Bank Mess Started With Gov’t Intervention
By THOMAS SOWELL
“…Blaming the lenders is the party line of congressional Democrats as well. What we need is more government regulation of lenders, they say, to protect the innocent borrowers from “predatory” lending practices.
Before going further down that road, it may be useful to look back at what got us into this mess in the first place.
It was not that many years ago when there was moral outrage ringing throughout the media because lenders were reluctant to lend in certain neighborhoods and because banks did not approve mortgage loan applications from blacks as often as they approved mortgage loan applications from whites.
All this was an opening salvo in a campaign to get Congress to pass laws forcing lenders to lend to people they would not otherwise lend to and in places where they would not otherwise put their money.
The practice of not lending in some neighborhoods was demonized as “redlining” and the fact that minority applicants were approved for mortgages only 72% of the time, while whites were approved 89%, was called “overwhelming” evidence of discrimination by the Washington Post. …”
“…Laws and regulations pressured lending institutions to lend to people that they were not lending to, given the economic realities.
The Community Reinvestment Act forced them to lend in places where they didn’t want to send money, and where neither they nor politicians wanted to walk.
Now that this whole situation has blown up in everybody’s face, the government intervention that brought on this disaster in is supposed to save the day.
Politics is largely the process of taking credit and putting the blame on others — regardless of what the facts may be. Politicians get away with this to the extent that we gullibly accept their words and look to them as political messiahs.”
Inside Obama’s Acorn
By their fruits ye shall know them.
By Stanley Kurtz
“What if Barack Obama’s most important radical connection has been hiding in plain sight all along? Obama has had an intimate and long-term association with the Association of Community Organizations for Reform Now (Acorn), the largest radical group in America. If I told you Obama had close ties with MoveOn.org or Code Pink, you’d know what I was talking about. Acorn is at least as radical as these better-known groups, arguably more so. Yet because Acorn works locally, in carefully selected urban areas, its national profile is lower. Acorn likes it that way. And so, I’d wager, does Barack Obama.
This is a story we’ve largely missed. While Obama’s Acorn connection has not gone entirely unreported, its depth, extent, and significance have been poorly understood. Typically, media background pieces note that, on behalf of Acorn, Obama and a team of Chicago attorneys won a 1995 suit forcing the state of Illinois to implement the federal “motor-voter” bill. In fact, Obama’s Acorn connection is far more extensive. In the few stories where Obama’s role as an Acorn “leadership trainer” is noted, or his seats on the boards of foundations that may have supported Acorn are discussed, there is little follow-up. Even these more extensive reports miss many aspects of Obama’s ties to Acorn. …”
Association of Community Organizations for Reform Now
“ACORN, the Association of Community Organizations for Reform Now, a community organization of low- and moderate-income families that addresses housing, schools, neighborhood safety, health care, job conditions, and other social issues that affect its members. With a membership of over 350,000, ACORN is organized into more than 850 neighborhood chapters in over 100 cities across the United States, as well as in Argentina, Canada, Mexico, and Peru. The organization was born out of the American Civil Rights Movement. ACORN was founded in 1970 by Wade Rathke, George Wiley, and Gary Delgado. Maude Hurd has been National President of ACORN since 1990.
ACORN groups work through direct action, negotiations, and with public officials.
ACORN, the Association of Community Organizations for Reform Now, is the nation’s largest community organization of low- and moderate-income families, working together for social justice and stronger communities.
OBAMA’S ACORN EXPOSED PART 1 OF 2
OBAMA’S ACORN EXPOSED PART 2 OF 2
Rep. Waters Speaks About Obama at ACORN
What is a Community Organizer?
Lou Dobbs – Electoral Fraud Threat to Democracy
Obama complicit in voter fraud? — Obama’s ACORN connection
Acorn / Voter Fraud / Obama and Community Organizers
More ACORN Allegations
ACORN Vote Fraud
Representative from ACORN
ACORN Convention Member Speak Out
ACORN National Convention 2008, Detroit
ACORN Grassroots Democracy Campaign
Advocacy Group Partners With Countrywide
Shocking!—Democrats Trying to Give Bailout Money to Obama’s Owner ACORN
Community Reinvestment Act
“The Community Reinvestment Act (or CRA, Pub.L. 95-128, title VIII, 91 Stat. 1147, et seq.) is a United States federal law that requires banks and thrifts to offer credit throughout their entire market area and prohibits them from targeting only wealthier neighborhoods with their services, a practice known as “redlining.” The purpose of the CRA is to provide credit, including home ownership opportunities to underserved populations and commercial loans to small businesses. It has been subjected to important regulatory revisions. …”
Government has been the principal factor preventing the “affordable housing” that politicians talk about so much.
By Thomas Sowell
“…In short, government has been the principal factor preventing the “affordable housing” that politicians talk about so much.Politicians have also been a key factor behind pushing lenders to lend to borrowers with lower prospects of being able to repay their loans.The Community Reinvestment Act lets politicians pressure lenders to lend to people they might not lend to otherwise — and the same politicians are quick to cry “exploitation” when the interest charged to high-risk borrowers reflects that risk.
The huge losses of sub-prime lenders, some of whom have gone bankrupt, demonstrate again the consequences of letting politicians try to micromanage the economy.
Yet with all the fingerpointing in the media and in government, seldom is a finger pointed at the politicians at local, state, and national levels who have played a key role in setting up the conditions that led to financial disasters for individual home buyers and for those who lent to them.
While financial markets are painfully adjusting and both lenders and borrowers are becoming less likely to take on so much risky “creative” financing in the future, politicians show no sign of changing.
Why should they, when they have largely escaped blame for the disasters that their policies fostered? …”
The Right Stuff…
By INVESTOR’S BUSINESS DAILY | Posted Friday, September 19, 2008 4:20 PM PT
Subprime Crisis: President Bush’s financial team is now proving its mettle — and its expertise. Led by Treasury Secretary Henry Paulson, it crafted a reasonable, workable response to the subprime meltdown.
“…Like so many others, we believe that government should largely remove itself from functioning markets. But in a case such as this, where a market has been seriously damaged due to regulatory excess, an obligation exists to help undo the damage.
That’s the case now with the subprime crisis and housing collapse, both largely due to decades of congressional incompetence.
With world credit markets seized up and little to show for piecemeal U.S. efforts to deal with the growing financial panic, Paulson and others on the Bush financial team late last week shifted course, crafting a systematic answer to the markets’ meltdown.
This was leadership writ large. Paulson spent decades on Wall Street as a trader and top executive at one of its flagship firms, Goldman Sachs, and his experience and market wisdom showed.
His controversial decision to create a new financial entity, modeled broadly on the 1980s-era Resolution Trust Corp., may just spell an end to this financial crisis. Congress, which has mostly sat on the sidelines during this crisis, should approve it right away.
Unlike the RTC, which owned actual properties, the new agency that Paulson’s Treasury is creating will buy up the impaired mortgage-backed securities and hold them for resale when the market turns favorable again.
For ailing financial markets, this was welcome tonic. At this point they care less about details of the agency than limiting the contagion of the subprime crisis so it will no longer contaminate global banks and investors’ balance sheets. Mission accomplished. …”
Dispelling The ‘Deregulation’ Myth
By INVESTOR’S BUSINESS DAILY | Posted Friday, September 19, 2008 4:20 PM PT
Politics: A dubious and dangerous idea seems to be gaining strength — that government caused the financial crisis by giving capitalism free rein. If anything, it hasn’t done enough of that.
“So why did banks and investment houses get into so much trouble? It will take a long and exhaustive post-mortem to answer that question fully, but one point is already clear: They made mistakes that had nothing to do with the 1999 law.
Commercial banks threw lending standards out the window in their rush to get new business. Like S&Ls of the 1980s, they would have gone wild without Gramm-Leach-Bliley. Washington, if anything, egged them on, but not because of free-market dogma. Banks and mortgage brokers were pumping up the homeownership numbers in America, and politicians were eager to take credit for that.
Wall Street, meanwhile, became a victim of its own innovation. It created new classes of derivative investments that spread — and, through leverage, amplified — the risk from the subprime mortgages produced by the banks. A new multitrillion-dollar market emerged almost overnight, lacking in transparency and reliable price signals. With their asset values in doubt, investment banks lurched toward insolvency.
If regulators failed here, it wasn’t because of policies adopted years before. It was more of the same story that has played itself out over and over in modern finance: Innovation races ahead of the rules. Crises tend to take almost everyone by surprise — including the major players as well as the regulators.
Careful study in the aftermath can lead to smart policies that cushion the blows of future shocks, but it doesn’t prevent them entirely. Nor should it. Capitalism needs some room for trial and error, bringing out new ideas and testing them in adversity.
In this respect, Gramm-Leach-Bliley has turned out to be smart policy indeed. By repealing the rule against banks owning investment firms, it has led to at least two crucial mergers — JPMorgan Chase absorbing Bear Stearns and Bank of America merging with Merrill Lynch. Morgan Stanley may be the next investment house to find shelter in a well-capitalized commercial bank.
You can spot the theme here: By taking down an outmoded firewall, the law is helping the financial industry cope with a once-in-a-lifetime crisis. Far from being the cause, this instance of deregulation, or whatever you call it, is part of the cure.”
Congress Lies Low To Avoid Bailout Blame
BY TERRY JONES
INVESTOR’S BUSINESS DAILY
“…Until now, Congress has been surprisingly passive. As Sen. Majority Leader Harry Reid put it, “no one knows what to do” right now.
Funny, since it was a Democrat-led Congress that helped cause the problems in the first place.
When House Speaker Nancy Pelosi recently barked “no” at reporters for daring to ask if Democrats deserved any blame for the meltdown, you saw denial in action.
Pelosi and her followers would have you believe this all happened because of President Bush and his loyal Senate lapdog, John McCain. Or that big, bad predatory Wall Street banks deserve all the blame.
“The American people are not protected from the risk-taking and the greed of these financial institutions,” Pelosi said recently, as she vowed congressional hearings.
Only one problem: It’s untrue.
Yes, banks did overleverage and take risks they shouldn’t have.
But the fact is, President Bush in 2003 tried desperately to stop Fannie Mae and Freddie Mac from metastasizing into the problem they have since become.
Here’s the lead of a New York Times story on Sept. 11, 2003: “The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.”
Bush tried to act. Who stopped him? Congress, especially Democrats with their deep financial and patronage ties to the two government-sponsored enterprises, Fannie and Freddie. …”
“…In the name of diversity, banks began making huge numbers of loans that they previously would not have. They opened branches in poor areas to lift their CRA ratings.
Meanwhile, Congress gave Fannie and Freddie the go-ahead to finance it all by buying loans from banks, then repackaging and securitizing them for resale on the open market.
That’s how the contagion began.
With those changes, the subprime market took off. From a mere $35 billion in loans in 1994, it soared to $1 trillion by 2008.
Wall Street eagerly sold the new mortgage-backed securities. Not only were they pooled investments, mixing good and bad, but they were backed with the implicit guarantee of government.
Fannie Mae and Freddie Mac grew to become monsters, accounting for nearly half of all U.S. mortgage loans. At the time of their bailouts this month, they held $5.4 trillion in loans on their books. About $1.4 trillion of those were subprime.
As they grew, Fannie and Freddie grew heavily involved in “community development,” giving money to local housing rights groups and “empowering” the groups, such as ACORN, for whom Barack Obama once worked in Chicago.
Warning signals were everywhere. Yet at every turn, Democrats in Congress halted attempts to stop the madness. It happened in 1992, again in 2000, in 2003 and in 2005. It may happen this year, too.
Since 1989, Fannie and Freddie have spent an estimated $140 million on lobbying Washington. They contributed millions to politicians, mostly Democrats, including Senator Chris Dodd (No. 1 recipient) and Barack Obama (No. 3 recipient, despite only three years in office).
The Clinton White House used Fannie and Freddie as a patronage job bank. Former executives and board members read like a who’s who of the Clinton-era Democratic Party, including Franklin Raines, Jamie Gorelick, Jim Johnson and current Rep. Rahm Emanuel.
Collectively, they and others made well more than $100 million from Fannie and Freddie, whose books were cooked Enron-style during the late 1990s and early 2000s to ensure executives got their massive bonuses.
They got the bonuses. You get the bill.”
Analysis: Washington’s Trillion Dollar Wall Street Bailout
“…Is a bailout necessary?
Look, the financial system probably couldn’t take another week like the one we just went through. Stocks plunging, credit markets freezing. As economist Robert Brusca puts it, “The proposed US government rescue plan comes at the end of a week of almost unprecedented turmoil on world financial markets amid a crisis of confidence in banks.”
The government had to get ahead of the curve and quit reacting on a case-by-case basis. If you look at banking crises in Japan and Sweden, for instance, all roads eventually led to a government bailout with taxpayer money at risk. The rule in these cases seems to be the sooner, the better. If you want more evidence, markets around the world and here in the United States are soaring on this news. Strategist Richard Bernstein of Merrill Lynch, in a research note, says the bailout plan is “an opportunity for the government to solve the on-going problems through one system-wide solution.” …”
“…As long as we have markets and humans there will be bubbles, whether in stocks, homes, Beanie Babies, tulips, or whatever. But as far as the housing/credit bubbles go, I think it could have been avoided. Alan Greenspan cut rates too low and left them there for too long, creating an extreme financial situation that Wall Street tried to profit from. Uncle Sam also fed into that market distortion by making greater homeownership a national goal, using both tax policy and the regulation like the Community Reinvestment Act to, essentially, push capital into homes. And were regulators as tough as they could have been? Obviously not. …”
More on the diversity racket and the home loan debacle
When I and my wife, a legal alien, bought our house, the mortgage company told me that if my wife were an illegal alien, rather than legal, we would have qualified for certain loan programs with big banks. But because she was a legal alien waiting for her green-card (which she had recently applied for), we didn’t qualify.
Mark Krikorian, an activist against illegal immigration, argues that “we’re in this mess, ultimately, because our political elites thought it was good social policy to encourage banks to give mortgages to uncreditworthy people, resulting in what Sailer months ago called the “Diversity Recession” (if this doesn’t work, make that the Diversity Depression). In other words, if poor people in general, or blacks or Hispanics in particular, were less likely to be approved for a mortgage, the only possible reason was racism or classism or whatever. Thus ‘creditworthiness’ was an illegitimate, dead-white-male concept, like middleclassness. Because, after all, isn’t everyone entitled to credit?” …”
The Mother of All Bailouts = The Death of Fiscal Conservatism
“…Bush Treasury Secretary Hank Paulson just wrapped up his press conference announcing the Mother of All Bailouts. He said a “bold” approach was needed to achieve “stability” in the market.
Let me translate that.
“Bold” = Massively massive, taxpayer-funded rescue.
“Stability” = Privatizing profits and socializing losses on a scale we have never seen before in our lifetimes.
I have had it with Pollyanna conservatives who continue to parrot the “fundamentals of the market are great!” line.
The fundamentals of the market suck. The fundamentals of capitalism have been sabotaged.
Yes, yes, crony Democrats are to blame for much of how we got here. You don’t need to recite all the talking points back to me. I’ve been writing about the Fannie/Freddie debacle for years.
But it is September 19, 2008. And this is a Republican White House presiding over the Mother of All Bailouts. Every step along the way since stimuluspalooza began last summer, we’ve heard that every bailout step was just a one-off. Each step was supposed to calm the markets. Each new government intervention and allocation of taxpayer dollars was supposed to achieve “stability.” Each new package of goodies rewarding irresponsible behavior and bad financial decisions was supposed to prevent new ones. …”
Chain of Blame: How Wall Street Caused the Mortgage Crisis.
Deconstructing the Subprime Crisis
Joseph Gyourko on Fannie, Freddie, and the Housing Bust
Franklin Allen on Past Crises
Franklin Allen on Lessons from the Subprime Crisis
Jeremy Siegel on the Resilience of American Finance
Richard Herring on Mortgage-backed Securities
Susan Wachter on Securitizations and Deregulation
Wall Street’s Day of Reckoning: The Fannie & Freddie Bailout
Housing Bailout For Deadbeats Gamblers Liars Thieves
Part 1 – Exposing Fannie Mae and Freddie Mac: Origins
New York Investing meetup organizer Daryl Montgomery discusses the origins of Fannie Mae and Freddie Mac in the first episode of a multi-part series. The New York Investing meetup is an organization of 1800 independent traders and investors that provides unbiased stock market education and analysis. We also have a blog,”The Helicopter Economics Investing Guide” which can be found at:
Part 2 – Exposing Fannie Mae and Freddie Mac: Origins
Part 3 – Exposing Fannie Mae and Freddie Mac: Origins
Part 4 – Exposing Fannie Mae and Freddie Mac: Origins
Part 5 – Exposing Fannie Mae and Freddie Mac: Origins
The Big Lie – The U.S. GDP Figures
Patrick Byrne and Don Harrold – Part One
Patrick Byrne and Don Harrold – Part Two
Patrick Byrne on Naked Short Selling
Bud Burrell on FSN about short selling, hedgefunds …P1
Bud Burrell on FSN about short selling, hedgefunds …P2
Bud Burrell on FSN about short selling, hedgefunds …P3
Bud Burrell on FSN about short selling, hedgefunds …P4
Bud Burrell on FSN about short selling, hedgefunds …P5
Bud Burrell on FSN about short selling, hedgefunds …P6
Rush On Franklin Raines
Hey Barack, Who’s Franklin Raines
Solution to Our Economic Problems…
Fannie Mae, Freddie Mac and Bill Clinton…
Barack Obama is a freaking Socialist…
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