Creepy Children–Creepy Cult–Creepy Creature–Phony Obama!

Posted on November 8, 2008. Filed under: Blogroll, Books, Communications, Cult, Economics, Life, Links, Music, People, Politics, Quotations, Rants, Religion, Talk Radio, Taxes, Video | Tags: , , , , , , , , , , , , |

“…Even in the freest society power is charged with the impulse to turn men into precise, predictable automata. When watching men of power in action it must be always kept in mind that, whether they know it or not, their main purpose is the elimination or neutralization of the independent individual – the independent voter, consumer, worker, owner, thinker – and that every device they employ aims at turning man into a manipulatable ‘animated instrument,’ which is Aristotle’s definition of a slave.

On the other hand, every device employed to bolster individual freedom must have as its chief purpose the impairment of the absoluteness of power. The indications are that such an impairment is brought about not by strengthening the individual and pitting him against the possessors of power, but by distributing and diversifying power and pitting one category or unit of power against the other. Where power is one, the defeated individual, however strong and resourceful, can have no refuge and no recourse. …”

~Eric Hoffer, The Ordeal of Change, 1976

 

YOU wanted “change”…

 

The pump and dumb drive-by mainstream media or big media for short have already started to cover their asses (CYA) about not reporting about Barack Obama–the “creepy cult of personality” that we do not know.

Obama’s Cult of Personality

 

Jon Meacham, Evan Thomas

A conversation with Jon Meacham & Evan Thomas 

http://www.charlierose.com/shows/2008/11/05/2/a-conversation-with-jon-meacham-evan-thomas

 

Brokaw and Rose Admit They Don’t Know Much About Obama.

 

 

Who Is Barack Obama? Who doesn’t Know?

Big media is slowly going into dump mode.

They are running scared.

Good.

Serves them right.

A narcissistic radical socialist diletante appears to be a fairly accurate description of President-elect Obama but rather long.

Creepy–nah.

Phony–ya.

The first thing a man will do for his ideals is lie.

~Joseph A. Schumpeter, History of Economic Analysis , page 43.   

 

Jackie Mason ’08 Vlog 24 Obama’s Fraud

 

The Great Pretender

 

 Background Articles and Videos

 

Obama – Building a Religion


 

The cult of Obama and the Obama youth. remember history.

 

The Obama Youth

 

Return of the Creepy Obama Kids

 

Obama Youth – Junior Fraternity Regiment

 

Creepy Obama Music – From Acceptance Speech

 

MIND CONTROL MADE EASY! Become a Cult Leader Today!

 

 

Obama Kingmaker

 

 Undercover Marketing – The new Invasion of Body Snatchers

 

The Secret Side of David Axelrod

The Obama campaign’s chief strategist is a master of “Astroturfing” and has a second firm that shapes public opinion for corporations

“…From the same address in Chicago’s River North neighborhood, Axelrod operates a second business, ASK Public Strategies, that discreetly plots strategy and advertising campaigns for corporate clients to tilt public opinion their way. He and his partners consider virtually everything about ASK to be top secret, from its client roster and revenue to even the number of its employees. But customers and public records confirm that it has quarterbacked campaigns for the Chicago Children’s Museum, ComEd, Cablevision, and AT&T.

ASK’s predilection for operating in the shadows shows up in its work. On behalf of ComEd and Comcast, the firm helped set up front organizations that were listed as sponsors of public-issue ads. Industry insiders call such practices “Astroturfing,” a reference to manufacturing grassroots support. Alderman Brendan Reilly of the 42nd Ward, who has been battling the Children’s Museum’s relocation plans, describes ASK as “the gold standard in Astroturf organizing. This is an emerging industry, and ASK has made a name for itself in shaping public opinion and manufacturing public support.”  …”

http://www.businessweek.com/bwdaily/dnflash/content/mar2008/db20080314_121054.htm

 

‘The Top Ten Things that Creep Me Out About Obama’

Rick Moran

For your reading pleasure this morning, I thought I would include something of my own creation. A “Top Ten” of things that really creep me out about Obama.One must be careful when criticizing the messiah, for obvious reasons:

I know it is not politically correct to say that Obama “creeps me out.” That’s because immediately after uttering such blasphemy, our friends on the left would put me on the couch and matter of factly inform me that I am suffering from “The White American Disease” and recommend a torturous rehabilitation that would include watching 6 hours a day of “Blaxploitation” films and continuous viewings of Roots in order to inculcate the proper amount of white guilt and outrage directed against white males into my racist psyche.


But really, some of the stuff this guy pulls is really too much. Here’s just a sample:

 

9. It creeps me out that there are about twice as many women at Obama rallies as there are men. Now I am not of the Melvin Udall School of anti-feminist thought (when asked how he writes women so well, Udall responds “I think of a man, and I take away reason and accountability”). But what is one to think when watching the reaction of females as Obama is speaking? I’m sorry, but it is hard to imagine a man covering their mouth, chest heaving, barely able to contain himself and then ooooohing and aaaaaahhing when the messiah says something particularly vapid and innocuous.Elvis, I can understand. But a politician?It’s as if “Invasion of the Body Snatchers” has come to life and the pods have been placed in every newsroom in America. It isn’t just Crissy Mathews and MSNBC. It’s news anchors at CNN, reporters for Time and Newsweek, editorial writers at WaPo and the New York Times. Big media is in the tank for this guy in a big way. They have thrown off all semblance of fairness (never mind objectivity) and just don’t care that people know they are in Obama’s corner. They can’t be shamed into changing. They evidently won’t be deflected from doing their best to elect Obama.

This kind of thing causes the hairs on the back of my neck to prick up – like walking through a graveyard at midnight. It is just plain creepy – no other word for it.
8. It creeps me out that the press seems hypnotized by this guy. Grown men and women blubbering like babes when talking about how exciting he is, how mesmerizing he is when he peaks. …”   

http://www.americanthinker.com/blog/2008/07/the_top_ten_things_that_creep.html

 

Obama’s post-racial promise

Barack Obama seduced whites with a vision of their racial innocence precisely to coerce them into acting out of a racial motivation.

“…Obama’s special charisma — since his famous 2004 convention speech — always came much more from the racial idealism he embodied than from his political ideas. In fact, this was his only true political originality. On the level of public policy, he was quite unremarkable. His economics were the redistributive axioms of old-fashioned Keynesianism; his social thought was recycled Great Society. But all this policy boilerplate was freshened up — given an air of “change” — by the dreamy post-racial and post-ideological kitsch he dressed it in.

This worked politically for Obama because it tapped into a deep longing in American life — the longing on the part of whites to escape the stigma of racism. In running for the presidency — and presenting himself to a majority white nation — Obama knew intuitively that he was dealing with a stigmatized people. He knew whites were stigmatized as being prejudiced, and that they hated this situation and literally longed for ways to disprove the stigma.

Obama is what I have called a “bargainer” — a black who says to whites, “I will never presume that you are racist if you will not hold my race against me.” Whites become enthralled with bargainers out of gratitude for the presumption of innocence they offer. Bargainers relieve their anxiety about being white and, for this gift of trust, bargainers are often rewarded with a kind of halo. …”

http://www.latimes.com/news/opinion/commentary/la-oe-steele5-2008nov05,0,6553798.story 

 

Ego and Mouth

By Thomas Sowell

“…The kind of self-righteous self-confidence that has become Obama’s trademark is usually found in sophomores in Ivy League colleges– very bright and articulate students, utterly untempered by experience in real world.

The signs of Barack Obama’s self-centered immaturity are painfully obvious, though ignored by true believers who have poured their hopes into him, and by the media who just want the symbolism and the ideology that Obama represents. …”

“…For someone who has actually accomplished nothing to blithely talk about taking away what has been earned by those who have accomplished something, and give it to whomever he chooses in the name of “spreading the wealth,” is the kind of casual arrogance that has led to many economic catastrophes in many countries.

The equally casual ease with which Barack Obama has talked about appointing judges on the basis of their empathies with various segments of the population makes a mockery of the very concept of law.

After this man has wrecked the economy and destroyed constitutional law with his judicial appointments, what can he do for an encore? He can cripple the military and gamble America’s future on his ability to sit down with enemy nations and talk them out of causing trouble. …”

http://www.realclearpolitics.com/articles/2008/11/ego_and_mouth.html

 

The Real Obama

By Thomas Sowell

“…Despite his words today about “change” and “cleaning up the mess in Washington,” Obama was not on the side of reformers who were trying to change the status quo of corrupt, machine politics in Chicago and clean up the mess there. Obama came out in favor of the Daley machine and against reform candidates.

Senator Obama is running on an image that is directly the opposite of what he has been doing for two decades. His escapes from his past have been as remarkable as the great escapes of Houdini.

Why much of the public and the media have been so mesmerized by the words and the image of Obama, and so little interested in learning about the factual reality, was perhaps best explained by an official of the Democratic Party: “People don’t come to Obama for what he’s done, they come because of what they hope he can be.”

David Freddoso’s book should be read by those people who want to know what the facts are. But neither this book nor anything else is likely to change the minds of Obama’s true believers, who have made up their minds and don’t want to be confused by the facts. …”

http://www.realclearpolitics.com/articles/2008/10/the_real_obama.html

The Real Obama: Part II

“…Sex education for kindergartners is just one of many issues on which Barack Obama has lined up consistently on the side of arrogant elitists of the far left. Senator Obama’s words often sound very reasonable and moderate, as well as lofty and inspiring. But everything that he has actually done over the years places him unmistakably with the extreme left elitists.

Sadly, many of those who are enchanted by his rhetoric are unlikely to check out the facts. But nothing is a more real or more important issue than whether what a candidate says is the direct opposite of what he has actually been doing for years.

The old phrase, “a man of high ideals but no principles,” is one that applies all too painfully to Barack Obama today. His words expressing lofty ideals may appeal to the gullible but his long history of having no principles makes him a danger of the first magnitude in the White House. …”

http://www.realclearpolitics.com/articles/2008/10/the_real_obama_part_ii.html

The Real Obama: Part III

“…In his book “Dreams from My Father,” Obama said candidly that black teachers and administrators “defend the status quo with the same skill and vigor as their white counterparts of two decades before.”

It is not a question of Obama’s not knowing. He has demonstrated conclusively that he knows what is going on.

But, for all his eloquent words, he has voted consistently for the teachers’ unions and the status quo.

“I owe those unions,” he has said frankly. “When their leaders call, I do my best to call them back right away. I don’t consider this corrupting in any way.”

Only other politicians’ special interests are called “special interests” by Barack Obama, whose world-class ability to rationalize is his most frightening skill. …”

http://www.realclearpolitics.com/articles/2008/10/the_real_obama_part_iii.html

The Real Obama: Part IV

“…In the world of rhetoric– the world in which Obama is supreme– he is a moderate, reasonable man, reaching out to unite people and parties, dedicated to reform, opposed to special interests and a healer of the racial divide.

It is only in the real world of action that Barack Obama is the direct opposite. He has pushed for federal subsidies for ethanol, for example, as other Midwestern Senators have, since a lot of corn is grown in the Midwest to be turned into ethanol.

He is 100 percent behind the teachers’ unions in their fight to preserve their grip on the public schools and exempt their members from being judged by performance instead of seniority– which is to say, he is throwing the students, and especially minority students– to the wolves.

Senator Obama would never call voting for ethanol subsidies a vote for “special interests,” any more than he called his total support of the teachers unions a matter of special interests, even though teachers unions are the biggest obstacle to changing the status quo in public schools that have failed American children in general and minority children in particular.

Barack Obama’s track record on so-called “real issues” is no better than his track record on issues of character and judgment. The media’s track record of conveying the facts to the public is a travesty of their claims about “the public’s right to know.” …”

http://www.realclearpolitics.com/articles/2008/10/the_real_obama_part_iv.html

 

Narcissistic Personality Disorder

“Narcissistic Personality Disorder (NPD) is a personality disorder defined by the Diagnostic and Statistical Manual of Mental Disorders, the diagnostic classification system used in the United States, as “a pervasive pattern of grandiosity, need for admiration, and a lack of empathy.” [1]

The narcissist is described as turning inward for gratification rather than depending on others and as being excessively preoccupied with issues of personal adequacy, power and prestige.[2] Narcissistic personality disorder is closely linked to self-centeredness. …”

http://en.wikipedia.org/wiki/Narcissistic_personality_disorder

 

Barack Obama: The Radical New Party Socialist, With Evidence (Updated)

“…Some interesting information has surfaced today which cements what many of us already suspected about Barack Obama. For starters, Obama hasn’t always been a loyal member of the Democratic Party, and new information out now shows quite the contrary.

In 1996, during his Illinois state senate run, Barack Obama was a member of a radical socialist organization called the Chicago New Party, a group of hardcore left-wing socialists bent on infiltrating the Democratic Party with their ultra-socialist candidates.

One of their newest, most promising candidates in 1996 was none other than the now well-known Barack Obama, currently running for President of the United States of America.

These claims aren’t baseless or even a stretch, rather there are many direct links between Obama and these radical factions which I will explore below. First though, a little background on the Chicago New Party and the Chicago Democratic Socialists of America. …”

http://www.youdecide2008.com/2008/10/24/barack-obama-the-radical-chicago-new-party-socialist-with-evidence/

Related Posts On Pronk Palisades

 

Voters Beware: The Radical Rules of Saul Alinsky and Leftist Democrats

Barack Obama–Radical Socialist–Outed On YouTube!

Obama Cult Commercial: Barack Obama Practices The 48 Laws of Power On You!

Barack Obama’s Second Socialist Terrorist Connection–Kenyan Moslem Terrorist Odinga

Barack Obama’s Third Socialist Terrorist Connection–Rashid Khalidi–PLO

Barack Obama–A Reader Not A Leader!

Barack Obama Cult? 

Joe The Plumber and Big Media–Invading and Covering Up The Lives of Others

Obama’s Outrageous October Socialist Sweet Surprise–How Sweet It Is?

Marx, Lenin, Stalin, Mao, Castro, Chavez, Ayers–Obama, Biden–Socialist Thieves All!

George Soros: Barack Obama’s Money Man and Agenda Puppeter

ACORN–Association of Community Organizations for Reform Now–Obama’s Red Shirts

Barrack “Taxman” Obama–Yes He Can Take Your Money–But Only You Can Stop Socialism!

Obama–ACORN–CRA–Congress–Democratic Party–Fannie Mae–

Trumping The Race Card: Is Barack Obama White Male Enough?

Comrade Barack Obama–Arrogant Elitist Socialist–US Job Destroyer and Economy Wrecker

Barrack Obama’s Kansas Values–Killing Babies in Cold Blood?

Obama and McCain–Socialism and Appeasement!

Barack Obama: A Watermellon Man–Green on The Outside–Red on The Inside

Barack Obama Throws His White Grandma Under The Bus–Backs Up and Does It Again–Amazing!

Barack Obama–Damaged Goods–Birds of A Feather Flock Together

Ask a Greedy Green Government (GGG) Democratic to Pay for Your Gas

Clinton & Obama: First They Lie To You and Then They Steal Your Property!

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Obama–ACORN–CRA–Congress–Democratic Party–Fannie Mae–Freddie Mac–Bailout–Socialism– Just Say No!

Posted on September 23, 2008. Filed under: Blogroll, Economics, Investments, Links, Music, People, Politics, Rants, Raves, Regulations, Resources, Taxes, Video, War | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , |

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

 

http://townhall.com/columnists/ThomasSowell/2008/10/03/do_facts_matter

Do Facts Matter?

by Thomas Sowell

 

“…The current financial bailout crisis has propelled Barack Obama back into a substantial lead over John McCain– which is astonishing in view of which man and which party has had the most to do with bringing on this crisis.

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.

Banks’ Dilemma

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.

Forced Lending

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.”

http://www.ibdeditorials.com/IBDArticles.aspx?id=301532605156669

 

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. …”

http://article.nationalreview.com/?q=NDZiMjkwMDczZWI5ODdjOWYxZTIzZGIyNzEyMjE0ODI=&w=MA==

 

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.[1] Maude Hurd has been National President of ACORN since 1990.

ACORN groups work through direct action, negotiations, and with public officials.

http://en.wikipedia.org/wiki/Association_of_Community_Organizations_for_Reform_Now

 

ACORN

 

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.

http://www.acorn.org/

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, 12 U.S.C. § 2901 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. …” 

“…Criticism 

“…Critics claim that government policy encouraged risky lending[7] and the development of the subprime debacle through legislation like the CRA. Economics professor Stan Liebowitz writes that banks were forced to loan to un-credit worthy consumers with “no verification of income or assets; little consideration of the applicant’s ability to make payments; no down payment.” The chief executive of Countrywide Financial, the nation’s largest mortgage lender, is said to have “bragged” that to approve minority applications “lenders have had to stretch the rules a bit.”[8] Robert Gordon of the Center for American Progress disagrees, and quotes statistics that he claims show “independent mortgage companies, which are not covered by CRA, made high-priced loans at more than twice the rate of the banks and thrifts.” He faults then-Federal Reserve chair Alan Greenspan for “cheering the subprime boom” in the banking industry.[9] Economics professor Thomas DiLorenzo counters Gordon, stating that independent mortgage companies are “middlemen” between banks, including those regulated by the CRA, and consumers and that in any case the CRA had caused tens of billions in defaults on mortgages by unqualified borrowers.[10] Economist Yaron Brook concluded succinctly, “The Government Did It:” through the stick of the CRA [and] the carrot of Fannie Mae and Freddie Mac, the fed created the mortgage market debacle. [11] …” 

 http://en.wikipedia.org/wiki/Community_Reinvestment_Act

 

Subprime Pols

 

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? …”

http://article.nationalreview.com/?q=YjgwYzI4Njg3OWMxOGUzYmY0ZDMwYzYwNzkzYjc1NDI=

 

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. …”

http://www.ibdeditorials.com/IBDArticles.aspx?id=306716096379423

 

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.”

http://www.ibdeditorials.com/IBDArticles.aspx?id=306716557967194

 

Congress Lies Low To Avoid Bailout Blame

INVESTOR’S BUSINESS DAILY

Posted 9/18/2008

“…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.”

http://www.investors.com/editorial/IBDArticles.asp?artsec=16&artnum=1&issue=20080918

 

Analysis: Washington’s Trillion Dollar Wall Street Bailout

James Pethokoukis

“…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. …”

http://www.usnews.com/blogs/capital-commerce/2008/9/19/analysis-washingtons-trillion-dollar-wall-street-bailout.html

 

More on the diversity racket and the home loan debacle

By Michelle Malkin  

 

“…Referencing my column yesterday on illegal immigration and the mortgage mess, Hans Bader at Open Market shares his experience. I’ve been getting a lot of e-mails with similar stories. Tip of the iceberg:

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. …”

http://michellemalkin.com/2008/09/19/the-mother-of-all-bailouts-the-death-of-fiscal-conservatism/

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:

http://nyinvestingmeetup.blogspot.com

 

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

 

LOL

Solution to Our Economic Problems…

 

Fannie Mae, Freddie Mac and Bill Clinton… 

 

Barack Obama is a freaking Socialist…

 

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