Posted on 10/03/2008 1:13:21 PM PDT by Laissez-faire capitalist
The Washington Post:
"In 2006, John McCain pushed for Fannie and Freddie Regulation while Obama was notably silent. In 2006, he pushed for stronger regulation of Fannie Mae and Freddie Mac - while Mr. Obama was notably silent. 'If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole,' Mr. McCain warned at the time."
Washington Post, "Always For Less Regulation?" The Washington Post, 9/19/08
Bull.
Obama had his chance to support the Federal Housing Enterprise Regulatory Reform Act of 2005, when John McCain went before the US Senate and argued forcefully for its passage, saying that if it wasn't passed, the US economy would be put at risk. And McCain was right.
We know why Obama didn't support this bill. He and other Dems like Barney Frank and Chris Dodd protected Fannie and Freddie because it was a piggy bank for Dems like Franklin Raines and Jim Johnson (Obama advisors) to go and make millions.
And, with Dems putting pressure on Fannie and Freddie to give unqualified home buyers home lons, and ACORN putting pressure on banks to give unqualified home buyers home loans, Obama wasn't about to do or support anything that would rein in ACORN or do away with the piggy bank.
What say you?
do you have a link ?
You can thank the Community Reinvestment Act for the power that ACORN had to put pressure on banks to give unqualified buyers home loans.
The ACT gave ACORN the power to complain to the feds when they thought that banks weren’t giving home loans to enough minorities or poor people.
And in the end, lots and lots of people with no jobs, no income, no collateral, a sloppy job record, and so on, got home loans.
They were silent because they do not have a clue.
Here is my theory. All the mortgages, good with bad, were assembled into investment packages and sold worldwide to investors including banks, mutual funds and other governments....including Russia, China, Allies, and other investors.
When they realized what they had “invested in”, they blew their tops. Unable to value these mortgage packages because of defaults, they froze credit. They have told the US to “make good” on these fraudulent packages...or else!
Having all the central banks of the world ganging up against the US in retaliation would be our death financially.
We have to make good. Interesting and ironically, the American Taxpayer will now become the “investor of last resort” for the defaulting mortgage packages. We should be seeking the hides of the US financiers, skinning alive those who did this to America.
Barney Frank screwed fannie and freddie.
This from the Washington Post? Wow....if I didn’t know better I’d say the MSM may be getting worried that Obama is not the leader they have touted him as all these months.
Tom, Dick and Harry too.
Someone kicked the plug on his teleprompter?
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