Good! Let him try and make that case and then let’s take a long, deep look at Fannie Mae and Freddie Mac and who basically controlled it and who most benefited from it! Bring it!
Oh my, let’s hope Mssrs. Raines and Johnson, who have gone from their Democrat-board granted bonuses and ruin of the mortgage markets to being ‘senior economic advisors’ to Obamba, are brought up fast and furious.
He best be looking a lot closer to home. He can ask Schumer and company about what happened to the money. His only excuse was that he hasn’t been in the senate long enough to get his share of the pad these guys were running out of Freddie and Fannie
What a “presidential” response
OH PUH-LEASE!!!!! This is ridiculous! Plus, McCain & Palin are committed to fighting corruption and I even heard McCain say that they wouldn’t let the CEOs of Fannie Mae & Freddie Mac walk away with $20 million each, while their companies were taken over.
Obama and his party have been in control of Congress for the last two years, what have they done exactly?
Obama is seeing the world through the same tired eyes of failed socialist doctrine, the same weak philosophy that has ruined so many countries, decade after decade. Despite the good intentions of the misled people, socialism has led to collapse, failure, and an infrastructure incapable of competing in the modern world.
Fannie Mae and Freddie Mac are pretty much Dem operations... If McCain fails to explain this then he deserves to lose...
My son works for the small chain of banks here in Michigan and they don't have a single default because they are very careful who they loan money to and they work with anyone who is in a financial bind due to losing a job etc.
What party threatened lenders with regulation if they didn’t start loaning money to people that could not qualify for loans?
We welcome this debate.
Obama ‘s subprime pal - Finance chief’s bank failed in 2001, costing 1,400 customers some of their savings
Chicago Sun-Times (IL) - April 28, 2008
Author: Abdon M. Pallasch, The Chicago Sun-Times
White House hopeful Barack Obama talks a lot on the campaign trail about how failing banks have used subprime loans to victimize customers.
“Part of the reason we got a current mortgage crisis has to do with the fact that people got suckered in to loans that they could not pay,” he told a crowd in Reading, Pa., last week. “There were a lot of predatory loans that were given out, a lot of teaser rates. Banks and financial institutions making these loans were making money hand over fist.”
One of the banks that went under after making a lot of subprime loans — leaving 1,400 of its customers without part of their savings — was Chicago’s Superior Bank.
At the helm of Superior Bank at least some of the time was Obama ‘s national finance chairwoman, Penny Pritzker, an heiress to the Pritzker fortune.
Obama ‘s campaign notes that Pritzker stepped down as chairwoman of the bank’s board in 1994, seven years before it failed. She then went on the board of the bank’s holding company.
But a letter obtained by the Chicago Sun-Times shows that until the end, Pritzker appeared to be taking a leadership role in trying to revive the bank with an expanded push into subprime loans.
Pritzker wrote in May 2001 that her family was recapitalizing the bank, and she pledged to “once again restore Superior’s leadership position in subprime lending.” The bank shut down in July 2001.
(snip)
These people are MORONS...
THIS is what started this mess:
“Racial Redlining: A study on Bank Discrimination Jonathan Brown and Charles Benington”
“This study, by Jon Brown and Charles Bennington, examines the issue ofracial redlining by major mortgage lenders in the nation’s larger metro areas. Our study, whichreceived nationwide media coverage, prompted Attorney General Janet Reno to investigate the 49 major lenders that have been engaging in this practice.”
This study was financed by an UBER-LEFTIST Clinton-Supporting group ROBER REICH. see thier Bullet Points HERE:
http://72.14.205.104/search?q=cache:H2j5ODCCdUsJ:public-gis.org/reports/redindex.html+charles+bennington+mortgage&hl=en&ct=clnk&cd=1&gl=us
It was the basis of Jesse Jackson’s “RACIST MORTGAGE BANKS!!” screed of the early and mid-90’s that led us in to this mess!!
The “money Quotes” in this thing are too numerous to mention. Funny how all this has hit the liberal Memory Hole, isn’t it?
Democrat Barney Franks should resign. No mention of him in Obama’s speech. He chairs the United States House Committee on Financial Services!!!! Why??? Did Barney Frank railroad our financial system to make the President look bad. Dumb Lenders are the problem.
The United States House Committee on Financial Services (or House Banking Committee) oversees the entire financial services industry, including the securities, insurance, banking, and housing industries. The Committee also oversees the work of the Federal Reserve, the United States Department of the Treasury, the U.S. Securities and Exchange Commission, and other financial services regulators. It is chaired by Barney Frank (D-MA) and the ranking Republican is Spencer Bachus (R-AL).
If it was Bank Of America collapsing - instead of buying Merrill Lynch - then the average American would be worried.
But no one deposits their weekly check at their local suburban Lehman branch.
Yeah, right. First, he invents the "crisis", then blames it on Republicans. What an idiot. Does he even understand basic economics?
Sadly, the mainstream media will take his word as Gospel.
Nope, just another gift from “Congress Lost: The Pelosi Years.”
I agree with him.
...if what he means is that Republicans were so weak in being true to conservative policy led to the Demo takeover which, if not corrected, will ruin us.
In that case, I agree.