Posted on 09/16/2008 3:47:00 PM PDT by joanie-f
Perhaps more than any presidential candidate in recent history, Barack Obama’s pious rhetoric has focused on his concern for ‘the little people’ and his disdain for the big money represented by corporate America.
I’d like to take a brief look at the words/deeds comparison of this man, and then pose a few crucial questions regarding not only Senator Obama’s honesty, but also his personal and professional affiliation with an organization that bears much of the responsibility for the sub-prime mortgage crisis and subsequent financial meltdown, and his fitness to hold office of any kind.
In July of this year it was announced that Fannie Mae (the Federal National Mortgage Association) and Freddie Mac (the Federal Home Loan Mortgage Corporation), America’s largest mortgage companies, are now the property of the United States government.
Along with that ownership comes some $5 trillion (with a tr) in mortgage debt. The nationalization of the two biggest mortgage companies in America occurred because it ‘was required to help millions of struggling mortgage holders and shore up the U.S. housing market.’
As a result, every American taxpayer will be forced to pay through the nose for the rest of his lifetime in order to bail out wealthy, well-connected people who committed fraud. In effect, every American taxpayer has been forced to purchase stock in two insolvent companies.
Ben Bernanke was not elected by the American people, and he is not accountable to them. Henry Paulsen was not elected by the American people, and he is not accountable to them. And the people in the corporate offices of FM and FM were not elected by the American people, and they were not accountable to them. And they were committing fraud.
In addition to the gargantuan personal debt that you and I have been forced to assume, the U.S. dollar will suffer as a result of this bailout. Inflation will increase. And the recession will worsen.
This is just the beginning of the ‘let's-make-the-U.S.-taxpayer-pay-the-price-for-the-financier/government-blunders’ roller coaster. The bailouts are going to start coming fast and furious. The big question is: How long will it take before the powers that be recognize that the boat is sinking faster as a result, and the people who are doing the bailing are going to (1) weaken to the point where they can no longer lift their bucket, or (2) mutiny. I'm betting on (1) because the American public is too clueless to contemplate (2).
The democrat party, and Barack Obama in particular, are forever crucifying big business and the financial world, while purporting to champion ‘the little people’. The democrat party, and Barack Obama in particular, are forever accusing John McCain of being in the pocket of both.
When the federal government announced two months ago that it was taking over Freddie Mac and Fannie Mae, The Center for Responsive Politics decided to take a close look at the amount of political contributions the two largest mortgage companies in America have made to our Washington leadership.
If you have been in the practice of swallowing leftist media swill, you should be very surprised at the results of their study: Fannie Mae and Freddie Mac Invest in Lawmakers.
In the list of 354 lawmakers who have received contributions from the two mortgage giants since 1989, Barack Obama has collected the second highest dollar figure – behind only fellow leftist Christopher Dodd (D-CT). Recall, also, that Senator Obama has been in Washington for only three-plus years. So, despite the fact that this list includes the total of all of Fannie Mae's and Freddie Mac’s contributions to these 354 lawmakers since 1989 (for the last nineteen years), Barack Obama has managed to eclipse all but one of his fellow senators/congressmen, some of whom have been on the Hill six times as long as he.
And democrats in total collected the large majority (57%) of those monies.
The mainstream media, and most of our leadership in Washington, would have us believe that this mortgage crisis (eventually scheduled to blossom into a full-fledge economic earthquake) occurred as the result of a combination of greed on the part of the banking/mortgage industry and ignorance on the part of prospective low-income homeowners.
That, however, is not the case. The mortgage crisis is the result of a purposeful, newly required relaxing of underwriting standards, largely foisted by our government on the banking/mortgage industry in the name of ‘ending discrimination’, and in spite of warnings from respected economists that such underwriting relaxations could lead to unprecedented defaults.
It was the regulators, not the banks, who relaxed these standards - at the behest of 'community organizers' and 'progressive' political activists.
Byron York wrote in a recent National Review article:
See also: The Acorn Obama Knows and Getting Paid to Watch: The Link Between Obama, the Woods Fund, Earmarks and the Mortgage Crisis.
Acorn approached sympathetic members of congress who managed to amend the Home Mortgage Disclosure Act, forcing banks to collect racial data on their mortgage applicants. The predictable result was that it was ‘discovered’ that banks were indeed discriminating against minorities (the fact that those minorities were generally less financially capable of assuming a mortgage received minimal consideration in every study).
What resulted was an increase in the power of the Community Reinvestment Act, and banks were now required to relax the criteria for low income mortgage applicants. Another new, more insidious, stipulation in the revamped Community Reinvestment Act allowed for 'community organizers' to take an active part in annual bank reviews. Intimidation was the name of the game.
Banks that received poor reviews were fined. Some were denied merger requests. Others faced Justice Department action if their ‘quotas’ of minority acceptances were not met.
As if ACORN’s complicity in the entire financial meltdown weren’t enough, the organization for which Barack Obama worked both before and after attending law school, and with which he still maintains close ties, is currently being accused of committing massive voter fraud, presumably in order to get their man elected. ‘Their man’ … the one who looks out for ‘the little guy’ and who repudiates big money and the power of special interests.
I will leave you all with a few simple questions:
(1) Why is it that Barack Obama rarely, if ever, lists his ‘accomplishments’ as a ‘community organizer’?
(2) Why did Barack Obama receive more total political money from Fannie Mae and Freddie Mac than all but one of his fellow senators/congressmen? And how did he accomplish that amazing feat in just three short years, when many of his fellow 'leaders' have been on the job for six times as long?
(3) How difficult should it be for the American citizenry to accept Barack Obama’s pious repudiation of capitalism and the ‘greed’ of big business?
(4) If John McCain or Sarah Palin had such skeletons in their closets, would those skeletons find themselves revealed in glaring headlines from now until election day? And would congress be clamoring for hearings ... or worse?
(4) Where are the mainstream media?
Nuff said.
~ joanie
As it is, just looking at the financial disarray we are facing, several generations of taxpayers are on the hook for the recovery. Those hundreds of millions of innocent victims will have little to lose during the decades of recovery. Heads on pikes will be gentle reminders of past misdeeds and low tolerance for repeats.
In doing my research for this piece, one of the sources mentioned July as when the takeover occurred. I had the same response as you, but then figured that my recollection was faulty, and plowed ahead. Sloppy work, at best. :(
Thanks for the correction.
~ joanie
~ joanie
American justice and freedom will be the big loser.
Bears repeating, and careful consideration regarding how we allowed this to happen.
~ joanie
I've also posted this essay on my weblog, and have added your link to the essay there. Much appreciated!
~ joanie
bttt
I don't understand that. Fox has many excellent hosts/pundits/commentators (Krauthammer, Hume and Cavuto come to mind), but ther reporting of the news stinks.
They cover the same stories the rest of the media cover (admittedly in a more fair and balanced way), but they neglect to cover countless stories that the public needs to hear (among them, this kind of thing, along with the daily courageous actions of our troops in the Middle East).
It's maddening!
~ joanie
Very good points, but, considering the rampant ignorance and apathy of the electorate, I wouldn't hold my breath. I suspect that a huge majority of Obama supporters haven't a clue what he really supports. That is the real tragedy in this campaign.
~ joanie
As a side, I sure wish that McCain's camp and the Pubbies would start using the term NEIGHBORHOOD Organizer instead of Community Organizer, when talking about Obama's "accomplishments."
It helps in conveying the rediculousness of the emphasis given it. He's basically done the work that any overly-zealous soccer or PTA mom has which, if you think about it, is kind of creepy in a metrosexual way.
And that he continually emphasizes it so, is scary.
Pitchforks and torches time, baby!
At least, that’s what’s going to be on the mind of a lot of dispossessed folks. Can’t say that I blame them.
I’d add public hangings to the mix of ‘remedies’. Such spectacles are gratifying to the public and instructional for our erstwhile rulers.
Such people are not your friends. Actions - or lack of action - has consequences. One of our biggest problems today is that no one is held accountable for their deeds. And the prevailing liberal wisdom is that no one should be.
Madness.
There is a just God who presides over the destinies of nations, and who will raise up friends to fight our battles for us. The battle, sir, is not to the strong alone; it is to the vigilant, the active, the brave. Besides, sir, we have no election. If we were base enough to desire it, it is now too late to retire from the contest. There is no retreat but in submission and slavery! Our chains are forged! Their clanking may be heard on the plains of Boston! The war is inevitable--and let it come! I repeat it, sir, let it come.
It is in vain, sir, to extenuate the matter. Gentlemen may cry, Peace, Peace-- but there is no peace. The war is actually begun! The next gale that sweeps from the north will bring to our ears the clash of resounding arms! Our brethren are already in the field! Why stand we here idle? What is it that gentlemen wish? What would they have? Is life so dear, or peace so sweet, as to be purchased at the price of chains and slavery? Forbid it, Almighty God! I know not what course others may take; but as for me, give me liberty or give me death!
Americans are generous and strong and decent, not because we believe in ourselves, but because we hold beliefs beyond ourselves. When this spirit of citizenship is missing, no government program can replace it. When this spirit is present, no wrong can stand against it.
After the Declaration of Independence was signed, Virginia statesman John Page wrote to Thomas Jefferson: ``We know the race is not to the swift nor the battle to the strong. Do you not think an angel rides in the whirlwind and directs this storm?''
Much time has passed since Jefferson arrived for his inauguration. The years and changes accumulate. But the themes of this day he would know: our nation's grand story of courage and its simple dream of dignity.
We are not this story's author, who fills time and eternity with his purpose. Yet his purpose is achieved in our duty, and our duty is fulfilled in service to one another.
Never tiring, never yielding, never finishing, we renew that purpose today, to make our country more just and generous, to affirm the dignity of our lives and every life.
This work continues. This story goes on. And an angel still rides in the whirlwind and directs this storm.
It pays much higher rates of return than investing in homes of people who stand a good chance of being able to pay you back.
IMHO, both the lawmakers and the so called "leaders" of Mae and Mac should all go to jail.
Bite your tongue. Or your fingers, whichever seems more appropriate. :)
BLOAT
Very well written, Joanie, like all of your pieces.
BTW...F16Fighter aka Liberator says hello! ;-)
I was too late with my "bite your tongue" advice.
I keep asking myself, can they really be that stupid, blind, ignorant, dumb, greedy, dull, lazy, and stupefied?
By now I should know the answer.
Thanks for this very informative thread.
We should try to keep it near the top, for everyone to read.
I very good point that I had not considered before.
Thanks!
~ joanie
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