Posted on 10/10/2008 8:58:09 AM PDT by Simi Valley Tom
By Dr. Tom Snyder
Sen. John McCain this week blamed Sen. Barack Obama and his Democratic “cronies” in Congress for lighting the match that started the economic collapse in America, including the current stock market crash, the current credit crunch and the failure of America’s banking system.
McCain pointed out in his debate with Obama Tuesday night that Obama and Democrats like Sen. Chris Dodd (D-Mass.) and Rep. Barney Frank (D-NY) blocked attempts by he and other Republicans to reform Fannie Mae and Freddie Mac, the two largest mortgage institutions in the country.
Backed by the government, Fannie Mae and Freddie Mac are “government sponsored enterprises” or GSE’s.
McCain noted that Dodd and Frank, who currently head the banking and finance committees in the Senate and the House of Representatives, helped stop Republican reforms in 2005. They have also been accused of stopping reforms pushed by Republican President George W. Bush and his administration in 2003.
McCain also noted that Obama got the second highest amount of campaign donations from Fannie Mae and Freddie Mac “in history” (Sen. Dodd got the highest).
This week, Republican Sen. Jon Kyl of Arizona attacked Democrat Sen. Chuck Schumer of New York as another influential Democrat who stopped Republican reforms of Fannie Mae and Freddie Mac.
Republicans like McCain and Kyl have complained that the Democrats supported irresponsible fiscal policies at Fannie Mae and Freddie Mac of giving cheap mortgage loans to poor people who couldn’t pay them and then selling the bad mortgage loans as securities to other financial institutions to pad Fannie Mae and Freddie Mac’s income. Fannie Mae and Freddie Mac’s policies also encouraged other, private, financial institutions of doing the same thing.
McCain said Tuesday that Fannie Mae and Freddie Mac lit the fuse that caused the current massive financial crisis, banking failures and credit crunch, affecting small businesses that need to borrow money periodically to pay their employees before sales revenue arrives.
Obama responded that he warned about the problem in a letter, but Frank accused the Republicans of being racist because many of the loans went to poor blacks and Hispanics, including illegal immigrants.
In 2003, Democrat Rep. Maxine Waters of California said the system at Fannie Mae and Freddie Mac “wasn’t broke.”
President Bill Clinton recently admitted that the Democrats resisted Republican efforts to tighten the federal government’s oversight of Fannie Mae and Freddie Mac.
Fannie Mae was created by Democrat President Franklin Delano Roosevelt in 1938 as part of his socialist “New Deal” programs and later expanded by Democrat President Lyndon B. Johnson in the late 1960s, Democrat President Jimmy Carter in the late 1970s and President Bill Clinton in 1999.
Freddie Mac was created in 1970 under Republican President Richard Nixon to stop Fannie Mae from its monopoly of the housing market, but expanded by President Carter in the late 1970s and President Clinton in 1999.
- Sources: Baltimore Sun 08/22/08, Amity Shlaes of Bloomberg.com 09/10/08, New York Times 09/30/99, History News Network 12/08/03, AudacityofHypocrisy.com 09/18/08, and http://www.youtube.com/watch?v=3p1Wc2NFa3w 09/27/08.
‘Bout TIME!!!!...............
Examples need to be set
In reality, there should be an article called “The Day Democrats Ended the World” about their effect on the USA and the global economy in spreading the devastation.
IT’s ABOUT TIME!
In the NEXT DEBATE, McPain tell that to Obama’s face.
Get FREE ADVERTISING.
At times McPain is such an IDIOT.
Does he have a “hero” comeback complex?
But this would do just the opposite. Knowing each bundled mortgages included and unknown number of risky loans would create doubt and, when some of these loans finally defaulted, a loss of confidence in the instruments, the securities backed by the instruments and the institutions supported by those securities. This is what's happening now.
What if Obama has given us the history backwards. What if this wasn't incompetence but a premeditated deliberate effort to destabilize and destroy free market capitalism and eventually replace it, when a frightened people demand it, with state and corporate socialism, ie fascism. Just asking. Flame away.
I’m glad McCain is *finally* pointing out the obvious. What I wish he would do is drive home the point that Obama received the second highest contribution dollars from Fannie/Freddie while only in the U.S. Senate for three years! At least Dodd, Kerry and the other crooks were there for decades!
McCain messed up bigtime when he initially jumped on the blame Wall Sreet bandwagon. He should have blamed liberal Democrats from the get go.
No flames from me. Although I think they did missunderestimate the whole thing. (”Dang - all we wanted to do was move the boulder to the left a bit, not send it careening down the hill and causing a landslide that wiped out the entire village!”)
He needs to also say Obama does not want to drill for oil here and it is the life blood of our economy and explain that the technology today is such that the environment is not harmed. That it also will not take ten yrs. to have an affect. That he and Palin want to include drilling for oil here in this country in a comprehensive energy plan for the U.S.. He needs to link the current recession to the price of oil and Fannie Mae/Freddie Mac.
Oh, make no mistake of it — the Democrats know that a weakened economy is to their ultimate advantage. I should be clear: I am talking about NEW era Democrats. Not the party even of JFK or even WJC.
But this new Pelosi, Reid, Obama triumvirate who really are Marxists. San Fran Nan, Dingy Harry and BO all know that the less confidence in the private sector and financial institutions the better.
Now, whether they lucked into this collapse or they planned for it — either way, they are singing “Happy Days are Here Again”.
Obama, the Cloward-Piven Candidate!
"The strategy of forcing political change through orchestrated crisis. The "Cloward-Piven Strategy" seeks to hasten the fall of capitalism by overloading the government bureaucracy with a flood of impossible demands, thus pushing society into crisis and economic collapse."
"To achieve their revolutionary change, Cloward and Piven sought to use a cadre of aggressive organizers assisted by friendly news media to force a re-distribution of the nation's wealth."
Continued:
http://www.americanthinker.com/2008/09/barack_obama_and_the_strategy.html
If McCain won’t fight hard, Obama deserves to win.
This had an Obama campaign senior spokesman (female) on FOX NEWS live about five minutes after the speech, VISIBLY SHAKEN. She was PLEADING that McCain get back to the “issues”. I wish I had recorded it. This is great psywar. They are freaked.
About time, before it’s too late.
Bulls eye, John Boy!....now tell it to Obama’s face with conviction!
That is the PERFECT situation for mass redistribution of wealth. The radicals have won!
FINALLY!!!
And why doesn’t he take O’Reilly’s advice, and IMMEDIATELY state that Rudy G. would be Atty. General, and go after anyone complicit in this fiasco, and appoint Mitt as Treasury Sec. to try to straighten this thing out.
And for those of you who hate those two (and I know enough FReepers do), maybe others would be more appropriate than those two. But he should make SOME STATEMENT as to what he would do! And he had better do it soon!!!!
Has everyone e-mailed the "Burning Down the House" YouTube video to EVERYONE you know?
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