CSPAN Video Exposes Democrat Support of Sub Prime Mess
Stopping the Formation of the (USSA) United Socialist States of America
Every economist agrees that the current financial crisis is a direct result of the melt down related to the bursting of the “housing bubble”. A bubble fueled by Fannie Mae, Freddie Mac by making highly risky “government backed loans” to people with low paying and even no jobs at all with virtually no chance of paying them back. Mortgage money was flowing free like water thanks to the combination of low interest rates and government give away institutions like Fannie and Freddie.
Here you can listen to Democrats in their own words dismissing the alarms raised by the regulators of the now FAILED Fannie Mae and Freddie Mac. These hearing took place in 2004 (remember this when you watch the video) and CLEARLY Republicans were warning that MORE CONTROLS were needed and that the corruption and free for all housing give away to so called “low income” housing was headed for a crisis. Listen and see the words straight from the horses mouth.
This CSPAN2 video is a bit long but after about 50% of it you will clearly get the picture of the facts that the Democrats DON’T want you to hear !!!
Mr. Franklin Raines, mentioned in the video, by the way is alleged to be one of Obama’s economic advisers. He is the now ex-CEO of Fannie Mae who was making in excess of $90M / year and was also the subject of scrutiny of regulatory investigator being questioned in Congress. Now of course there is admission of a “lack of oversight” and Dems want to blame Republicans! (Fannie and Freddie were created under the Carter Administration) — even Clinton said at the end of the video that HE should have done more to regulate them. But the fact remains, they were protected by the most socialist Dems and that fact points the finger in the opposite direction my friends.
Not only do Democrats now want a quick fix to get this behind them but they also want to dump more good money after bad into these same agencies and other “social welfare” programs like ACORN and La Razza. They want the taxpayers to pay for it. In my book that’s Socialism in its purest form!!
The cat is out of this bag and taxpayers should not be footing the bill and end up indirectly turning America into a socialist state. Democrats WILL INCREASE ALL OUR TAXES (not just the “wealthy”) TO FUND THIS BAIL OUT and we will never see a dime of so called “potential profit” from all these bad mortgage loans. YOu can take THAT to the bank!
Stop Democrat (quickly becoming the Socialist Party) in Congress from”CHANGING” America into a socialist state. Stop the formation of the (USSA) United Socialist States of America without us even realizing it.
Call Congress NOW! Congressional Switchboard (you will be connected to your representative’s and senator’s office) and say no to set aside for ACORN and LaRaza. No pork barrel. No earmarks. No bailout moneys to ACORN and LaRaza and other Democrat social programs that have created this mess.
1-877-851-6437
1-800-828-0498
1-866-340-9281
1-866-338-1015
FOOT NOTES and REFERENCES to still un-confirmed allegations of Obama and Raines ties:
On September 18, 2008, John McCain’s Campaign, published a campaign ad that quoted the Washington Post’s claim that Franklin Raines advises Barack Obama on economic matters. The ad also notes that “Raines made millions and then left Fannie Mae while it was under investigation for accounting irregularities”. Both Raines and the Obama Campaign claim that Raines is not an Obama advisor and has never advised Senator Obama. When the claim that Raines was an Obama advisor appeared multiple times in the Washington Post (first July 16th) months before the McCain ad, the Obama campaign didn’t seek a correction. However, they did seek a correction from the Post after the ad appeared. – References
SPREAD THE WORD !
  [+4 rating, 6 votes] Loading ... |
Sphere: Related Content |
You can follow any discussion by checking the notification box below the comment area or via our RSS 2.0 comment feed. -- ZZ N&S Staff
|
Link: http://zardozz.com/zz/2008/09/cspan-tapes-exposes-democrat-support-of-sub-prime-mess.html |
on Wednesday - Feb 25th, 2009 at 12:34 pm GreyGeek wrote:
So, here we are, almost 5 years after that hearing was video taped, and everything the Dems said were proven to be wrong, and everything said by those who WERE concerned about the financial health of our country were proven to be right. Barney Frank probably still can’t see any problems with Fannie Mae or Freddy Mac.
ACORN began picketing banks and homes of bankers in the 1970s to force them to give housing loans to people who did not have jobs or income sufficient to pay for them, calling it “Social Justice”. The financial market called them “subprime” loans. Then ACORN pushed Congress into creating and passing the C.R.A. act, which was signed by Carter in the late 1970s, when the Dems were in charge of Congress. Apparently that law wasn’t effective enough to force banks to give more loans to those who could not afford them or were in this country illegally, so when the Dems were in charge of Congress again they added extensions to C.R.A., called SCORES, which ranked banks by the number of loans they issued to those who were unemployed or had low incomes. If they didn’t “SCORE” high enough they didn’t get Federal monies, etc., and their bank would suffer economically. Clinton signed that extension of C.R.A. into law. That caused the price of houses to inflate, leading to housing bubble, which recently burst. Unfortunately, the very people who created, manipulated and worsened the housing problem are in charge of Congress again, and now they are busy socializing our financial institutions. With their hand in the till they are now busy funding their Marxist political groups with hundreds of millions of dollars in order to hasten the conversion process. It’s an old saying, but true: he who owns the Gold makes the rules. Prior the the bubble bursting the Federal Reserve bank of NY had assets totaling $329 Billion dollars and the total amount of Dollars in circulation was $829 Billion. The newly enacted stimulus package will add another $787 Billion dollars, to bring the total money in circulation to $1.6 TRILLION Dollars. And they are thinking of printing even more money.
ACORN is a Marxist organization. That fact is easy enough to confirm by merely viewing the history and writings of those evolved with it. It is as easy as showing that Bill Ayers was a Marxist bomber in the early 1970s and even today says that he didn’t bomb enough of this country. You cannot find a political organization that is farther Left in this country than ACORN is. Obama was a “community organizer” and trainer for them. His training material included “Rules for Radicals” by Saul D. Alinksky, a self-professed Communist. And now that Obama is the POTUS, he and the Democrats have given ACORN hundreds of millions MORE in the recently passed $787 Billion dollar “stimulus” package, and the media is busy re-writing history so that it blames “greedy” bankers, wallstreet investors and the Republicans for the meltdown, not ACORN and the Democrats.
BTW, did you notice that shortly after the fall of the USSR the Marxist organizations in this country went dormant, and that it has only been since the rise of Putin in Russia, and Socialist billionaire George Soros moving to this country, that they have “found” their voice again? We KNOW that Soros funded MoveOn.Org and other Communist political groups in this country, but how much of the money those groups have recieved is from sources outside this country? Russia?