Democrats/Obama to blame for mortgage/financial economic crisis

Discussion in 'Congress' started by oreo, Sep 16, 2008.

  1. oreo
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    oreo Gold Member Supporting Member

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    We have Barack Obama out there today, blaming McCain--& President Bush for the failed economic policies & collapse of several mortgage bankers on Wall Street. Most recently Lehman Brothers & Merrill Lynch.

    All which resulted from the failed mortgage crisis in this country. Specifically relating to the Freddie Mac & Fannie Mae failures, which we the taxpayers of this country bailed out & now our Federal Government is 100% in the mortgage loan business.

    On November 12, 1999--Bill Clinton signed a bill into law that would in effect deregulate investment into securities & mortgage loans. This in an attempt to free up monies for those that typically could not afford mortgage loans to enable them to get one.

    This bill rushed money into the financial markets in abundance. Lenders happy to loan out money without the worry of risk, couldn't get rid of it fast enough. They loaned it out to anyone & everyone, regardless if the individual could pay it back or not. Greed moved in from lenders, to mortgage brokers looking for their commissions, to flip that house type investors. Didn't matter how much they could afford, it was borrow, borrow, borrow-- & all guaranteed by us, the U.S. taxpayer.

    In 2005 JOHN McCAIN studied an audit review regarding the Fannie Mae & Freddie Mac financial reports. It is in the "congressional record"where he co-sponsors a bill requiring investigation of financial records for these two government organizations. McCain basically states in his report--that the collapse of these firms may be imminent, if something is not done. He also states that the consequences to our economy could be dire.

    What did the democrat controlled congress do? They IGNORED John McCain's warnings!

    Where was Barack Obama 3 years ago. In the United States senate with John McCain. "Possibly the thought of running for President was more important to him than listening to McCain's warnings"? So in essense, Barack Husien Obama sided with his democrat party & decided to let this one slip through the cracks.

    Today, we find out about the (millions in) contributions that Freddie Mac & Fannie Mae made to politicians. #1 on their top give list is none other than democrat Criss Dodd, (with some known corruption with Country Wide Mortgage) & # 2 on their top give list is none other than the "Messiah" himself Barack Husien Obama.

    So with Obama pointing his finger at "the failed economic policies of G.W. Bush--& stating McCain is just like him" --we have to ask ourselves just one question?

    Why is it that John McCain is calling for a full investigation of Freddie Mac & Fannie Mae, & Barack Obama does not want one?

    THE DEMOCRAT CONGRESS OWNS THIS MORTGAGE CRISIS & THE FAILING ECONOMY RESULTING FROM THE FINANCIAL COLLAPSE!--------------------------------------------------------------------------------
     
    Last edited: Sep 16, 2008
  2. jreeves
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    jreeves Senior Member

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    Hmm...
    http://mccain.senate.gov/public/ind...0-4253-b2ec-8d9fbcaff20c&Region_id=&Issue_id=
    I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. 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.







    I urge my colleagues to support swift action on this GSE reform legislation.



    Where was Obama back then....
    [ame=http://www.youtube.com/watch?v=4gexyfVpFMU]YouTube - Obama 2004: I can't see running for president[/ame]
     
  3. dilloduck
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    dilloduck Diamond Member

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    Ya know? This MAY even come up in the debates if they have any. :lol:
     
  4. oreo
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    oreo Gold Member Supporting Member

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    I heard more of McCain's specific warnings--It's unbelievable!

    Yet, Obama has the audacity to question John McCain on his economic experience? UNBELIEVABLE!
     
  5. oreo
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    oreo Gold Member Supporting Member

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    This will be coming up prior to the debates--believe me. Obama is SUNK!
     
  6. jschuck12001
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    jschuck12001 Senior Member

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    The republicans controlled congress until 2006, that damage was done at that point and thats when the markets strated to slip..
     
  7. dilloduck
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    dilloduck Diamond Member

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    and that's what Obama is going to use in his defense ?
    This CONTINUAL campaign to paint McCain as just like all the rest of the Republicans is STALE. Got anything else? Anything ?
     
  8. oreo
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    oreo Gold Member Supporting Member

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    You might want to read the post again--IT WAS BILL CLINTON who enacted the DEREGULATION.

    BTW--two top members of Obama's campaign are Freddie Mac/Fannie Mae--One is: Jim Johnson

    You might want to refer to an article written in the Investors Business Daily today-09/16/08, & another article by a Carolyn Lockhead-(from the San Francisco Chronicle) to clear your head.
     
    Last edited: Sep 16, 2008
  9. Modbert
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    Modbert Daydream Believer Supporting Member

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    [ame=http://www.youtube.com/watch?v=_1X3efvVTLA]YouTube - McCain doesn't know anything about the economy or Iraq[/ame]

    :eusa_whistle:

    Oh and you can't say this video was made by a Liberal. :lol:
     
    Last edited: Sep 16, 2008
  10. oreo
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    oreo Gold Member Supporting Member

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    [QUOTE=dilloduck;786727]and that's what Obama is going to use in his defense ?
    This CONTINUAL campaign to paint McCain as just like all the rest of the Republicans is STALE. Got anything else? Anything ?[/QUOTE]


    I really don't think they'll be able to say that any longer--not unless the democrat party just think their supporters are beyond stupid.

    It was John McCain that pointed the impending financial failures of Fannie Mae & Freddie Mac out 3 years ago. The democrat lead congress ignored it.

    They can't deny it, it is a matter of congressional record.
     

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