I was driving to work when I heard about the first plane on the radio. My first thought was about an airplane that accidentally crashed into the Empire State Building in a heavy fog in the 1930s.
Once I was at work, someone shouted the second tower had been hit. I immediately screamed, "OSAMA BIN LADEN!!!"
I knew it was that bastard instantly.
I'm surprised you didn't blame it on Trump.
I've actually seen people blame the 2007/2008 economic crash retroactively on Obama. Right here on this forum.
So now you corrupt this memorial statement with injecting politics. You didn't need to especially when you don't obviously have ANY facts or links
Here is what Obama did to cause the 2007 slow down!
And the beginning was in 1995.......
in the Buycks-Roberson v. Citibank Fed. Sav. Bank, 1994 suit against redlining. Most significant of all,
ACORN was the driving force behind a 1995 regulatory revision pushed through by the Clinton Administration
that greatly expanded the CRA (Community Reinvestment Act) and laid the groundwork for the Fannie Mae, Freddie Mac borne financial
crisis we now confront.
Barack Obama was the attorney representing ACORN in this effort.
With this new authority, ACORN used its subsidiary, ACORN Housing, to promote subprime loans more aggressively.
-------------------------
In 1999, under pressure from the Clinton administration, Fannie Mae, the nation's largest home mortgage underwriter,
relaxed credit requirements on the loans it would purchase from other banks and lenders, hoping that easing these
restrictions would result in increased loan availability for minority and low-income buyers.
------------------------------------
Rham Emmanuel, NOW OBAMA CHIEF OF STAFF and Jamie Gorelick were employees and directors of Fannie and freddie took between the two took out over $20 million. Gorelick was appointed Vice Chairman of Federal National Mortgage Association (Fannie Mae) from 1997 to 2003. She served alongside former Clinton Administration official Franklin Raines During that period, Fannie Mae developed a $10 billion accounting scandal. Gorelick took home $26.46 million in the period from 1998 to 2002 (she left in that year, so she wasn’t there for the entire period under investigation). Of that figure, nearly $15 million came from EPS bonuses.
Fannie Mae and Freddie Mac Invest in Democrats - OpenSecrets News
Unqualified loans backed by Fannie/Freddie were supported by investors buying these loans KNOWING that this is what would happen:
Oct. 23,2008 (Bloomberg) --
Fannie Mae and Freddie Mac have an ``effective'' federal guarantee, not the "full faith and credit'' of the U.S. government, Federal Housing Finance Agency Director James Lockhart said after the hearing. That does give them effectively a guarantee of the U.S. government.''
Terms of Service Violation
And of course your fellow CRA lovers like Barnie Franks and Todd would never admit they were the fault until several years AFTER the mess was cleaned up!
Many prominent Democrats, including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs.
* House Financial Services Committee Chairman Barney Frank (D-MA) criticized the President's warning saying:
"these two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis .
The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms
of affordable housing."...
(Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae," New York Times, 9/11/03)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and called
on him to "immediately reconsider his ill-advised" position.
Eric Dash,"Fannie Mae's Offer To Help Ease Credit Squeeze Is Rejected, As Critics Complain Of Opportunism," NYT, 8/11/07)
http://www.usnews.com/opinion/blogs/sam-dealey/2008/09/10/barney-franks-fannie-and-freddie-muddle
And remember Barney Frank ADMITTED that was the case!
Barney Frank Comes Home to the Facts By Larry Kudlow August 21, 2010
But one huge exception to this rule is Democrat Barney Frank, chairman of the House Financial Services Committee.
For years, Frank was a staunch supporter of Fannie Mae and Freddie Mac, the giant government housing agencies that played such an enormous role in the financial meltdown that thrust the economy into the Great Recession.
But in a recent CNBC interview, Frank told me that he was ready to say goodbye to Fannie and Freddie.
"I hope by next year we'll have abolished Fannie and Freddie," he said. Remarkable. And he went on to say that "it was a great mistake to push lower-income people into housing they couldn't afford and couldn't really handle once they had it." He then added, "I had been too sanguine about Fannie and Freddie."
Barney Frank admits truth about Fannie
