As we are all seeing, the financial market is dropping like a “lead balloon”. We all are being affected by the failure of management of these major U.S. financial institutions.
Barack Obama is hurling a major attack on the Bush administration, John McCain, and anyone else that is Republican and blaming them for the current financial mess.
Let us be clear here.
The current financial scenario began in 1999.
There were lobbyists who worked with Democrats for a year, spending $1 million paid to the Democrats to get a bill passed that allowed financial institutions and banks to work together / merge.
This allowed money to be loaned out to “anyone that could walk”, according to Bill Clinton’s former financial guru, Robert Reich.
The goal was to free up money so that any American could participate in the American dream, whether they could qualify for a home loan or not.
This money was then made available to those who would not otherwise qualify for a home loan.
This idea had been pushed for many years by Liberals who want everything to be “fair”, redistribution of wealth, etc. Bill Clinton signed this bill in 1999.
In 2005, John McCain introduced a bill along with a detailed explanation of the troubles surrounding Fannie Mae and Freddie Mac.
He detailed reasons needed for the reform of these institutions. He gave details and examples of billions of dollars in “profit” being shown to help the executives of these to meet their goals which resulted in large bonuses for them.
The profits were not there, as the “books were cooked”.
John McCain’s bill failed to pass, largely due to the huge sums of money passed between Fannie and Freddie to politicians that kept regulators off the backs of Fannie and Freddie. There was no oversight.
Obama speaks of “reform” of our major institutions.
Please keep this in mind. Out of all Senators, Obama is one of the newest to the Senate, less than 3 years.
However, he benefited in the 2nd highest position, with approximately $120,000 being donated to his political campaigns by Fannie and Freddie. He wants you to believe he is for reform here while accepting thousands of dollars from these very institutions. The #1 recipient of Fannie / Freddie money is Chris Dodd, who by coincidence, heads up the Fed’s Banking Commission!!!!!!! Can you say “good ol’ boys” ???? A Democrat is also in the #3 spot for receiving funds.
Let us take this a step further.
Obama has two high ranking financial advisers, Jim Johnson and Franklin Raines. Each of these men have headed up Fannie and Freddie.
In 6 years that Raines was in charge, he made $90 million personally.
In addition to leading Fannie/ Freddie, Jim Johnson was head of Lehman Brothers!
Each of these financial institutions have gone bankrupt, with now Fannie and Freddie being taken over by the Federal Government.
THINK ABOUT THIS FOLKS!!!!!!!
Obama has, as two of his top financial advisers, men who helped run Lehman Brothers and Fannie Mae and Freddie Mac into the ground, costing Americans billions of dollars, while they walked away with millions in their own pockets.
Do not be surprised if Obama is already thinking of cabinet posts for these two same men!
Do not be fooled, Obama has no intention of reforming anything. He is in bed with the very people he claims to want to reform. Once again, an example of liberals believing that all Americans are ignorant.
This is not going to work. America is not socialist, liberal, or Marxist. Dukakis did not win, Gore did not win, Kerry did not win, and Obama will not win.
If you will not fight for right when you can easily win without blood shed; if you will not fight when your victory is sure and not too costly; you may come to the moment when you will have to fight with all the odds against you and only a precarious chance of survival. There may even be a worse case. You may have to fight when there is no hope of victory, because it is better to perish than to live as slaves. WINSTON CHURCHILL