I urge all readers here to consider the present and future ramifications of the information below. Barack Obama has lied about his (or, at the very least, the involvement of an organization with which he has very strong ties, and in which he has very strong influence) involvement in the current financial/economic crisis that is staring us in the face. He has also exhibited righteous indignation regarding the crisis, and simultaneously pointed the finger of blame at many others, most of whom are blameless.
The mortgage/Wall Street debacle is just beginning. The economic repercussions of what Obama and his kind have done will be felt for decades to come, and we, our children and our grandchildren will pay a terrible price as a result of the unquenchable greed and power hunger that sit at the root of the policy positions of this evil man and countless others of his kind who occupy decision-making positions in Washington.
A year ago, who would have thought that giants of the financial world such as Merrill Lynch, Bear Stearns, and Lehman Brothers would be insolvent? And how many more major financial firms will declare bankruptcy within the next year?
Perhaps more than any presidential candidate in recent history, Barack Obama’s pious rhetoric has focused on his concern for ‘the little people’ and his disdain for the big money represented by corporate America.
I’d like to take a brief look at the words/deeds comparison of this man, and then pose a few crucial questions regarding not only Senator Obama’s honesty, but also his personal and professional affiliation with an organization that bears much of the responsibility for the sub-prime mortgage crisis and subsequent financial meltdown, and his fitness to hold office of any kind.
Earlier this month it was announced that Fannie Mae (the Federal National Mortgage Association) and Freddie Mac (the Federal Home Loan Mortgage Corporation), America’s largest mortgage companies, are now the property of the United States government.
Along with that ownership comes some $5 trillion (with a tr) in mortgage debt. The nationalization of the two biggest mortgage companies in America occurred because it ‘was required to help millions of struggling mortgage holders and shore up the U.S. housing market.’
As a result, every American taxpayer will be forced to pay through the nose for the rest of his lifetime in order to bail out wealthy, well-connected people who committed fraud. In effect, every American taxpayer has been forced to purchase stock in two insolvent companies.
Ben Bernanke was not elected by the American people, and he is not accountable to them. Henry Paulsen was not elected by the American people, and he is not accountable to them. And the people in the corporate offices of FM and FM were not elected by the American people, and they were not accountable to them. And they were committing fraud.
In addition to the gargantuan personal debt that you and I have been forced to assume, the U.S. dollar will suffer as a result of this bailout. Inflation will increase. And the recession will worsen.
This is just the beginning of the ‘let's-make-the-U.S.-taxpayer-pay-the-price-for-the-financier/government-blunders’ roller coaster. The bailouts are going to start coming fast and furious. The big question is: How long will it take before the powers that be recognize that the boat is sinking faster as a result, and the people who are doing the bailing are going to (1) weaken to the point where they can no longer lift their bucket, or (2) mutiny. I'm betting on (1) because the American public is too clueless to contemplate (2).
The democrat party, and Barack Obama in particular, are forever crucifying big business and the financial world, while purporting to champion ‘the little people’. The democrat party, and Barack Obama in particular, are forever accusing John McCain of being in the pocket of both.
When the federal government announced earlier this month that it was taking over Freddie Mac and Fannie Mae, The Center for Responsive Politics decided to take a close look at the amount of political contributions the two largest mortgage companies in America have made to our Washington leadership.
If you have been in the practice of swallowing leftist media swill, you should be very surprised at the results of their study:
Fannie Mae and Freddie Mac Invest in Lawmakers.
In the list of 354 lawmakers who have received contributions from the two mortgage giants since 1989, Barack Obama has collected the second highest dollar figure – behind only fellow leftist Christopher Dodd (D-CT). Recall, also, that Senator Obama has been in Washington for only three-plus years. So, despite the fact that this list includes the total of all of Fannie Mae's and Freddie Mac’s contributions to these 354 lawmakers since 1989 (for the last nineteen years), Barack Obama has managed to eclipse all but one of his fellow senators/congressmen, some of whom have been on the Hill six times as long as he.
And democrats in total collected the large majority (57%) of those monies.
The mainstream media, and most of our leadership in Washington, would have us believe that this mortgage crisis (eventually scheduled to blossom into a full-fledge economic earthquake) occurred as the result of a combination of greed on the part of the banking/mortgage industry and ignorance on the part of prospective low-income homeowners.
That, however, is not the case. The mortgage crisis is the result of a purposeful, newly required relaxing of underwriting standards, largely foisted by our government on the banking/mortgage industry in the name of ‘ending discrimination’, and in spite of warnings from respected economists that such underwriting relaxations could lead to unprecedented defaults.
It was the regulators, not the banks, who relaxed these standards - at the behest of 'community organizers' and 'progressive' political activists.
Byron York wrote in a recent National Review article:
- Perhaps the simplest way to describe community organizing is to say it is the practice of identifying a specific aggrieved population, say unemployed steelworkers, or itinerant fruit-pickers, or residents of a particularly bad neighborhood, and agitating them until they become so upset about their condition that they take collective action to put pressure on local, state, or federal officials to fix the problem, often by giving the affected group money.
See also: The Acorn Obama Knows and Getting Paid to Watch: The Link Between Obama, the Woods Fund, Earmarks and the Mortgage Crisis.
ACORN approached sympathetic members of congress who managed to amend the Home Mortgage Disclosure Act, forcing banks to collect racial data on their mortgage applicants. The predictable result was that it was ‘discovered’ that banks were indeed discriminating against minorities (the fact that those minorities were generally considerably less financially capable of assuming a mortgage received minimal consideration in every study).
What resulted was an increase in the power of the Community Reinvestment Act, and banks were now required to relax the criteria for low income mortgage applicants. Another new, more insidious, stipulation in the revamped Community Reinvestment Act allowed for 'community organizers' to take an active part in annual bank reviews. Intimidation was the name of the game.
Banks that received poor reviews were fined. Some were denied merger requests. Others faced Justice Department action if their ‘quotas’ of minority acceptances were not met.
ACORN states on its own website:
- ACORN members have Negotiated landmark agreements with banks in St. Louis, New York City, D.C. and others, making more than a billion dollars available for loans in low-income neighborhoods.
Blocked the gutting of the Federal Community Reinvestment Act.
Forced Fannie Mae to establish a precedent-setting program to buy community reinvestment mortgages.
I will leave you all with a few simple questions:
(1) Why is it that Barack Obama rarely, if ever, lists his ‘accomplishments’ as a ‘community organizer’?
(2) Why did Barack Obama receive more total political money from Fannie Mae and Freddie Mac than all but one of his fellow senators/congressmen? And how did he accomplish that amazing feat in just three short years, when many of his fellow 'leaders' have been on the job for six times as long?
(3) How difficult should it be for the American citizenry to accept Barack Obama’s pious repudiation of capitalism and the ‘greed’ of big business?
(4) If John McCain or Sarah Palin had such skeletons in their closets, would those skeletons find themselves revealed in glaring headlines from now until election day? And would congress be clamoring for hearings ... or worse?
(5) How much responsibility does Barack Obama's ACORN bear for the current mortgage crisis -- not the mention the devastating economic aftershocks that have yet to occur?
(6) Where are the mainstream media?