Saturday, September 27, 2008

2004: Republicans Call for Oversight

In 2004, the Republicans called for more oversight of the mortgage giants Fannie Mae and Freddie Mac. The Democrats failed to see that the housing bubble was going to burst. The democrats were more interested in making this a political issue. They framed the debate as being the "lynching" of Franlin Raines. The democrats cite the progress of Freddie and Fannie. They continuously say Freddie and Fannie were meeting goals of getting loans into the hands of those who really could not afford the mortgages. I wrote about this in an economics class in 2004. I understood in 2004, while in a Freshman economics class that this housing bubble would cause great harm to our economy. I predicted that by 2006 we would be in serious trouble. I was slightly off in that analysis as it took to 2008 to be in serious trouble. However, I was dead on in the analysis as this mess started its downward spiral in 2006.

In 2005, John McCain sponsored a bill to rein in Freddie and Fannie. McCain wanted more government regulators to ensure our government maintained oversight over our financial institutions. Barack Obama opposed this bill. Obama was too busy taking in huge donations from Freddie and Fannie. In fact Obama has the corrupt CEO's of Freddie and Fannie advising him in housing and mortgage crisis. All of the democrats were against instituting regulations on Freddie and Fannie. The Democrats were drunk on the power of these corrupt organizations. The Democrats goal was to put as many people into houses as possible. This effort to place people in houses regardless of ability to repay did not matter to them. They always knew in the end they would come to the rescue and bail them out. The middle class would have to be responsible and shell out more tax dollars to bail these irresponsible borrowers and irresponsible lenders out. They are getting their wish. The democrats want to pass a $700 billion bail out. Plus the democrats want to add another $53 billion in wasteful tax giveaways. In addition they want to provide the corrupt organization ACORN with 20% of any profits from this bailout. This is a shame. We the taxpayer bails out the Democrats mess and then rather reap the profits we have to turn them over to another corrupt Democratic lobbyist organization. Please watch the Video. It shows the disdain the Democrats have for American and the lengths they will go to protect their corrupt lobbyists.

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