Question: Who or what caused the economic crisis that conveniently propelled President Obama into office?
For the past twenty-two months President Obama and the Democrats have continued to blame President Bush for the economic crisis that propelled him into office, but this article and/or blog post that was published in January 2009 painted a much different and disturbing picture of who or what caused our economic crisis-You Decide:
Economic Meltdown Fueled By Barney Frank/Christopher Dodd–Posted on The Traditional Values Coalition (TVC)-By TVC Executive Director Andrea Lafferty-On January 29, 2009:
These are pertinent excerpts from this article and/or blog post:
“January 29, 2009 – As our nation faces a serious economic crisis in 2009, Americans need to understand the origins of this crisis. The subprime mortgage crisis fueled instability in other sectors of the economy and has led a crisis in the banking industry, housing industry, auto industry – and is resulting in the layoffs of millions of Americans. A subprime mortgage is one granted to individuals with a bad credit history or no credit history. They were given no-money-down, low interest, or interest-only loans.
Democrats effectively blamed President Bush for the economic crisis and this propelled Obama into office as President of the United States for the next four years.
Is President Bush to blame? No. It was Democrat leadership going back to the Carter Administration that created this economic disaster.
The fact is that the roots of this economic crisis go back to the Clinton and Carter Administrations, the radical group ACORN, and Rep. Barney Frank (D-MA) and Senator Christopher Dodd (D-CT).
Here are the facts:
- Under President Jimmy Carter, the Community Reinvestment Act (CRA) was passed. It required federal financial institutions to encourage banks to give home loans to persons with little credit and low income. Economist Russell Roberts said that the CRA played a major role in creating the sub-prime mortgage crisis in the U.S.
- Under Bill Clinton, the CRA was expanded and Clinton set targets for low-income home ownership at the Department of Housing and Urban Development and at Fannie Mae and Freddie Mac. Banks were forced by the federal government to provide bad loans to unqualified people.
- Rep. Barney Frank (D-MA) is Chairman of the Financial Services Committee in the House of Representatives. In 2003, he said of Fannie Mae and Freddie Mac: “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.” In the late 1980s and early 90s, Frank was engaged in a sexual relationship with Herb Moses, who was Fannie Mae’s assistant director of product initiatives! Bill O’Reilly exposed Frank’s involvement in the mortgage crisis: YouTube – O ‘Reilly – Barney Frank Had Affair with Fannie Mae Exec. Frank looked the other way, while our economy was being destroyed by federal policies created in Clinton and Carter Administrations. (Freddie Mac and Fannie Mae help fund the homosexual agenda.)
- In 2008, Freddie gave $20,000 to a Parents and Friends of Lesbians and Gays (PFLAG) event; Fannie Mae gave nearly $19,000 to the same event. Freddie has donated $125,000 and Fannie donated $80,000 to homosexual groups since 2005.)
- Senator Christopher Dodd (D-CT) is head of the powerful banking committee in the Senate. He and Barney Frank consistently resisted attempts by the Bush Administration to closely regulate Fannie Mae and Freddie Mac. Dodd also got preferential treatment from Countrywide on two mortgages. Countrywide was one of the biggest subprime providers.
- Barney Frank and Christopher Dodd received thousands of dollars in contributions from Fannie Mae and Freddie Mac over the years. Dodd has received $133,900 since 1989; Frank received $40,100. (While in the Senate, Barack Obama received $105,849).
- As long ago as 2003, President Bush was trying to get the House and Senate to carefully monitor the actions of Fannie Mae and Freddie Mac. His efforts were rejected by Democrats.
- Obama associates headed Fannie Mae and Freddie Mac during the years that the crisis was getting out of control. Obama friend Franklin Raines ran Fannie Mae and collected $50 million from it. Obama friend Jamie Gorelick worked for Fannie Mae and earned $26 million; Jim Johnson, formerly Obama’s vice president search committee chairman, hauled in millions from his work with Fannie Mae as CEO.
- ACORN, the socialist group that routinely engages in voter fraud, was involved in pushing for risky loans to people with bad credit histories or little money for down payments. ACORN intimidated banks in Chicago and elsewhere to give risky loans! Obama actually trained ACORN workers when he was a community organizer in Chicago! ACORN used provisions of the Community Reinvestment Act to delay or halt efforts of banks to merge or expand until they had lowered their credit standards!
The financial mess we face now was created by Democrats and friends of Barack Obama over the past two decades. Yet, President Obama now pretends that his economic stimulus package will solve our crisis. What we’re now facing is four years of Obamunism – socialism with an Obama smirk.
The Congressional Budget Office (CBO) analysis of his stimulus package says that his nearly trillion dollar spending bill will do little or nothing to create or maintain jobs for the American worker! It will, however, enrich groups like ACORN and serve as a piggy bank for state and local communities to use for whatever projects they want. The money isn’t going for jobs creation but for government projects – including paying for sod for the Washington Mall.”
Note:This web site reveals George Soros and his ultimate goal of destroying America and establishing a one-world government-You Decide:
George Soros is Implementing a “One World” Socialist Government–Posted on CommiBlaster.com:
Note:This blog post revealed some extremely disturbing evidence that foreign nationals from the Muslim world influenced the presidential election thru illegal contributions to President Obama’s campaign, which I believe relates to the above article and/or blog post-You Decide:
Active complaint to the FEC over President Obama’s campaign finances!
Note: These are other articles and/or blog posts and videos that reveal that President Bush and Senator McCain attempted to rein in Fannie Mae and Freddie Mac, along with Barney Frank’s conflict of interest-You Decide:
Bush Proposed Fannie Mae / Freddie Mac Supervision In 2003–Posted on Bucks Rights-On September 16, 2008:
McCain’s attempt to fix Fannie Mae, Freddie Mac in 2005–Posted on Hot Air-On September 17, 2008:
Media Mum on Barney Frank’s Fannie Mae Love Connection: ‘Democratic House Financial Services Committee Chair promoted GSEs while former ‘spouse’ was Fannie Mae executive.’–Posted on Business & Media Institute-By Jeff Poor-On September 24, 2008:
Lawmaker Accused of Fannie Mae Conflict of Interest–Posted on FoxNews.com-By Bill Sammon-On October 3, 2008:
O ‘Reilly – Barney Frank Had Affair with Fannie Mae Exec–Posted on Live Leak-On October 7, 2008:
Do Facts Matter?–Posted on Real Clear Politics-By Thomas Sowell-On October 4, 2008:
Planting Seeds of Disaster: ‘ACORN, Barack Obama, and the Democratic party.’–Posted on National Review Online-On October 7, 2008:
Obama Stimulus Package Really Socialism?–Posted on FoxNews.com-By Glenn Beck-On February 5, 2009:
Note: What follows is a five video series of an eye-opening interview conducted by Peter Robinson with Thomas Sowell, who has studied and taught economics, intellectual history, and social policy at institutions that include Cornell, UCLA, and Amherst and is now a senior fellow at the Hoover Institution. Sowell has published more than a dozen books and his latest book is a revised and updated version of his classic volume, Basic Economics-You Decide:
Basic Economics Revisited with Thomas Sowell: Chapter 1 of 5 (Who was to blame for financial crisis? Thomas Sowell points some fingers.)-Posted on National Review Online-On January 3, 2011:
Basic Economics Revisited with Thomas Sowell: Chapter 2 of 5 (Thomas Sowell rates the Bernanke Fed’s ongoing policy of quantitative ease.)–Posted on National Review Online-On January 4, 2011:
Basic Economics Revisited with Thomas Sowell: Chapter 3 of 5 (Does the U.S. really spend too much on health care? Thomas Sowell responds.)-Posted on National Review Online-On January 5, 2011:
Basic Economics Revisited with Thomas Sowell: Chapter 4 of 5 (Should people worry about the trade balance? Thomas Sowell responds.)–Posted on National Review Online-On January 6, 2011:
Basic Economics Revisited with Thomas Sowell: Chapter 5 of 5 (Thomas Sowell explains why he is less than optimistic about the future of the United States.)–Posted on National Review Online-On January 7, 2011:
Note: These are other articles and/or blog posts and videos that relate to and/or support the above articles and/or blog posts and videos-You Decide:
Breaking-United State’s New Hero ~ Vladimir Putin: Russia Issues International Arrest Warrant For Rothschild Henchman & Leftist Savior George Soros!-Posted on Political Ve Craft-On March 23, 2012:
The Barney Frank Era: ‘The Congressman from Fannie Mae retires.’–Posted on The Patriot Post-By Nate Jackson for The Patriot Post Editorial Team-On November 30, 2011:
How Paulson Gave Hedge Funds Advance Word of Fannie Mae Rescue!–Posted Bloomberg News-By Richard Teitelbaum–On November 29, 2011:
Vanishing credit: ‘Finding out just exactly who qualifies for ‘stimulus’’–Posted on WND.com-On November 14, 2011:
Bloomberg: Congress Caused the Mortgage Crises!-Posted on Capital New York-By AZI PAYBARAH-On November 1, 2011:
Smoking Gun: The Government Caused the Subprime Mortgage Crisis!-Posted on RushLinguagh.com-By Rush Linbaugh-On October 31, 2011:
The Nature and the Origin of the Subprime Mortgage Crisis!-Posted by San José State University Department of Economics–By Thayer Watkins, applet-magic.com:
Fannie, Freddie, Ginnie and Their Pimps!–Posted on American Thinker-By Jack Curtis-On April 9, 2011:
Bosses at bailed-out Fannie, Freddie were paid millions!–Posted on The York Times-By GRETCHEN MORGENSON-On April 1, 2011:
Cleaning Fannie’s and Freddie’s Stables!–Posted on The New American-By JOHN F. MCMANUS-On March 9, 2011:
Will Soros Get His Wish? ‘See The Destruction of Capitalism and A New World Order!’–Posted on America’s Survival-By Cliff Kincaid-On May 10, 2010:
Who’s Afraid of the Big Bad Soros?-Posted on Canada Free Press-By Joy Tiz-On February 3, 2010:
Was the Economic Crisis Manufactured?-Posted on American Thinker-By Nancy Morgan-On March 05, 2011:
The Real State of the Union–Posted on USA Survival News-By Zubi Diamond-On January 26, 2011:
Documentary Meltdown – The Secret History of the Global Financial Collapse–Posted on YouRTubeNews-By UnSlaveMe-On January 2, 2011:
FBI Visit Exposes Trade-Probe Tactics–Posted on The Wall Street Journal-BySUSAN PULLIAM-On November 22, 2010:
Why Do Blacks Still Buy The Government Plantation Lie?-Posted on Townhall-By Star Parker-On November 15, 2010:
Morning Bell: When Will Our Progressive Corporatism Nightmare End?-Posted on The Heritage Foundation-On October 22, 2010:
Freddie Mac posts $4.1B loss for Q3-Posted on Yahoo News-By The Associated Press-On November 3, 2010:
Obama choice helped Fannie block oversight: ‘National security adviser tied to discrediting of probe’–Posted on The Washington Times-By Jim McElhatton, The Washington Times-On October13, 2010:
About That ‘Ditch’: President Obama speaks as if he’s had nothing to do with our economic woes.-Posted on National Review Online-By MONA CHAREN-On October 19, 2010:
President Obama Says Chamber of Commerce Using Foreign Funds to Influence US Elections–Posted on ABCNews.com-By Jake Tapper-On October 07, 2010:
More evidence emerges of rampant voter fraud in 2008–Posted on The Examiner-By Robert Moon-On September 25, 2010:
The Dodd-Frank Financial Reform Bill:‘The Left Wins—But the Economy Loses’–Posted on Capital Research Center-By Christopher Mylenbusch-October 2010 Issue:
Barney Frank: Tea Partiers have tied me to the railroad tracks!-Posted on The Washington Examiner-By David Freddoso, Online Opinion Editor-On October 12, 2010:
The two fronts of your most crucial war–Posted on Laigle’s Forum-By Don Hanks-On October 6, 2010:
Question:Did the above articles and/or blog posts and videos paint a true picture of what we were to expect under this president, as evidenced by our current economic situation (e.g., unemployment rate, home foreclosures, etc.) or maybe some of you have deliberately chosen not to get confused with the facts while our country is being destroyed from within?
Note:The above articles and/or blog posts and videos relate to and/or overwhelmingly support my blog posts-You Decide:
Who or What Was Behind the Financial Crisis?
ACORN-The Community Reinvestment Act (CRA)-Automaker Labor Unions:
President Obama and ACORN Connection!
New York Times Finally Admits It Spiked Obama/ACORN Corruption Story!
What do Obama, Tim Geithner, The Ford Foundation, Fannie Mae/Freddie Mac, China and Muslims have in common?
Was there a conspiracy to put Obama in the White House?
The Wall Street Bailout Bill Threatens Our Bottom Line!
Tyrannical Takeover of Our Financial Services Sector By the Federal Government!
U.S. Debt to Hit $20 Trillion in 10 Years!
U.S. Racing Toward Debt ‘Shock’
The Obama Fiscal Responsibility Farce Continues!
Manipulation Behind Market Plunge!
Progressives and Communists Are Out of the Closet Together!
Progressive group maps out President Obama’s strategy for next 2 years!
Is the Fed’s concept of buying $600 billion of Treasuries just a smokescreen?
Treasury Secretary hired firm to help cover-up stimulus records!
Is it important to understand the Marxist assault on the foundations of our system?
Is George Soros deliberately handicapping American energy?
Could the oil spill be an Act of War?
Where Is America Today?
Washington Times Calls for Obama’s Impeachment!
A Nation Adrift Theme and Disclaimer:
“Food For Thought”
“God Bless & Keep Our USA Safe”