Truth is the beginning of wisdom…


Posted by straight shooter on February 24, 2009 under General, Political, Theological Concerns

These are the facts … you decide.

1.) Fannie May and Freddie Mac – two financial institutions created by the government to make more money available for home mortgages.

2.) Jimmy Carter who signed the Community Reinvestment Act – a law requiring that mortgages must be given to minorities who lacked “credit worthiness” (i.e., a proven ability to repay the loan).  This law was opposed by most all banks but championed and coerced into being by guess who? – ACORN.

3.) Bill Clinton further increased the federal money available for these “sub-prime” mortgages and also lowered the standards for obtaining these mortgages.  Coincidently, Clinton’s point man on this was Franklin Delano Raines, Director of Office of Management & Budget, who left Fannie Mae to serve in Clinton’s administration and returned to Fannie Mae as its CEO in Clinton’s last year in office.  (Remember the name, Franklin Delano Raines, in case Obama tries to slip him into a financial position.)

4.) In 2003 when George W. Bush was president new regulators found that Fannie & Freddie executives overstated their profits by nearly $11 billion to pump up their bonuses.  Bush proposed sweeping regulatory changes; the Senate Democrats killed Bush’s reform plan.  At that time, the House Financial Services Committee Chairman, Rep. Barney Frank, (D-MA), emphatically stated that Fannie & Freddie ‘were not facing any kind of financial crisis.” (he’s already infamous).

5.) Senator John McCain, in 2005, sponsored a Fannie & Freddie reform bill.  At the time, McCain warned that if “Congress does not act – the  housing market and overall economy” is in peril.  Senate Majority Leader, Harry Reid, said McCain was just trying to impede the Fannie & Freddie mission.  McCain’s bill was defeated.

In 2008 John McCain’s concern and predictions came true.  The housing market collapsed and the economy went into a downward spiral and continues …

6.) There appears to be a definitive history of Democrats seeking to accomplish their social agenda and increasing their base – through manipulation of our financial institutions.

P.S. – Obama’s newly named White House chief-of-staff, Rahm Emanuel, was on the Board of Directors of Freddie Mac when the SEC accused it of deceiving its shareholders about its profits.  No conflict of interest here!