Thread: How Democrats Destroied Our Economy.

Video:
YouTube - Timeline shows Bush, McCain warning Dems of financial mess

President Bush saw the crisis coming and warned about it in 2001, 2002, 2003, 2004, 2005, 2006, 007, 2008.

He came out with a bill 5 years ago but was ridiculed by Democrats who refused to pass legislation that would reform Freddie Mae and Fannie Mac. The bill was blocked by democrats.

Among the democrats that criticized the President are .

Video:
YouTube - Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis

Barney Frank (D) Massachusetts Financial Services Committee Chairman : ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

Melvin L. Watt (D) North Carolina : ''I don't see much other than a shell
game going on here, moving something from one agency to another and in the
process weakening the bargaining power of poorer families and their ability
to get affordable housing,''

New Agency Proposed to Oversee Freddie Mac and Fannie Mae - New York Times

YouTube - McCain's Early Recognition of Fannie/Freddie Crisis

Here are a few more Democrats that criticized legislation to increase regulation of Fannie/Freddie in 2004

Maxine Waters (D) California: "Through nearly a dozen hearings, we were frankly trying to fix something that wasn't broke. Mr. Chairman, we do not have a crisis at Freddie Mac, and particularly at Fannie Mae, under the
outstanding leadership of Franklin Raines." [Raines would barely avoid
prosecution for fraud.

Gregory Meeks (D) New York: "I'm just pissed off at OFHEO [the regulators trying to warn Congress of insolvency at the GSEs], because if it wasn't for you, I don't think we'd be here in the first place. . There's been nothing that indicated that's wrong with Fannie Mae, Freddie Mac has come up on its own . The question that then comes up is the competence that your agency has with reference to deciding and regulating these GSEs."

Lacy Clay (D) Missouri: "This hearing is about the political lynching of Franklin Raines."

Barney Frank (D) Massachusetts: "I don't see anything in this report that
raises safety and soundness problems."
Hot Air Blog Archive Video: Democrats insist “nothing wrong” at Fannie Mae, Freddie Mac in 2004

VIDEO
YouTube - Democrats Defend Fannie/Freddie from Regulation - 2004 Video

President Bush continued to warn congress on deaf ears from 2001 to 2008.

Democrats continued to block legislation with the excuse that if it passed the poor wont be able to get home loans.

Just the Facts: The Administration's Unheeded Warnings About the Systemic Risk Posed by the GSEs

John McCain co-sponsored a bill (Federal Housing Enterprise Regulatory Reform Act of 2005)

It would have prevented this crisis all together. Democrats also blocked it and it never even came to a vote. In his floor speech in support of this bill McCain criticized Fannie/Freddie and
predicted this crisis before it happened

S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005 (GovTrack.us)

John McCain: "If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole."

GovTrack: Senate Record: FEDERAL HOUSING ENTERPRISE REGULATORY REFORM... (109-s20060525-16)

Video:
YouTube - Hannity on Obama's Cozy Connections with Fannie and Freddie

How Barack Obama is connected:
Both Former CEO's of Fannie (Franklin D. Raines / James A. Johnson) were
Barack Obama's economic advisors and assisted both with and on his campaign staff.

Tough Decision Coming - washingtonpost.com

On the Outside Now, Watching Fannie Falter - washingtonpost.com

Barack Obama received the 2nd most campaign contributions from
Fannie/Freddie in the amount of $126,349 with only 3 years in office. He
fell second to Chris Dodd (D) who is the chair of the Banking Committee. (The
committee that oversees Freddie/Fannie). John McCain received only $21,000
in campaign contributions in the past 20 years in office.

OpenSecrets | Update: Fannie Mae and Freddie Mac Invest in Lawmakers - Capital Eye

In 1995 Barack Obama as a lawyer sued City Bank because they were not giving out loans to low income/high risk minorities who couldent afford them. Obama filed a discrimination lawsuit citing the Community Reinvestment Act and won. Citibank was forced to make bad loans which is the very cause of this housing crisis! Note that Citibank went under last week.

Hot Air Blog Archive What does a community organizer do? Pressure banks to make bad loans

Hot Air Blog Archive A great example of how we got to the credit-market meltdown

[/B] Yet another lender went under last week (Lehman Brothers). Obama was also the second highest recipient of campaign contributions from Lehman Brothers in the amount of over $395,574 with only 3 years in office. John McCain only received $145,100 total in the past 20 years in office. Note that Obama made this outstanding sum of money from Fannie/Freddie/Lehman Bros IN ONLY 3 YEARS IN OFFICE.

OpenSecrets | Brothers Grim: Is Lehman Next? - Capital Eye

Politically Drunk On Power!: Obama's Sub-Prime Buddies! Lehman Brothers, Merrill Lynch, & More

John McCain ads:
Obama's advisor Jim Johnson (Former CEO of Fannie Mae)
JohnMcCain.com - McCain-Palin 2008

Obama's advisor Franklin Raines (Former CEO of Fannie Mae)
JohnMcCain.com - McCain-Palin 2008

McCain predicted this crisis while Obama did nothing. Bill Clinton Agrees!
JohnMcCain.com - McCain-Palin 2008

Fannie Mae CEO calls the democrats (Family) and says that Fannie/Freddie would not exist without the Dems!

VIDEO
YouTube - Explosive Video, Fannie Mae CEO calling Obama and the Dems the "Family" and "Conscience" of Fannie Mae

The people Who Made This Happen!

FDR: Made the "NEW DEAL" that gave birth to Fannie Mae.

Jimmy Carter: Made the "Community Reinvestment Act" An act that lowered regulations to give low income families home loans.

Bill Clinton: Expanded the community reinvestment act to further give low income families loans.

Franlin Raines: CEO of Fannie Mae, Obama campaign advisor, and former Clinton cabinet staffer. He saw the problem and cashed in his money and ran.

Jim Johnson: Another CEO of Fannie Mae and Obama Campaign Advisor. He came in after Raines and did the same as Raines.

Barney Frank: Chair of the Financial Services Committee. He defended Fannie/Freddie as he oversaw them and watched them destroy our economy.

Chris Dodd: Chair of the Banking Committee. He oversaw all banking affairs and defended Fannie/Freddie as he watched them run our country in to the dirt.

The Congressional Black Caucus: They liked the fact that Fannie/Freddie made it possible for poor minorities who couldn’t afford home loans to get home loans. They made millions from Fannie/Freddie.

Barack Obama: A champion of community organizing and ACORN lawyer. He sued banks to make loans to people coulden’t afford them citing the community reinvestment act.

Christopher Cox: Securities and Exchange chair. He stood ideally by while he watched Fannie / Freddie run our country in to the ground. he admitted that he "made a mistake".

ACORN: A nation wide community organizing and voter fraud organization. They bullied Banks in to giving out loans to poor minorities who couldn’t afford them through radical means.

Video:
YouTube - Explosive Audio Unearthed: After the Sub Prime Crisis already started in 2007 Obama says Sub Prime Mortgages that gave houses to people WHO COULDN'T AFFORD THEM was a GOOD IDEA!!

You missed the Ronald raygun free deregulation and free market mess along with what Bush added is far and away more a contributing factor than all the democratic errors.

Originally Posted by April15

You missed the Ronald raygun free deregulation and free market mess along with what Bush added is far and away more a contributing factor than all the democratic errors.

Reagan had nothing to do with the Community Reinvestment Act. But thanks for not reading the thread. The Democrats own this! But then again it wasent deregulation that got us in to this mess! It was regulation! CRA is one massive dumb regulatory act that destroied our economy and the Democrats own it!

Toby.....another masterpiece....5 stars!

Originally Posted by Toby

The Democrats own this! But then again it wasent deregulation that got us in to this mess! It was regulation! CRA is one massive dumb regulatory act that destroied our economy and the Democrats own it!

I couldnt agree more....

Originally Posted by Badmutha

Toby.....another masterpiece....5 stars!



I couldnt agree more....

Thanks. I worked hard on it. But I couldent find the Fannie Mae Donations to liberal organisations like planned parenthood, mediamatters, ACORn etc etc etc. i know its out there but I cant find it. When I do I will post it here.

Let's be real clear here. Reagan (and Bush I) expicitly and enthusiastically embraced financial socialism in the housing market to boost a lagging economy. Only under their administrations, the mortgage giveaway was exclusively aimed at the middle class. In 1992, the Democrats were just finally saying so long as you're giving away government largess, how about at least spread it marginally wider. Their intentions were good, and in fact the Clinton Administration put breaks on the whole affair in its first term, though loosened up in their second while under siege.

But the party really only hit high-gear after Senator Phil Gramm killed Glass-Steagal's Depression-era firewalls. And once the hyennas in W's administration got in office, they further greased the tracks of the runaway train by crippling much of the remaining oversight and enforcement. They deliberately did nothing to stop it because they realized the housing market 'bubble' was the only thing that could prop up their long-planned war in Iraq.



Note in particular, the rise of Asset Backed Securities (ABS) issues coincides with the war; just in time to prop up the economy as it started to correct itself in the face of that crisis. Oh, and it wasn't just mortgages - those ABS issues also comprised the Student Loan Crisis which saw a parallel frenzy of fraud as the banking community figured they could roll those loans into the ABS mix along with autos and credit card debt. Essentially, all forms of our common debt were rolled into the MBS/ABS slice-and-dicer to feed a very large and all encompassing Ponzi scheme built on 'vanishing' risk.

In fact, if your read the details of the 'technical analysis' currently all the rage in the financial sector today, it all revolves around the fact that all our debt was sliced-and-diced so finely and repeatedly that it is now largely impossible by almost any means for the ABS holders to trace those instruments back to individual houses, automobiles, students, and cardholders - the whole debt market effectively acted as a massive money laundering operation the scale and scope of which the Mafia could only have wet dreams about.

A good friend, who in the late 80s got his Ph.D. in Accounting (Auditing / Regulatory Oversight), summed it all up succinctly:

"Corporations, absent appropriate regulatory oversight, are indistinguishable from organized crime."

He said it was pretty obvious from the go-go, junk-bond 80's where this was all headed. He noted that that same crowd mounted sustained and continuous attacks against government oversight from the 90's on once the 'easy money' and lootable piles of unprotected cash of the 80's dried up and they were all faced with the prospect of actually having to go back to [honest] work.

So, while there is plenty of blame to go around, make no mistake about it - this was all a socialist party thrown by Republicans and then crashed at the eleventh hour by financial felons in the banking industry and the hooligans on Wall Street...

What you leave out Crowley, is that liberal democrats controlled congress most of those years. Maybe you should draw a graph showing how the economy had grown since 2006, when democrats took over congress. By the way, if Clintons reign was so successful, who controlled congress 6 out of the eight years he was president?