It's the Democrats, DON'T blame GWB !!

It's the Democrats, DON'T blame GWB !!

PostBy: LsFarm On: Thu Mar 19, 2009 1:31 pm

Here it is,, plain and simple, Democrats are the fools who wanted to buy votes by making it easy to get a mortgage, regardless if you had a job, had enough income, had bad credit or had just about ANY reason to NOT loan you money...

GWB and the Republican party had the misfortune of having the house of cards collapse while in office. And our beloved Liberal Media repeats the lies and misdirections so often that just about everyone believes it is GWB's fault and the Republican parties fault... but that is IS NOT TRUE..

Read it and weep... the greatest country in the world and the largest, most prosperous economy in the world has been brought to it's knees by Liberal Vote-buying.


"What Caused the Loan Crisis":
> >
> > 1977: Pres. Jimmy Carter signs into Law the Community Reinvestment Act
> > the foundation and cornerstone for the impending disaster.. The law
> > pressured financial institutions to extend home loans to those who would otherwise
> > not qualify.
> >
> > The publicized premise: Home ownership would improve poor and crime-ridden
> > communities and neighborhoods in terms of crime, investment, jobs, etc.
> >
> > The Results: Statistics bear out that it did not help.
> >
> > How did the government get so deeply involved in the housing market?
> >
> > Answer: Bill Clinton wanted it that way.
> >
> > 1992: Republican representative, Jim Leach (IO) warned of the danger that
> > Fannie and Freddie were changing from being agencies of the public at large
> > to money machines for the principals and the stock holding few.
> >
> > 1993: Clinton extensively rewrote Fannie Mae and Freddie Mac's rules
> > turning the quasi-private mortgage-funding firms into semi-nationalized
> > monopolies dispensing cash and loans to large Democratic voting blocks and handing
> > favors, jobs and contributions to political allies. This potent mix led
> > inevitably to corruption and now the collapse of Freddie and Fannie.
> >
> > 1994: Despite warnings, Clinton unveiled his National Home-Ownership
> > Strategy which broadened the CRA in ways congress never intended.
> >
> > 1995: Congress, about to change from a Democrat majority to Republican,
> > Clinton orders Robert Rubin's Treasury Dept to rewrite the rules. Robt.
> > Rubin's Treasury reworked rules, forcing banks to satisfy quotas for sub-prime
> > and minority loans to get a satisfactory CRA rating. The rating was key to
> > expansion or mergers for banks. Loans began to be made on the basis of race
> > and little else.
> >
> > 1997 - 1999: Clinton, bypassing Republicans in Congress, enlisted Andrew
> > Cuomo, then Secretary of Housing and Urban Dev elopement, allowing Freddie
> > and Fannie to get into the sub-prime market in a BIG way. Led by Rep.
> > Barney Frank and Sen. Chris Dodd, congress doubled down on the risk by easing
> > capital limits and allowing them to hold just 2.5% of capital to back their
> > investments vs. 10% for banks. Since they could borrow at lower rates than
> > banks their enterprises boomed.
> >
> > With incentives in place, banks poured billions in loans into poor
> > communities, often "no doc", "no income", requiring no money down and no
> > verification of income. Worse still was the cronyism: Fannie and Freddie became home
> > to out-of work-politicians, mostly Clinton Democrats. 384 politicians got
> > big campaign donations from Fannie and Freddie. Over $200 million had been
> > spent on lobbying and political activities. During the 1990's Fannie and
> > Freddie enjoyed a subsidy of as musch as $182 Billion, most of it going to
> > principals and shareholders, not poor borrowers as claimed.
> >
> > Did it work? Minorities made up 49% of the 12.5 million new homeowners
> > but many of those loans have gone bad and the minority homeownership rates are
> > shrinking fast.
> >
> > 1999: New Treasury Secretary, Lawrence Summers, became alarmed at Fannie
> > and Freddie's excesses. Congress held hearings the ensuing year but nothing
> > was done because Fannie and Freddie had donated millions to key congressmen
> > and radical groups, ensuring no meaningful changes would take place. "We
> > manage our political risk with the same intensity that we manage our credit
> > and interest rate risks," Fannie CEO Franklin Raines, a former Clinton
> > official and current Barack Obama advisor, bragged to investors in 1999.
> >
> > 2000: Secretary Summers sent Undersecretary Gary Gensler to Congress
> > seeking an end to the "special status". Democrats raised a ruckus as did
> > Fannie and Freddie, headed by politically connected CEO's who knew how to reward
> > and punish. "We think that the statements evidence a contempt for the
> > nation's housing and mortgage markets" Freddie spokesperson Sharon McHale said.
> > It was the last chance during the Clinton era for reform.
> >
> > 2001: Republicans try repeatedly to bring fiscal sanity to Fannie and
> > Freddie but Democrats blocked any attempt at reform; especially Rep. Barney
> > Frank and Sen.Chris Dodd who now run key banking committees and were huge
> > beneficiaries of campaign contributions from the mortgage giants.
> >
> > 2003: Bush proposes what the NY Times called "the most significant
> > regulatory overhaul in the housing finance industry since the savings and loan
> > crisis a decade ago". Even after discovering a scheme by Fannie and Freddie to
> > overstate earnings by $10.6 billion to boost their bonuses, the Democrats
> > killed reform.
> >
> > 2005: Then Fed chairman Alan Greenspan warns Congress: "We are placing
> > the total financial system at substantial risk". Sen. McCain, with two
> > others, sponsored a Fannie/Freddie reform bill and said, "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". Sen. Harry Reid accused the GOP ;of
> > trying to "cripple the ability of Fannie and Freddie to carry out their
> > mission of expanding homeownership" The bill went nowhere.
> >
> > 2007: By now Fannie and Freddie own or guarantee over HALF of the $12
> > trillion US mortgage market. The mortgage giants, whose executive suites were
> > top-heavy with former Democratic officials, had been working with Wall St.
> > to repackage the bad loans and sell them to investors. As the housing
> > market fell in '07, subprime mortgage portfolios suffered major losses. The
> > crisis was on, though it was 15 years in the making.
> >
> > 2008: McCain has repeatedly called for reforming the behemoths, Bush
> > urged reform 17 times. Still the media have repeated Democrats' talking points
> > about this being a "Republican" disaster. A few Republicans are complicit
> > but Fannie and Freddie were created by Democrats, regulated by Democrats,
> > largely run by Democrats and protected by Democrats. That's why taxpayers are
> > now being asked for $700 billion!
> >
> > If you doubt any of this, just click the links below and listen to your
> > lawmakers own words. They are condemning ...
> >
> > _http://www.youtube.com/watch?v=68D9XrqyrWo&feature=related_
> > (http://www.youtube.com/watch?v=68D9XrqyrWo&feature=related)
> > __
> > (http://www.youtube.com/watch?v=68D9XrqyrWo&feature=related) #
> > _http://www.youtube..com/watch?v=pIgqfM5C8lY#_ (http://www.youtube..com/watch
> > ?v=pIgqfM5C8lY#)
> > _http://www.youtube.com/watch?v=H9juJr8CSY4&feature=related_
> > (http://www.youtube.com/watch?v=H9juJr8CSY4&feature=related)
> > __
> > (http://www.youtube.com/watch?v=H9juJr8CSY4&feature=related) #
> >
> >
> > IMPORTANT POSTSCRIPT: ACORN is one of the principle beneficiaries of
> > Fannie/Freddie's slush funds. They are currently under indictment or
> > investigation in many states. Barack Obama served as their legal counsel, defending
> > their activities for several years



Greg L
LsFarm
 
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Re: It's the Democrats, DON'T blame GWB !!

PostBy: mikeandgerry On: Thu Mar 19, 2009 2:15 pm

Great post, Greg.

While I do blame both parties, the dems bear much more responsibility. The truly heinous effect is that they won the most recent election as a result of this program, but not on its merits. The program they sponsored to increase home ownership disproportionately affected democratic voters. While not in itself wrong, it caused dems to move from mostly democrat cities to mixed democrat/republican suburbs. Because the shift retained high concentrations of Dems in the cities they kept those votes but in the suburbs the dems gained considerable ground tipping the balance in certain states. It was planned long ago. It was very shrewd.

Now that they have seized power, fully corrupted the media, and blamed the Republicans, they will use their power to keep subprime voting dems in their new homes with extensive bailouts, gerrymander the remaining districts, and continue to blame Republicans for our economic woes.

What can I say? Democrats suck!
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Re: It's the Democrats, DON'T blame GWB !!

PostBy: Devil505 On: Thu Mar 19, 2009 2:19 pm

LsFarm wrote:GWB and the Republican party had the misfortune of having the house of cards collapse while in office. And our beloved Liberal Media repeats the lies and misdirections so often that just about everyone believes it is GWB's fault and the Republican parties fault... but that is IS NOT TRUE..


Amazing that with Fox News having the highest viewership ratings of all the others combined (according to your side) , with control of the White House for the last 8 years & with control of Congress for 12 of the last 14 years that you Republicans were unable to prevent the Evil Liberals from doing so much damage......... & then convincing the American voter that it was you guys! :lol:
Even if that "Fairy Tale" was true, it would simply point out that Republicans are way to incompetent to ever be allowed to run anything again....Right? ;)

Edit: Welcome back Greg. Where you been? :lol:
Last edited by Devil505 on Thu Mar 19, 2009 3:51 pm, edited 2 times in total.
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Re: It's the Democrats, DON'T blame GWB !!

PostBy: LsFarm On: Thu Mar 19, 2009 2:58 pm

I've been away, working, to support my improbable retirement.. since you have your [R] blinders on as usual, nothing I can say will make any difference to your thought process.. but my 401K is about 4.01K [thanks Carter, Clinton and Reno, etal] and I'll probably live to at least 90, unless some gun-grabber SOB tries to infringe... OH hell nevermind..

The whole meltdown was created by 'do-gooders' wanting to buy votes. Democratic liberals and idiots believe what they hear on the TV and radio.. Then vote.

If you really want to find out what happened, learn about how bills are proposed, how they either see the light of day or disappear.. regardless of who is in charge in the white house or congress.. take your $%#$#%$%$&& blinders off and read..

Dev,, I sure hope I'm wrong.. because your children and grandchildren will be living in a third world country, the USAOBAMA Socialist States of AMerica. YOU will never have anything to worry about,, us working stiffs will be paying the taxes that support the rest of the system..

Greg L
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Re: It's the Democrats, DON'T blame GWB !!

PostBy: jpete On: Thu Mar 19, 2009 3:12 pm

I would very much like to agree with you Greg but you can't ignore the fact that Gramm and Leach of the "Gramm/Leach/Bliley Act" are Republicans. The simple fact is that if people can "afford" a home and see the numbers in their 401k going up and up every week then they are happy. And happy voters don't want to upset the applecart. Which means a near 100% return of incumbents. And for the professional politicians that's all that matters.
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Re: It's the Democrats, DON'T blame GWB !!

PostBy: Devil505 On: Thu Mar 19, 2009 3:34 pm

LsFarm wrote:Dev,, I sure hope I'm wrong.


Let me make you feel better Greg.......You are.. ;)

(assuming you aren't flying soon.........have a beer......on me! :cheers: )
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Re: It's the Democrats, DON'T blame GWB !!

PostBy: Paulie On: Thu Mar 19, 2009 4:14 pm

Plenty of blame to go around. What nobody is touching is the question of "ethics" in all of this. That someone would
sign for a note they knew they could not pay. That someone pushed for that same signature, "knowing" that the note was
BS. That some one packaged and sold those notes for investment, KNOWING that they were bogus.....it goes on and on.
So, we can sit around and blame the political players. But really, it is our culture as a whole that is the culprit. That is clear
in that every one down the line, time and time again, took the money knowing it was WRONG.
A more accurate debate would be about who is to blame for the moral decline of our population? Where simple right and
wrong and common decency are by and large gone? Decent people are now the exception, not the rule. Why? The answer
is messy and who to blame is not quite as obvious as it would appear at first glance. But the big question is " What does
any of this have to do with Anthracite?" :lol:
Last edited by Paulie on Thu Mar 19, 2009 7:19 pm, edited 1 time in total.
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Re: It's the Democrats, DON'T blame GWB !!

PostBy: acesover On: Thu Mar 19, 2009 6:19 pm

And now we have dirt bags wife to look out for our intrests abroad. LOW life southern SCUM.
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Re: It's the Democrats, DON'T blame GWB !!

PostBy: BillMarti On: Thu Mar 19, 2009 6:37 pm

Paulie,

You do have something there when they took prayer out of schools in 1962 the assault on teachers continue to go up and education continues to go down and thats a fact. No morals led to complete disrespect as I noticed from a few people that make comments.

Bill S.
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Re: It's the Democrats, DON'T blame GWB !!

PostBy: acesover On: Thu Mar 19, 2009 7:04 pm

My post may show disrspect, I paid my dues in Vietnam, I didn't DODGE the draft, like some sothern scumbags, I worked all my life, now what do I have. Nodda. So what, everyone elese I know did the same... big woop. If we want to vent..... then we vent. Oh yea when I was in school if you were bad, they beat the *censored* out of you.
sorry for the vent.
Ray
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Re: It's the Democrats, DON'T blame GWB !!

PostBy: shano06 On: Thu Mar 19, 2009 7:45 pm

I really have tried to ignore these political threads but this is the same argument that I have with the Republicans that I work with. Anyways, I am a 22 year old homeowner that bought my house about 1 year before the collapse. I have never been late for a payment and pay my mortgage every month, just like 94% of Americans. I find it hard to believe that 6% of one industry in the whole market can collapse it. What Republicans are blind to are that what caused this was the deregulations of REGAN allowed these rediculous amount of bad securitys that were traded between banks. The market doesnt regulate itself unlike you Republicans like to believe( check out what happened in1929 if you dont believe me.) Just one last thing, how do you think Bernie Madoff voted? My bet is Republican.
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Re: It's the Democrats, DON'T blame GWB !!

PostBy: Ed.A On: Thu Mar 19, 2009 8:01 pm

LsFarm wrote:I sure hope I'm wrong.. because your children and grandchildren will be living in a third world country, the USAOBAMA Socialist States of AMerica. YOU will never have anything to worry about,, us working stiffs will be paying the taxes that support the rest of the system..
Greg L


Damn straight Greg, you sir are correct (I know..ditto) We are now entering the age of upside down society.

Everyone wants to ride, nobody left to push.....unless of course one thinks that Government is supposed to do it for you.
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Re: It's the Democrats, DON'T blame GWB !!

PostBy: Black_And_Blue On: Thu Mar 19, 2009 8:06 pm

shano06 wrote:Just one last thing, how do you think Bernie Madoff voted? My bet is Republican.


I'll take that bet, I'll bet your wrong.
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Re: It's the Democrats, DON'T blame GWB !!

PostBy: shano06 On: Thu Mar 19, 2009 8:26 pm

You honestly believe that Bernie and all of his riche douchebag buddies on Wall Street voted Democrat? C'mon, really? The biggest fear of all Republicans are non existant terrorists in Iraq , and taxes. And believe me, I bet the biggest fear of a fraudulent billionaire is taxes just the same as all you Republicans reading this.
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Re: It's the Democrats, DON'T blame GWB !!

PostBy: shano06 On: Thu Mar 19, 2009 8:37 pm

Sorry Freudian slip, I meant imaginary weapons of mass destruction in Iraq.
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