Friday, October 03, 2008

Change? Obama and Democrats Involved in the Greatest Financial Crime Ever

Democrat Presidential hopeful Barack Obama
…we now have an opportunity, thanks to the New York grand jury, to probe perhaps the greatest financial crime ever — one that dwarfs Enron in size and scope.

Yes, we're talking Fannie and Freddie.
—Investors Business Daily
Investors Business Daily reports on the absolute double standards which saw Congressional Democrats drool over the down fall and conviction of corporate executives in the early 2000s yet in what is even a greater financial disaster, the $700 billion Wall Street bailout, no Democrats are yet even blamed for their part in bringing the U.S. financial house of cards down to a crashing heap left to gravel begging at taxpayers feet.

Companies like WorldCom, Enron, Tyco and Xerox all accused of cooking company books to make earnings appear greater than they were so that stock values would increase and executives would be paid millions in bonuses and other payouts were hit hard by Democrat politicians and executives and Republican politicians were both made to pay a price. (see story)

Several Execs were perpwalked out of towering corporate suites in handcuffs and tried as Democrats gleefully attempted and succeed to link Republicans to this corporate corruption.

This was the seeds of the 2006 sweep out of the Republican majority from Congress to be replaced by a Democrat majority.

How quickly we forget and how short is the American memory. As I recall Americans were incensed at the “culture of corruption”, so much so that they threw the bums out of office and with good reason.

But look in just two short years and trillions of stolen dollars in the housing markets Democrats are the new “culture of corruption” and the partisan media has not so much as mentioned the who, what, when, where, why and hows of true journalism in this the biggest story of our life time rather it is being virtually ignored, why?
There's lots of evidence that the two mortgage giants had become little more than taxpayer-guaranteed front companies for Democrats, who used them to reward supporters with cheap loans and to provide jobs for out-of-work politicians.
Why? I’ll tell you why if partisan media were to cover this story like they covered hurricanes Rita and Katrina we would have 24hours of Democrats attempting to answer corruption questions in an election year and why their failed social policies destroyed the free markets and the U.S. economy.

This would immediately discredit anything that the Democrat nominee for President has to say about what he would do for the economy.

Speaking of the Democrat nominee for President if the partisan media would report this story there would be a number of names linked to the cause of this financial crisis.

As IBD reports, Jim Johnson, former Walter Mondale aide, became head of Barack Obama's vice presidential search committee. Franklin Raines, who headed Fannie from 1998 to 2004, the years of its worst excesses, pocketed nearly $100 million in pay and bonuses from Fannie. He, too, became an adviser to Obama.

Other Fannie-Freddie alumni did equally well. Rep. Rahm Emanuel has been front and center in crafting a new rescue bill. Ex-Clinton Justice official Jamie Gorelick careens from career catastrophe to catastrophe, and still gets top jobs. It pays to have ties.

Meanwhile, as previously documented, Rep. Barney Frank and Sen. Chris Dodd repeatedly thwarted reforms.
Rep. Maxine Waters, Speaker of the House Nancy Pelosi, Senate leader Harry Reid and Presidential hopeful Barack Obama can be added to that list as well.

A Democrat controlled Senate has kept the facade up by voting to pass the bail out bill something that the House of Representatives couldn’t do.

The failed leadership of the Democrat House couldn’t pass a $700 billion dollar Wall Street bailout to cover up, money stolen in the Fannie Mae and Freddie Mac scandals, so the Senate attempted to conceal the corruption by passing their version of the bill chocked full of pork, and their bill will bail out the wealthiest on Wall Street not the middle class main street American. (see story)

Yet as of this post not one Democrat that is responsible for this world wide financial pandemic is yet to be arrested or blamed for their part in the sheer criminality that brings the western world to its financial knees.

The U.S. financial house of cards continues to fall down all around the American middle class, main street America, yet in complete ignorance and irony, main street is about to elect the ones responsible for their sufferings Sen. Barack Hussein Obama and his Democrat allies.


  1. This is an attempt to blame a pimple for the disease. Most people will recognize this as the attempt to deceive that it really is. Sure Fannie and Freddie were part of the problem, but not the cause. What was the cause? Lots of other economic stupidity and the lack of financial oversight by the Bush Administration.

    Lehman Brothers, Bear Sterns, AIG, Washington Mutual and now Wachovia all went down, but according to this blog it was mainly Fannie and Freddie that caused the crisis. No mention of the Real Estate Bubble, which was mainly caused by real estate speculation---NOT loans to poor people. No mention of the fact that banks and investment banks that were supposed to be prudent took on 33-to-1 debt/equity ratios.

    No mention of the fact that in some cases these suspect assets were put into off-balance sheet companies where they were hidden from investors. No mention of the fact that the SEC, whose head was appointed by Bush, failed to find the off-balance sheet companies because it allowed companies to “voluntarily comply” with regulations—-ha,ha,ha! No mention of the Federal Reserve Board failing to find the 33-to-1 leverage.

    No mention of the no-bid contracts which are soaring in Washington and last year increased by $60 billion.

    No mention of the sex/bribes scandals that have rocked the US government agency in charge of oil and gas royalties and which may have cost taxpayers additional billions.

    No mention of the incredible $12 billion that was sent to Iraq in the form of $100 bills (shrink-wrapped blocks of new bills) that was sent to Iraq in the early days of the war—and was never seen again. No one has ever revealed who was responsible for that decision, or who was in charge of the money, or what happened to it.

    No mention of Bush’s threat to veto even stronger economic stimulus packages than were approved, and now the economy is going down so fast we have to throw money at Wall Street to solve the problem.

    YES! Subprime mortgages were a large part of the cause (along with the 33-to-1 leverage of some banks), but Fannie and Freddie sold very few sub-prime mortgages. They were sold mainly by commercial mortgage companies, that were not subject to the CRA. Commercial Mortgage Companies did it, not Fannie and Freddie.

    Why did they do it? Because there was a lot of money in the market and they thought that they would have little risk because the mortgages were “securitized” and rated by the bond agencies, and frequently these ratings were AAA, when they should have been CCC.

    And even banks that were subject to CRA only had to make a few loans to minority areas, and nothing in the act ever said that “you have to lend to this guy even though he has no job.” Yes, you do have to make a small percentage of loans in poor areas, but you can be smart enough to find people with good jobs in poor areas.

  2. msstrauss,

    You don’t know this blog very well do you?

    Look you are a Democrat shill with a “Bush did all complex.” What’s more you can’t stand that the truth is finally coming out and Democrats are finally getting their share of the blame.

    In fact your great god and Lord Bill Clinton blames the Democrats on this global economic melt down so you’ll have to take your anti-Bush spin elsewhere.

    As for telling the full story you obviously have not followed this blog. Look through and you will find that I thoroughly record the cause for this current crisis.

    Are just a few examples.

    People that follow this blog are well informed as to the reasons why we are in this mess and it ain’t solely the Bush administration’s fault.

    In fact Barack Obama, Jimmy Carter, Bill Clinton, Barney Frank, Christopher Dodd, Maxine Waters, Nancy Pelosi, Charles Schumer and Harry Reid have more to do with this crisis than President Bush.

    Come back when you’re ready to be fair and objective and not the anti-bush-bot sycophant of the liberal left.

  3. Anonymous3:49 AM

    Nowhere on your blog did I see any mention of ACORN other than from myself, who is at the bottom of this problem. As you should know, ACORN is Obama's group, which used pressure tactics to force and humiliate the banking system into making the unsecuered subprime loans that precipitated this crisis.

    ACORN was to get 20% of the %700 Billion Bailout in the first version of the Bailout Bill. The second version of the bill that passed has a measure that invalidates the sanctity of contracts. It permits a debtor to have a judge redefine the terms of a housing loan. That means if I negotiate a loan on a house for $500,000 at 10% interest for 10 years, I can have a Judge reapraise the house for $200,000 at 5% for 30 years.

    . . . and when this gets applied to Eminent Domain, what aout for Government Land Grabs!!!

  4. With all of the overwhelming evidence pointing to the Democrats greed,stupidity and corruption, Bush still gets the blame!

    The anti Iraq war liberals conveniently forget that their own so-called leadership had to vote in favor of the invasion to make it happen.

    The "I hate George Bush"
    campaign works very well for those Demorat leaders who want to cover up their own misdeeds and suckers like smrstrauss fall for it every time.

  5. Shame on you Anon all you had to do is a blog query to the upper left to search my site.
    Put in the word acorn and you would have proven your own self wrong!

    Here I’ll make it easy for you please cut and paste the following and remember apologies are accepted here at Creating Worldview!



  6. Anonymous1:16 PM


    That was September 11th of this year. That was too long ago, and it did not nor could it link Obama and Acorn to the Bailout.

    As to my research, I actually clicked the Edit tab and used the "Find on this page" option to find that you had no recent post on Acorn, nor did you link them to the House Bill that gave then $140 Billion.

    I did my research, and it was up to date. I find you soft on the Libs.

  7. Anon shame on your revisionism!

    You said: "Nowhere on your blog did I see any mention of ACORN other than from myself,"

    When you where proven wrong then you said:"That was September 11th of this year. That was too long ago,"

    So instead of "Manning" up and saying I'm sorry Alaphiah you did post some in depth information regarding ACORN,you attempt to act like you were right all along?

    Tish, tish... I have filleted Liberals for much less offenses.

    If you are going to earn any creditability you've got to admit when you are wrong!

    Now I'm feeling generous so I'm going to over look this violation but if you expected to get posted here again you will have to be intellectually honest and less erroneous and prideful!

  8. "Nowhere on your blog did I see any mention of ACORN other than from myself"--MD

    Listen MD I've tried to work with you here but your recalcitrance is halting.

    You were wrong. You don't have to admit it but neither I don't have to suffer your intellectual dishonesty.

    When you decide to "Man up" I'll post you. It's your choice I couldn't care less!

  9. Nowhere on your blog did I see any mention of ACORN other than from myself, who is at the bottom of this problem. As you should know, ACORN is Obama's group, which used pressure tactics to force and humiliate the banking system into making the unsecuered subprime loans that precipitated this crisis.

    MD you still don't get it! the above is what you said.

    I have over 500 post on my blog and when a person says, "No where on your blog" I assume that they are using the same English language that I speak.

    If you would have said nowhere on this story or no where on this post do you mention ACORN well that's a different matter all together because you would have been absolutely correct.

    See I'm not afraid to give you props if and when you are right I have done it many, many times it the past and you know it.

    So I don't know why you're trippin' you were wrong and a simple okay I misspoke or I'm sorry, but to continue to attempt to act like those words up there are not yours and that they don't mean what they mean is "Obama" like!

    I'm not going to do anything rash I happen to think that you can be a stand up guy when you want to.

    But for the sake of clarity I am going to insist that you take responsibility for what you said to clear the air so to speak.

    Look I'm not going to post it but just so I know we're speaking the same language you acknowledge you were wrong and we move on.

    No more justifying or attempting to make a silk purse out of a sow's ear.

    You were wrong and we move on. It's that simple.

  10. It your choice! I'm done!

  11. MD, I get it! I agree with you on your assessment of ACORN and I was not and I am not offended.

    In the future the correct way to query a blog is not the edit, find on this page browser method.

    On the upper left hand side there is a specific blog query function that will search the over 500 post on this blog by putting in a search word or phrase.

    Now that, that's been established we both know that ACORN was mentioned on this blog other than by you alone, and yes maybe something current is needed.

    Now together let's defeat the "Community Organizer-in-Chief"

  12. Anonymous3:53 PM

    OK, I'll tone it down. Next time, I'll state by which method, and you can rebut.

    If Acorn & Obama wins this one, expect the USA to become a Pesthole out of this World.