Democrats opposed bills giving power to regulators to control Freddie & Fannie (Bloomberg)
○ MAXINE WATERS (D-CA): "We do not have a crisis at Freddie Mac"
○ GREGORY MEEKS (D-NY): "I am PISSED OFF at OFHEO [the regulators]"
○ BARNEY FRANK (D-MA): "I think it is clear that Fannie Mae and Freddie Mac are sufficiently secure so they are in no great danger I don't think we face a crisis; I don't think that we have an impending disaster."
Now, at a cost of hundreds of billions of dollars, middle-class taxpayers are going to be forced to bail out the Democrats two most important constituent groups: rich Wall Street bankers and welfare recipients. Political correctness had already ruined education, sports, science and entertainment. But it took a Democratic president with a Democratic congress for political correctness to wreck the financial industry.
REP. BARNEY FRANK denounced Mankiw, saying he had no concern about housing. How dare you oppose suicidal loans to people who cant repay them! The New York Times reported that Fannie Mae and Freddie Mac were under heavy assault by the Republicans, but these entities still had important political allies in the Democrats.
Meanwhile, economists were screaming from the rooftops that the Democrats were forcing mortgage lenders to issue loans that would fail the moment the housing market slowed and deadbeat borrowers couldnt get out of their loans
In BUSH's first year in office, the White House chief economist, N. Gregory Mankiw, warned that the governments implicit subsidy of Fannie Mae and Freddie Mac, combined with loans to unqualified borrowers, was creating a huge risk for the entire financial system.
In 1999, liberals were bragging about extending affirmative action to the financial sector. Los Angeles Times...hailed the Clinton administrations affirmative action lending policies as one of the hidden success stories of the Clinton administration, saying that black and Latino homeownership has surged to the highest level ever recorded.
Under Clinton, the entire federal government put massive pressure on banks to grant more mortgages to the poor and minorities. Clintons secretary of Housing and Urban Development, ANDREW CUOMO, investigated Fannie Mae for racial discrimination and proposed that 50 percent of Fannie Maes and Freddie Macs portfolio be made up of loans to low-to moderate-income borrowers by the year 2001.
Instead of looking at outdated criteria, such as the mortgage applicants credit history and ability to make a down payment, banks were encouraged to consider nontraditional measures of credit-worthiness...
THREATENING LAWSUITS, Clintons Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for a mortgage. That isnt a joke—its a fact.
Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains. by selling their houses. A decade later, the housing bubble burst and, as predicted, food-stamp-backed mortgages collapsed. Democrats set an affirmative action time-bomb and now its gone off.
"....This crisis was caused by political correctness being forced on the mortgage lending industry in the CLINTON ERA.
Before the Democrats affirmative action lending policies became an embarrassment, the Los Angeles Times reported that, starting in 1992, a majority-DEMOCRATIC CONGRESS "mandated that FANNIE and FREDDIE increase their purchases of mortgages for low-income and medium-income borrowers.
Barack Obama was the attorney representing ACORN in this effort. With this new authority, ACORN used its subsidiary, ACORN Housing, to promote subprime loans more aggressively...."
Most significant of all, ACORN was the driving force behind a 1995 regulatory revision pushed through by the Clinton Administration that greatly expanded the CRA and laid the groundwork for the Fannie Mae, Freddie Mac borne financial crisis we now confront.
ACORN showed its colors again in 1991, by taking over the House Banking Committee room for two days to protest efforts to scale back the CRA. Obama represented ACORN in the Buycks-Roberson v. Citibank Fed. Sav. Bank, 1994 suit against redlining.
In fact, minority mortgage applications were rejected more frequently than other applications-but the overwhelming reason wasn't racial discrimination, but simply that minorities tend to have weaker finances.
In 1989, sympathetic members of Congress got the Home Mortgage Disclosure Act amended to force banks to collect racial data on mortgage applicants; this allowed various studies to be ginned up that seemed to validate the original accusation.
● ACORN aggressively sought to expand loans to low income groups using the CRA as a whip....In the 1980s, groups such as the activists at ACORN began pushing charges of "redlining"-claims that banks discriminated against minorities in mortgage lending.
It originated with the Community Reinvestment Act (CRA), signed into law in 1977 by President Jimmy Carter. The CRA was Carter's answer to a grassroots activist movement started in Chicago, and forced banks to make loans to low income, high risk customers.
"...And now we have the mortgage crisis, which has sent a shock wave through Wall Street and panicked world financial markets like no other since the stock market crash of 1929. But this is a problem created in Washington long ago.
Democrats created the financial crisis. Americans are affected and are now willing to relinquish power to government and allow excessive government expansion in the form of bailouts, stimulus, change.
9. OBAMA AGREES
Obama defends the idea of subprime lending (audio)
8. DEMOCRATS BENEFITING FROM THE CRISIS: Democrats are now using their created crisis to ram their leftist 40-Year Wish List. Rahm Emanuel told us their strategy:
● DEMOCRAT RAHM EMANUEL
Emanuel, Obama's Chief of Staff, said: A CRISIS IS "AN OPPORTUNITY TO DO THINGS YOU THINK YOU COULD NOT DO BEFORE." (video #6)
Bush believed in bi-partisanship, so he appointed and trusted Democrats in his cabinet. Big mistake. Communists always find useful fools who trust them and help them. For this, Bush was criticized by Conservatives.
although he contributed to 2004 Bush fundraiser, he contributed to Bill Clinton in 1992, leftist feminist Emily's List and Democrat Senator Chuck Schumer. His wife donated to Hillary Clinton. He supported Al Gore's Global Warming Hoax while working in Goldman Sachs and has been instrumental to the growth of Chinese economic power....allowing China to purchase strategic U.S. companies and assets....and backing up American bailouts.
Although Paulson was appointed by Bush as Treasury Secretary, his Democrat DNA was evident in his actions as a transition-to-the-next-Democrat-Treasury-Secretary, former CEO of Goldman Sachs (one of Obama's top contributors, more); he named activist democrats to work with him;
7. DEMOCRATS BEHIND BUSH FAILED BAILOUT OF 2008: In 2008, a majority-Democrat Congress and Bush abandoned free-market principles and started the failed bailouts as a response to the financial crisis. Who were advising Bush?
● DEMOCRAT TIM GEITHNER
Geithner, Obama's Treasury Secretary, was the President of the Federal Reserve Bank of New York (which oversees Wall Street) and the main architect, of the Bush Administration response to the financial crisis in the form of bailouts.
6. MORTGAGE MELTDOWN: When some borrowers stopped paying, foreclosures increased dramatically which led to mortgage meltdown which led to the financial crisis.
4. GOVERNMENT FORCED BANKS: The Community Reinvestment Act (CRA) (signed into law by Democrat President Jimmy Carter in 1977 and extended by Democrat President Bill Clinton in 1995 ) and ACORN (leftist agitator group) forced Banks to give loans to unqualified borrowers.
3. DEMOCRATS PROTECTED THE SCAMMERS: Democrats opposed regulations and defended Fannie Mae & Freddie Mac even though they were cooking their books to ensure bonuses and donations.
All these fools are protesting the wrong people at the wrong place. Every one of these idiots probably voted for Obama and as the one lady says, Obama gave them the money. Protest that traitor and czar they call the president and his corrupt cohorts from Chicago in D.C. Any one who does a little reading in the right places already knows these bankers are scum and merely acquiring more wealth by their buddy Obama giving them more tax-payer money and the FED prints more . Wake up America. VOTE!!!!
Angry mob of communist who hate freedom trying to tranform this country into a slave state controled by central planners. Traitors all of them!
JeffreyStrange 2 years ago
Google "Cloward Piven Strategy" and then decide who is to blame. Dont be fools.
rightasalways 2 years ago
2005 Bill to Address the Regulation of Secondary Mortgage Market Enterprises (S.190)
John McCain said If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie
rightasalways 2 years ago
Contrary to what the main-stream media (MSM) is unwilling to report, the record shows Republicans tried to avoid the crisis
○ BUSH ADMINISTRATION(2002-2008)
-->2002-2007: Washington Post Tracks Efforts From Bush Administration to Avoid Financial Crisis
-->2008: Bush Called For Reform of Fannie Mae & Freddie Mac 17 Times in 2008 Alone...Dems Ignored Warnings
rightasalways 2 years ago
Check the Congressional Records that show how Democrats opposed regulating Fannie Mae & Freddie Mac (two of the seeds of today's financial meltdown):
--->Hearing of the House Committee on Financial Services (H.R. 2575) (2003)
--->Hearing on Accounting Failure at Fannie Mae (2004) (PDF)
rightasalways 2 years ago
Democrats opposed bills giving power to regulators to control Freddie & Fannie (Bloomberg)
○ MAXINE WATERS (D-CA): "We do not have a crisis at Freddie Mac"
○ GREGORY MEEKS (D-NY): "I am PISSED OFF at OFHEO [the regulators]"
○ BARNEY FRANK (D-MA): "I think it is clear that Fannie Mae and Freddie Mac are sufficiently secure so they are in no great danger I don't think we face a crisis; I don't think that we have an impending disaster."
rightasalways 2 years ago
Now, at a cost of hundreds of billions of dollars, middle-class taxpayers are going to be forced to bail out the Democrats two most important constituent groups: rich Wall Street bankers and welfare recipients. Political correctness had already ruined education, sports, science and entertainment. But it took a Democratic president with a Democratic congress for political correctness to wreck the financial industry.
rightasalways 2 years ago
REP. BARNEY FRANK denounced Mankiw, saying he had no concern about housing. How dare you oppose suicidal loans to people who cant repay them! The New York Times reported that Fannie Mae and Freddie Mac were under heavy assault by the Republicans, but these entities still had important political allies in the Democrats.
rightasalways 2 years ago
Meanwhile, economists were screaming from the rooftops that the Democrats were forcing mortgage lenders to issue loans that would fail the moment the housing market slowed and deadbeat borrowers couldnt get out of their loans
In BUSH's first year in office, the White House chief economist, N. Gregory Mankiw, warned that the governments implicit subsidy of Fannie Mae and Freddie Mac, combined with loans to unqualified borrowers, was creating a huge risk for the entire financial system.
rightasalways 2 years ago
In 1999, liberals were bragging about extending affirmative action to the financial sector. Los Angeles Times...hailed the Clinton administrations affirmative action lending policies as one of the hidden success stories of the Clinton administration, saying that black and Latino homeownership has surged to the highest level ever recorded.
rightasalways 2 years ago
Under Clinton, the entire federal government put massive pressure on banks to grant more mortgages to the poor and minorities. Clintons secretary of Housing and Urban Development, ANDREW CUOMO, investigated Fannie Mae for racial discrimination and proposed that 50 percent of Fannie Maes and Freddie Macs portfolio be made up of loans to low-to moderate-income borrowers by the year 2001.
rightasalways 2 years ago
Instead of looking at outdated criteria, such as the mortgage applicants credit history and ability to make a down payment, banks were encouraged to consider nontraditional measures of credit-worthiness...
THREATENING LAWSUITS, Clintons Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for a mortgage. That isnt a joke—its a fact.
rightasalways 2 years ago
Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains. by selling their houses. A decade later, the housing bubble burst and, as predicted, food-stamp-backed mortgages collapsed. Democrats set an affirmative action time-bomb and now its gone off.
rightasalways 2 years ago
"....This crisis was caused by political correctness being forced on the mortgage lending industry in the CLINTON ERA.
Before the Democrats affirmative action lending policies became an embarrassment, the Los Angeles Times reported that, starting in 1992, a majority-DEMOCRATIC CONGRESS "mandated that FANNIE and FREDDIE increase their purchases of mortgages for low-income and medium-income borrowers.
rightasalways 2 years ago
Barack Obama was the attorney representing ACORN in this effort. With this new authority, ACORN used its subsidiary, ACORN Housing, to promote subprime loans more aggressively...."
rightasalways 2 years ago
Most significant of all, ACORN was the driving force behind a 1995 regulatory revision pushed through by the Clinton Administration that greatly expanded the CRA and laid the groundwork for the Fannie Mae, Freddie Mac borne financial crisis we now confront.
rightasalways 2 years ago
ACORN showed its colors again in 1991, by taking over the House Banking Committee room for two days to protest efforts to scale back the CRA. Obama represented ACORN in the Buycks-Roberson v. Citibank Fed. Sav. Bank, 1994 suit against redlining.
rightasalways 2 years ago
In fact, minority mortgage applications were rejected more frequently than other applications-but the overwhelming reason wasn't racial discrimination, but simply that minorities tend to have weaker finances.
rightasalways 2 years ago
In 1989, sympathetic members of Congress got the Home Mortgage Disclosure Act amended to force banks to collect racial data on mortgage applicants; this allowed various studies to be ginned up that seemed to validate the original accusation.
rightasalways 2 years ago
● ACORN aggressively sought to expand loans to low income groups using the CRA as a whip....In the 1980s, groups such as the activists at ACORN began pushing charges of "redlining"-claims that banks discriminated against minorities in mortgage lending.
rightasalways 2 years ago
It originated with the Community Reinvestment Act (CRA), signed into law in 1977 by President Jimmy Carter. The CRA was Carter's answer to a grassroots activist movement started in Chicago, and forced banks to make loans to low income, high risk customers.
rightasalways 2 years ago
COMMUNITY REINVESTMENT ACT (CRA):
"...And now we have the mortgage crisis, which has sent a shock wave through Wall Street and panicked world financial markets like no other since the stock market crash of 1929. But this is a problem created in Washington long ago.
rightasalways 2 years ago
Democrats created the financial crisis. Americans are affected and are now willing to relinquish power to government and allow excessive government expansion in the form of bailouts, stimulus, change.
9. OBAMA AGREES
Obama defends the idea of subprime lending (audio)
rightasalways 2 years ago
8. DEMOCRATS BENEFITING FROM THE CRISIS: Democrats are now using their created crisis to ram their leftist 40-Year Wish List. Rahm Emanuel told us their strategy:
● DEMOCRAT RAHM EMANUEL
Emanuel, Obama's Chief of Staff, said: A CRISIS IS "AN OPPORTUNITY TO DO THINGS YOU THINK YOU COULD NOT DO BEFORE." (video #6)
rightasalways 2 years ago
Bush believed in bi-partisanship, so he appointed and trusted Democrats in his cabinet. Big mistake. Communists always find useful fools who trust them and help them. For this, Bush was criticized by Conservatives.
rightasalways 2 years ago
although he contributed to 2004 Bush fundraiser, he contributed to Bill Clinton in 1992, leftist feminist Emily's List and Democrat Senator Chuck Schumer. His wife donated to Hillary Clinton. He supported Al Gore's Global Warming Hoax while working in Goldman Sachs and has been instrumental to the growth of Chinese economic power....allowing China to purchase strategic U.S. companies and assets....and backing up American bailouts.
rightasalways 2 years ago
IN-THE-CLOSET-DEMOCRAT HANK PAULSON
Although Paulson was appointed by Bush as Treasury Secretary, his Democrat DNA was evident in his actions as a transition-to-the-next-Democrat-Treasury-Secretary, former CEO of Goldman Sachs (one of Obama's top contributors, more); he named activist democrats to work with him;
rightasalways 2 years ago
7. DEMOCRATS BEHIND BUSH FAILED BAILOUT OF 2008: In 2008, a majority-Democrat Congress and Bush abandoned free-market principles and started the failed bailouts as a response to the financial crisis. Who were advising Bush?
● DEMOCRAT TIM GEITHNER
Geithner, Obama's Treasury Secretary, was the President of the Federal Reserve Bank of New York (which oversees Wall Street) and the main architect, of the Bush Administration response to the financial crisis in the form of bailouts.
rightasalways 2 years ago
6. MORTGAGE MELTDOWN: When some borrowers stopped paying, foreclosures increased dramatically which led to mortgage meltdown which led to the financial crisis.
rightasalways 2 years ago
5. FINANCIAL OASIS: Financial firms bought huge packages of loans from Fannie & Freddie because they were backed by government.
rightasalways 2 years ago
4. GOVERNMENT FORCED BANKS: The Community Reinvestment Act (CRA) (signed into law by Democrat President Jimmy Carter in 1977 and extended by Democrat President Bill Clinton in 1995 ) and ACORN (leftist agitator group) forced Banks to give loans to unqualified borrowers.
rightasalways 2 years ago
3. DEMOCRATS PROTECTED THE SCAMMERS: Democrats opposed regulations and defended Fannie Mae & Freddie Mac even though they were cooking their books to ensure bonuses and donations.
rightasalways 2 years ago
2. DEMOCRATS WERE BRIBED: Democrats received millions from Fannie Mae & Freddie Mac:
● massive bonuses to their Democrat executives:
Democrats Rahm Emanuel, Jamie Gorelick, Franklin Raines, Jim Johnson
● massive donations to their Democrat politicians:
Democrats Chris Dodd, John Kerry, Barack Obama, Hillary Clinton (source)
rightasalways 2 years ago
1. GOVERNMENT INTO PRIVATE SECTOR: Two quasi-government mortgage firms (Fannie Mae & Freddie Mac) went unpunished for their scams.
rightasalways 2 years ago
i wish i could drive to chicago to be part of this
savedarrenshouse 2 years ago
All these fools are protesting the wrong people at the wrong place. Every one of these idiots probably voted for Obama and as the one lady says, Obama gave them the money. Protest that traitor and czar they call the president and his corrupt cohorts from Chicago in D.C. Any one who does a little reading in the right places already knows these bankers are scum and merely acquiring more wealth by their buddy Obama giving them more tax-payer money and the FED prints more . Wake up America. VOTE!!!!
134blackhawk 2 years ago