Eight Years of Unbridled Capitalism; Give me a Break
I’ve had it; if I hear another Democrat apologist come on T.V. and attempt to explain away King Hussein Obama’s failed economic policies I’m going to throw a real brick (not my foam one) through my wide screen. I know I’m preaching to the choir here but I’m also spoiling for a fight. My wife has threatened to have me locked up if I continue to scream at the T.V. So, here’s what I’m going to do; I’ll explain it in plain and simple terms here and you guys please get Ralph Deeds, and Mr. Happy and that Scottish Idealist and of course William; whomever the hell he is, to come on here and debate this with me. I’m in a truly foul mood and want to tear some Commicrat’s head off both figuratively and literally!
How is it they put it; Eight years of unbridled Capitalism that's what Queen Nancy said in her attempt to lay this destroyed economy at the feet of the Republicans! Do you understand what she said; unbridled Capitalism? Your Highness, the United States of America is a Capitalist Country; at least it was before the Obama Oligarchy took over! Now you along with Barney FWank(hunting Wabbits), Chris Dodd, Chuck Schumer and a plethora of other Liberal Democrats have destroyed what little confidence was left after your Fannie Mae and Freddie Mack housing scandal destroyed the housing market which precipitated the downward spiral in the economy.
Let me lay it out for you so you can rub your Democratic Friends Noses in it the next time they spew their cacophony of putrid nonsensical talking points. Let’s go back a ways and unravel what really happened! The National Home ownership Strategy, the pre-cursor of this crisis, began in 1994 when then President Bill Clinton directed HUD Secretary Henry Cisneros to come up with a plan for creative measures to promote home ownership. His administration went to incredible lengths to increase the national home ownership rate. It pushed for ways to get lenders to give mortgage loans to first-time buyers with shaky financing and incomes. This led to the erosion of lending standards and later led to waves of defaults by people who never should have qualified for a mortgage in the first place.
With me so far; now let’s fast forward 8 years to 2002. Republican Congressman Christopher Shays from Connecticut had been so affected by the Enron scandal that he began to worry about Fannie Mae and Freddie Mac, the two government-chartered housing-finance corporations. They were the only Fortune 500 companies that didn't have to tell the public about their financial condition. Shays called Frank Raines, the head of Fannie Mae to set up a meeting. Raines was a Bill Clinton budget chief and the first African-American chief executive of a Fortune 500 company.
Shays found out in that meeting that in a move to help increase home ownership rates among minorities and low-income consumers, Fannie Mae had begun easing credit requirements on loans that it purchased from banks and other lenders. That action encouraged banks to extend mortgages to individuals whose credit was not good enough to qualify for conventional loans. Fannie Mae had been under increasing pressure from the Clinton Administration in the late 90's to expand mortgage loans among low income people.
The Republican controlled House Committee on Financial Services held hearings in September 2003 during which Democrat Congresswoman Maxine Waters said: "Mr. Chairman, we do not have a crisis at Fannie Mae, under the outstanding leadership of Mr. Frank Raines. Everything in the 1992 act has worked just fine. In fact, the GSEs have exceeded their housing goals. What we need to do today is to focus on the regulator, and this must be done in a manner so as not to impede their affordable housing mission, a mission that has seen innovation flourish from desktop underwriting to 100 percent loans.
During those same hearings Representative Barney FWank (still hunting wabbits) testified: "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. ...Fannie Mae and Freddie Mac do very good work, and they are not endangering the fiscal health of this country. Not endangering the fiscal health of this country, their collapse destroyed the very underpinning of this country; thank you very much Elmer Fudd!
And just what moves has King Hussein Obama made to help us out of the crisis his party created; he has advocated policies which exacerbate the problem rather than alleviate it. The private sector is scared to death of this Fascist and as such is not about to hire additional people. So the next time you encounter a loud mouth Democratic Apologist attempt to lay this economic crisis at the feet of the Bush Administration you are now equipped with cold hard verifiable facts with which to shut them up!