Obama has the 'audacity' to blame Bush for the mortgage crisis!

Discussion in 'Off-Topic Chat' started by DoubleActionCHL, Sep 30, 2008.

  1. DoubleActionCHL

    DoubleActionCHL Well-Known

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    Spring, Texas
    Obama is outraged... OUTRAGED, I tell you, about the state of the banking and mortgage industry:

    "While I, like others, am outraged that the reign of irresponsibility on Wall Street and in Washington has created the current crisis, I also know that continued inaction in the face of the gathering storm in our financial markets would be catastrophic for our economy and our families," he [Obama] said.

    Really?

    ACORN has a long, long history of voter fraud and scandal.
    Obama also worked against banks who denied mortgage loans to minorities:

    Obama represented Calvin Roberson in a 1994 lawsuit against Citibank, charging the bank systematically denied mortgages to African-American applicants and others from minority neighborhoods.

    THE REAL SCANDAL

    HOW FEDS INVITED THE MORTGAGE MESS


    By STAN LIEBOWITZ

    February 5, 2008 — PERHAPS the greatest scandal of the mortgage crisis is that it is a direct result of an intentional loosening of underwriting standards - done in the name of ending discrimination, despite warnings that it could lead to wide-scale defaults.

    READ MORE: Thank ACORN For Current Mortgage Crisis | Sweetness & Light

    So, what I take from this is Obama is blaming the Bush administration for problem that he helped create. Now, that's CHANGE you can believe in! :332:
     


  2. kingofwylietx

    kingofwylietx Well-Known

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    DFW area.....Wylie.
    Actually, the scandal goes back to the Clinton administration. They are the ones that started the whole mess. But, alas, they blame Bush to get a hand up in the election.

    "Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits"

    "In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.
    ''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry"

    These were excerpts from the New York Times article written in 1999 (link below).
    Fannie Mae Eases Credit To Aid Mortgage Lending - New York Times

    What do you think about that? I suggest everyone read the article, whether you are a Democrat or Republican.
     
  3. DoubleActionCHL

    DoubleActionCHL Well-Known

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    I'm not by any means suggesting that Obama is completely to blame. I'm just annoyed that he was instrumental in reducing lending requirements, a practice that heavily contributed to this downfall, yet he has the testicular presence to blame Bush.

    I'll read your link when I get a moment.
     
  4. JKTex

    JKTex Well-Known

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    DFW, North Texas
    Also look at articles from the Carter administration when the push to get high risk borrows into homes was started.

    Under Clinton, the above article shows.

    Under Bush the big banks were able to multiply their borrowing by almost 3 times. Leveraging leverage. Welcome to today's disaster.

    Blame Democratic congress, Republican congress, Democratic Presidents and Republican Presidents and greed from top to bottom.
     
  5. Major Woody

    Major Woody Active Member

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    Both parties are to blame and we let them do it. Well, they messed up our liquidity and pensions. Both parties need to pay. Take those elite bankers and speculators and empty their pockets, taking even the tires off their Mercedes, and give it back to their victims. Ban them from ever doing business in finance again. Obama along with this socialist media have used every dirty trick in the book to smear McCain , but people are realizing that both of the candidates are using this mortgage problem for political advantage. Sadly, most people are going to be fooled by this. The commies come in, slander Democracy and the established norm and appeal to the poor working class promising to help them while just using them for promotion of their agenda. They intimidate the media, they divide people and conquer. Typical Communist Tactics. All Obama has done is stir up dissent with the minorities. And it's working. We need a better option, but the media won't allow it. They sold products to illegals that falsified their data and they defaulted, and now we have to pick up the tab. This ain't audacity, this is Communism, not the Constitution.
     
  6. iratollah

    iratollah Active Member

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    S. Palin and the Republicants have come up with a commons sense and practical solution for the bailout.

    She's going to organize a bake sale.
     
  7. Texas1911

    Texas1911 TGT Addict

    May 29, 2017
    Austin, TX
    That would be more common sense than any other Government employee has ever put forth. :gotme:
     
  8. chevydeerhunter

    chevydeerhunter Well-Known

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    San Antonio
    And the Pelosi, Reid and the Democrats will want to tax it.:rolleyes:
     
  9. Major Woody

    Major Woody Active Member

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    Doubleaction CHL, thanks for that link to ACORN. Everybody here needs to read it. This "community organization" is a clear and present and danger to our liberties.
     
  10. oldguy

    oldguy Well-Known

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    I think the above signature of cheavydeerhunter said it all. Simply not much choice
    but see above for I agree.
     

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