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Location: Arlington, Virginia, United States

Wednesday, October 01, 2008

In A Nutshell

(1) *The causus causata* of the snowballed meltdown has been identified: The subprime lending corruption at Fannie & Freddie.

(2) A look at the timeline makes clear that the practice of sub-prime lending began in the Clinton era and was called to the carpet in 2004 when it started getting out of hand and raised red flags to number crunchers. The Republican-backed snooping was beaten back by Democrats like Barney Frank, Reid, and others.

(3) The "community organizing" that Barack has on the top of his resume' for "experience" refers to his activities with ACORN--which worked hand-in-hand with Franklin Raines at Fannie.

(4) Raines is now "economic advisor" to Obama.

Do the math.


Anonymous Anonymous said...

If you thought the CRA was bad... now ACORN & the "community organizers" (aka-Democratic machine mafia) have a permanent seat at the government's "affordable housing" teat funded by none other than Fannie & Freddie...

Tony Rezko & Co. ought to own the south side of Chicago in about ten years...

7:10 AM  
Anonymous Anonymous said...

Read all about it... the American people have been sold out.

7:13 AM  
Anonymous Anonymous said...

Fraud has become America's largest and fastest growing industry.

7:16 AM  
Blogger Phelonius said...

What infuriates me is that my wife and I were very careful in financing our home, our cars, and have been trying to save for retirement. Now it appears that we are going to get to pay for other people's bad loans. We already have a national debt (owned in large part by the Communist Chinese) in this country that boggles the mind. I support that group of Republicans and Democrats that nixed the buy-out bill, but I fear that they cannot hold out.

9:58 AM  
Anonymous Anonymous said...

Well, gee, that's too bad felonious but that's the way it works when naive deregulation of humanoids with great opportunity for greed is the non-policy of the day.

You know...that silly, pie in the sky idea that without laws and regulations no one will do a bad thing.

You're exactly the kind of guy who should have to pay these bills.
It's childish philosophies like yours which got us here.

10:57 AM  
Blogger Phelonius said...

That is funny there, I recall it, Janet Reno was threatening financial institutions with prosecution if they "red-lined" loans. Of course, I do agree that greed played a large part in this debacle. Any time the government agrees to back loans for anyone at anytime, it does tend to open up the doors for mortgage brokers to broker deals with morons that do not know the difference between a fixed rate and a balloon rate. That has been the government backed policy behind Fannie Mac and Fannie Mae.
Now the same geniuses that backed the original Fannie M's in the first place are going to be in charge of it altogether. Good move there.
Move government intervention out of it and the market goes back to only giving loans to people that can afford them. Yes, that means that a lot of people cannot afford a house and have to rent, and, yes, that also means that banks can red-line people that, for example, cannot prove their employment.
If you want to identify the philosophies that bring us to this disaster you have to start with the Carter Administration. I fault every single Republican administration in-between for not putting a stop to that kind of madness, but I really have to bring your attention back to the Clinton years when financial businesses were under threat unless they gave loans to anyone that wanted one.
Still, I refrain from calling you "silly" and "childish" just because you seem to believe that those policies were a good idea.
Instead, I will call you a socialist robot.

3:03 PM  
Blogger Phelonius said...

Oh, and by the way....

If you want proof of that I am speaking truth, you can ask Billy Clinton when he said, not even two weeks ago, that the Democrats should have allowed the Republicans to make changes to the policy behind Freddie Mac and Fannie Mae......

3:07 PM  
Blogger John said...

Phelonius iz in da howse!

Welcome back.

I'm puzzled why, in both McCain's debate with Obama, and with Palin's with Biden last night, neither them picked up the sword that was offered vis-a-vis specific questioning about Fannie Mae and it's relation to the meltdown, and who could be blamed.

My jaw dropped when they practically passed on what has been circulating in the blogosphere (e.g. the dot-connecting Youtube videos,) and in editorials and op-eds in the major papers, periodicals, and on the television.

It's like they squirted the air with a squirtgun and left it at that--while Obama, in his debate, actually volunteered "We should get to the bottom of this."

McCain said nothing, and Palin in her debate talked about Wall St.

They could've closed the deal by simply narrating what millions have already seen on Youtube, and so validate it.

Now there's uncertainty because of their silence.

7:51 PM  

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