Clinton + Obama + Pelosi = Economic Implosion.
By ParaTed2k
@ParaTed2k (22940)
Sheboygan, Wisconsin
September 30, 2008 8:23am CST
Prs. Bill Clinton pressured lenders Fannie Mae to increase availability of loans to low income, high risk people to aid them in becoming home owners. How is it the government's job to help people live beyond their means? The Clinton administration is directly responsible for creating the stupidity that lead us to where we are today.
Barack Obama had a direct hand in this too. As a "community organizer" and lawyer for the criminal organization "ACORN", Obama was instrumental in the Clinton programs pressuring Fannie Mae and other lenders to loan money to high risk people. He stinks with the corruption behind this debacle.
Now he is standing before the people of the USA asking us to vote for him? There isn't an intelectually honest reason anyone would. Not knowing what we now know about him. $42,116 each year he's been in the White House is a pretty good bribe from Freddie Mac and Fannie Mae... wouldn't you say?
Speaker of the House, Nancy Pelosi. Half of the "Do Nothing Duo" of the Pelosi/Reid Congress. She could have gotten this bill passed yesterday without needing any Republican support, but she gave 12 Democrats permission to vote against it because they feared voting for it would jeopardize their re-election bids. Wisconsin's own Rep. Steve Kagen (8th District) being one of them.
The most Dishonorable Pelosi would rather let it fail, just so she could lie about it all being McCain's fault.
I'm not excusing the Republicans in all this though. There have been Republican Senates and Houses since, all of which could have put an end to the corruption. Yes, McCain and others tried, but only when the Democrats were in the majority. When the Republicans were in the majority, it didn't seem to matter so much.
But there you have it folks, Clinton, Obama and Pelosi, the reason for the season. And these people want us to let the same corrupt wastes of human flesh continue to run Congress AND win the White House?
I'm glad the bill failed, but the corruption that led to the need for a "bail out", the bad bill itself, and how it failed is something everyone should know.
http://www.jaywebershow.com/
2 people like this
6 responses
@ParaTed2k (22940)
• Sheboygan, Wisconsin
1 Oct 08
Exactly. None of them believe in individual freedom. To them we are all just wards of the state.
1 person likes this
@ParaTed2k (22940)
• Sheboygan, Wisconsin
1 Oct 08
Maybe because I'm talking Congress and not the president. Stay on topic, it would make you look more inteligent.
@ParaTed2k (22940)
• Sheboygan, Wisconsin
1 Oct 08
Yes, I included Clinton because he was the one who got it all rolling. Since then it has been a Congressional situation, not a presidential one. The president had no oversight authority over Fannie Mae, Freddie Mac or any other loan company.
Too many people act like the president is the only one with any authority. There are many things that he actually has no authority at all... and this is one of them.
Like Clinton, Bush got the ball rolling, but Congress is the only ones who can do anything about it.
@flowerchilde (12529)
• United States
30 Sep 08
If congress fails to act, small businesses, other businesses, and 401k accounts will fail and consumer loans for school, cars, houses will not be available. Hopefully congress can come up with improvements to this bill, perhaps even something that will not depend on taxpayer's money to do it..
@flowerchilde (12529)
• United States
1 Oct 08
Amen! Why "ACORN" ultra partisan group should get any funds from this is beyond me!!
!!
!!@ParaTed2k (22940)
• Sheboygan, Wisconsin
1 Oct 08
and hopefully without billions in earmarks for organizations that have nothing to do with the problem.
1 person likes this
@flowerchilde (12529)
• United States
1 Oct 08
P.S. that seems just about criminal as far as I'm concerned!
@irisheyes (4370)
• United States
30 Sep 08
I'm a little confused here ParaTed, on the one hand you are ubraiding Nancy Pelosi for not getting the bill passed and at the same time , you are glad it didn't get passed!!!
I agree with you that there is blame all around here but I think a major culprit has been deregulation. Republicans seem to think that the opposite of over regulation is deregulation. It's actually judicious regulation that is constant, vigilant and adaptable. To deregulate the financial industry and just put everybody on the honor system is insanity but it is exactly what has been done since the days of Reagan. The same piece of deregulation that set off the S&L mess also set off the current mess.
@ParaTed2k (22940)
• Sheboygan, Wisconsin
1 Oct 08
Actually the problem is just the oposite. Too much government involvement in what should have been purely privately owed corporations. These "hybrids" are not good for the economy or the free market.
As for Pelosi, I think she showed piss poor leadership with this bill, but I'm glad she wasn't up to the task. The worst part of her performance here was to manipulate the Democrat vote so she could blame the Republicans. The fact is, if she had of just left the Housemembers to vote, it probably would have passed.
So yeah, I upbraid her for being a manipulative creep, but I'm glad she is too incompetent to get a bad bill passed.
@ParaTed2k (22940)
• Sheboygan, Wisconsin
1 Oct 08
Two different things. The FDIC protects Deposits only, not loans or investments.
@irisheyes (4370)
• United States
1 Oct 08
As long as the FDIC is insuring billions of dollars in these institutions they have to be held accountable to government and they cannot be considered totally private.
@lloydanthony111 (4698)
• United States
1 Oct 08
Putting the blame for this crisis on the shoulders of low income home buyers is just rediculous.
How in the world could a minority of people cause the crash of financial systems all over the world?
You completely ignore the fact that many wealthy people were buying and flipping homes at a pace never seen before in America.
Do you remember all the multi-million Florida beachfront condominiums that were bought by speculators, before they were even built, in the hope that they would double in value? When the housing market began to slow dowm, most of these properties were foreclosed upon.
Don't tell me that some low-income minority person buying a house for less than $200,000 caused this financial meltdown.
This was caused by deregulation that allowed Wall Street and Banks to run wild.
This was caused by the fiscal mismanagement of the Bush Administration that turned a 500 million dollar surplus into nearly a trillion dollar deficit.
This was caused by the massive trade deficit with China that the Bush Administration never confronted.
This was caused by all of the good American jobs going overseas only to be replaced by low paying wages. When you send so many good paying jobs overseas, who can afford to purchase goods made in America.
This was caused because over the last eight years the American Middle Class has be regulated to a Poor Class status. Just look at the amount of America people going to Food Banks for the first time in their life.
This was caused by spending 10 to 12 billion dollars per month on an illegal war in Iraq.
Lastly this was caused by GREED.
Don't just pick and choose what you think caused this meltdown. Try and be honest and present all the facts.
Lloyd
@ParaTed2k (22940)
• Sheboygan, Wisconsin
1 Oct 08
The Bush administration (or any other administration) does not oversee the banking or loan industries in the United States. That is the job of Congress.
Until you learn a few things yourself you have no place to call me dishonest.
@ParaTed2k (22940)
• Sheboygan, Wisconsin
1 Oct 08
Why would I? I'm not even all over Kerry as a Senator in this situation. When Clinton was in office, I didn't blame him for things that were the responsibility of Congress. Even in this thread, the only blame I put on him is the limited role he played in pushing for the legislation that required loan companies to give loans to high risk borrowers.
I don't even put blame on Obama for the time he's been a Senator since he wasn't on any of the committees that oversee such things.
I'm not just throwing out blind accusations here. So please don't throw them back at me.
@lloydanthony111 (4698)
• United States
1 Oct 08
Be honest. If Al Gore or John Kerry would have been at the helm over the last 8 years and things were as bad as they are now, you would be all over them.
Just admit it. George Bush's legacy will be one of complete and utter failure.
I knew he was incompetant from day #1 and the facts prove me right. He has soiled everything he's put his hands on.
And now the American people are asked to clean up his mess.
Lloyd
1 person likes this
@spalladino (17891)
• United States
30 Sep 08
I'm a little confused this morning I guess. Bill Clinton wanted every hard working American to live the American dream of owning a home so he pressured Fannie Mae to increase availability of home loans. Got that. But, Fannie and Freddie do not and did not back every single loan written during the past 10 years...and the lenders have gotten progressively stupid in the past several years. No income verification loans? Financing 107% of the loan so the buyer actually walks away from the settlement table with cash in hand? I can go on and on. When the market was hot lenders were approving loans to just about everyone. Many of them were adjustable rate loans which went up instead of down. This is why people are having trouble paying their mortgages now.
So, I guess I don't understand how this is Clinton and Obama's fault. I don't recall seeing Bill Clinton hanging out with Barak Obama back in the day. And I guess I also don't see how it's corruption. Was Obama in real estate or mortgage lending? Clear this up for me will ya?
@Simplyme31 (240)
• United States
30 Sep 08
I agree. Not to mention there were a whole lot more people who had a say in what went on but who was to know these companies were going to grant themselves over $11 billion dollars in bonuses. I mean honestly this is more the fault of shady business dealings and handling then how "rich" the people who qualified for the loans were.
@flowerchilde (12529)
• United States
30 Sep 08
There definitely should be much tighter regulations on these top execs. Outrageous millions in bonuses and retirement packages should be legally criminal. However, things are set up in such a way that lower benefits can result in less capable top executives, or companies locating to other nations where there are no caps in place.. The whole system seems to be built upon greed, it can only crash sooner or later, now it's just a question of delaying it.
@ParaTed2k (22940)
• Sheboygan, Wisconsin
30 Sep 08
I'm not excusing the risky and maybe even illegal actions and decisions of Fannie Mae and Freddie Mac, but I'm also not willing to excuse the actions of Clinton, Pelosi or Obama either.
We can't just say, "it's the Democrats" or "it's the Republicans" here, specific people made specific decisions and they need to answer for them.
