Who Caused the Economic Crisis?

Pride,power and greed.

Interesting: 6 of the above causes of the crisis are undeniably Republican causes: The Bush Administration, Wall St. Firms, Alan Greenspan, Mortgage Brokers, The Federal Reserve, Real Estate Agents/Associations. 1 of the causes is undeniably Democratic: Bill Clinton. The rest (5) are unclear. Signed, John P. Vaughan, Houston

C-SPAN THIRD PARTY DEBATE

http://www.c-spanarchives.org/library/includes/templates/library/flash_popup.php?pID=281952-1&clipStart=&clipStop=

C-SPAN THIRD PARTY VP DEBATED NOVEMBER 2

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Obama in this video, addressing his work with ACORN litigation relating to the community reinvestment act and the failure of Freddie Mac and Fannie Mae, as they relate to the current real estate and financial crisis, states that, and I quote:

"Subprime lending started out as a good idea, helping Americans buy homes who previously could not afford to. Financial institutions created new financial instruments that could securitize these loans, slice them into finer and finer risk categories, and spread them out among investors and around the country, as well as around the world. In theory, this should have allowed mortgage lending to be less risky, and more diversified."

He further states:

???"The original idea was a good one, which was, lets see if we can distribute risk more broadly, and make it easier to provide loans to people who otherwise might not be able to get one."

Listen for yourself. You cannot dispute the mans on words recorded live:

http://www.youtube.com/watch?v=Lr1M1T2Y314&feature=related

Obama in this second video is campaigning at a convention of Acorn and I believe two other "Community Activist" organizations. Ask if he will be their ally if he becomes President, Obama says, quote:

???Yes, but let me say that before I even get inaugurated, during the transition we are going to be calling all of you in to help us shape the agenda. We???re going to be having meetings all across the country with community organizations so that you have input into the agenda for the next presidency of the United States of America.

See and hear it for yourself. Obama promised that Acorn and other groups like it will setting his agenda if elected:

http://www.youtube.com/watch?v=8vJcVgJhNaU
See also: http://www.newsweek.com/id/164972
Stating that Gramm-Leach-Bliley Act wasn't what caused the meltdown, and noting that "economists on both sides of the political spectrum have suggested that the act has probably made the crisis less severe than it might otherwise have been."
See also:
http://boards.msn.com/MSNBCboards/thread.aspx?threadid=808692&boardsparam=Page%3d2

Below is a link to C-SPAN video clips of the Congressional hearings at roughly the time McCains attempt at S.190. to fix Fannie and Freddie. See for yourself who said what.

http://www.youtube.com/watch?v=_MGT_cSi7Rs
See also
http://www.newsweek.com/id/164732 from this web site. (oops!) stating that Freddie Mac was spending tax payer money to target Republicans in 2005 who were trying to regulate Fannie and Freddies fraud. Democrats were not targeted, as the were all in the tank with Fannie and Freddie to kill the regulations. Hear that, the article admits that Republicans were trying to regulate Freddie and Fannie, and Democrats were trying to stop it from happening as a means to facilitate the Community Reinvestment Act.

See: http://www.newsweek.com/id/164972

Stating that Gramm-Leach-Bliley Act wasn't what caused the meltdown, and noting that "economists on both sides of the political spectrum have suggested that the act has probably made the crisis less severe than it might otherwise have been."

This is so true about how the election is already bought and paid for:
http://www.againstobama.com/2008/10/what-is-it-that-barack-obama-knows-that-the-rest-of-us-don%E2%80%99t/#comment-1929

Nims: Funny how fast Newsweek took that article : AP IMPACT: Mortgage firm arranged stealth campaign, http://www.newsweek.com/id/164732 , came off the general table of contents for this site once they figured out that, instead of being a bit on those evil lobbiest, it in fact admitted that the Republicans were trying to regulate Freddie and Fannie in 2005 and were targeted by Freddie, and the no Democrats were targeted because they were all in the tank with Freddie and Fannie not to regulate them as a means of promoting the Community Reinvestment Act. I don???t think that article stayed up 24 hrs before they took it off the main screen.

Obama, the excuses are wearing thin. what excuse do you have for this one?:
http://www.againstobama.com/2008/10/obama-praised-searing-and-timely-book-by-ayers/

Seeing is believing!!


http://www.youtube.com/watch?v=cMnSp4qEXNM&NR=1

http://www.youtube.com/watch?v=_MGT_cSi7Rs&feature=related

It is indeed a FACTUAL claim that democrats blocked the bill from coming. It was voted on in committee in the Senate, requiring a 60% vote to go to the floor. 11 Republicans for, 9 democrats against., thats 55%, bill halted.

Obama part blame for the financial crisis!!

http://patdollard.com/2008/10/highest-scoring-ad-blames-obama-for-financial-crisis/

Obama's view of the future of America - Socialism which is the next step to Communism!!


Under socialism a ruling class of intellectuals, bureaucrats and social planners decide what people want or what is good for society and then use the coercive power of the State to regulate, tax, and redistribute the wealth of those who work for a living. In other words, socialism is a form of legalized theft.

The morality of socialism can be summed-up in two words: envy and self-sacrifice. Envy is the desire to not only possess another's wealth but also the desire to see another's wealth lowered to the level of one's own. Socialism's teaching on self-sacrifice was nicely summarized by two of its greatest defenders, Hermann Goering and Bennito Mussolini. The highest principle of Nazism (National Socialism), said Goering, is: "Common good comes before private good." Fascism, said
Mussolini, is "a life in which the individual, through the sacrifice of his own private interests??realizes that completely spiritual existence in which his value as a man lies."

Socialism is the social system which institutionalizes envy and self-sacrifice: It is the social system which uses compulsion and the organized violence of the State to expropriate wealth from the producer class for its redistribution to the parasitical class.

Despite the intellectuals' psychotic hatred of capitalism, it is the only moral and just social system.

Capitalism is the only moral system because it requires human beings to deal with one another as traders--that is, as free moral agents trading and selling goods and services on the basis of mutual consent.

Capitalism is the only just system because the sole criterion that determines the value of thing exchanged is the free, voluntary, universal judgement of the consumer. Coercion and fraud are anathema to the free-market system.

It is both moral and just because the degree to which man rises or falls in society is determined by the degree to which he uses his mind. Capitalism is the only social system that rewards merit, ability and achievement, regardless of one's birth or station in life.

Yes, there are winners and losers in capitalism. The winners are those who are honest, industrious, thoughtful, prudent, frugal, responsible, disciplined, and efficient. The losers are those who are shiftless, lazy, imprudent, extravagant, negligent, impractical, and inefficient. [What about the role of luck­being in the right place at the right time or the wrong place at the wrong time? R. R. Pope}

Capitalism is the only social system that rewards virtue and punishes vice. This applies to both the business executive and the carpenter, the lawyer and the factory worker.

The actual facts? ACORN is not corrupt. They hire people to get unregistered people to register. Some of the people they hire are lazy and want to get paid without doing any work, so they fraudulently fill out forms. By law, ACORN is required to turn in all registrations. They spend millions to verify registrations and flag those that are questionable to bring them to the attention of the election board.

Lou Dobbs reports on ACORN corruption and ties to Obama, including Obama Campaign paying ACORN $800,000 for voter registration activities.

http://www.cnn.com/video/#/video/bestoftv/2008/10/09/ldt.tucker.acorn.under.fire.cnn

The link below describes how some in Congress tried to use the original version of the bailout bill to divert money eventually recovered to groups like ACORN, a group Obama has a long association with. See: Wall Street Journal

http://online.wsj.com/article/SB122247015469280723.html?mod=googlenews_wsj

CNN Reports Acorn Faking Voter Registrations:

http://www.cnn.com/2008/POLITICS/10/09/acorn.fraud.claims/index.html?iref=newssearch

Here's my game, Obama vs McCain fight: http://madfatcat.com/game/161/Obama_vs_McCain_Election_Fighter.html
Also I would love if you publish it on your site, here's the link to swf: http://madfatcat.com/electionFighter/ef.rar

Even Bill Clinton points to Congressional Democrats failure to deal with Fannie and Freddie as a primary cause.

http://www.youtube.com/watch?v=XsynspIqAoE

The link below contains a purported list of the top 25 in Congress who got contributions from the folks at Fannie and Freddie. Obama is listed third, after Dodd and Kerry, even though Obama is just a junior Senator. Obama is followed next by Clinton. Barney Frank and Nancy Pelosi are on the list as well.

http://www.investors.com/editorial/IBDArticles.asp?artsec=16&artnum=1&issue=20080918

Then there is the Senate Banking Committee Chairman Christopher J. Dodd who allegedly got special mortgage deals from Countrywide, who gave preferential rates to 'friends' of company's chairman.

http://www.msnbc.msn.com/id/25140560/

For an interesting article purporting to detail the House Financial Services Committee Chairs long history with Fannie Mae, See http://www.businessandmedia.org/printer/2008/20080924145932.aspx

"House Financial Services Committee Chair promoted GSEs while former 'spouse' was Fannie Mae executive."

The link below describes how some in Congress tried to use the original version of the bailout bill to divert money eventually recovered to groups like ACORN, a group Obama has a long association with. See:

http://online.wsj.com/article/SB122247015469280723.html?mod=googlenews_wsj

And then there is House Speaker Nancy Pelosi, who allegedly has directed nearly $100,000 from her political action committee to her husband's real estate and investment firm.

http://www.washtimes.com/news/2008/oct/01/pelosis-pac-pays-bills-for-spouses-firm.

They harassed her until she registered to vote six times!:
http://www.foxnews.com/video2/video08.html?maven_referralObject=3145562&maven_referralPlaylistId=&sRevUrl=http://www.foxnews.com/politics/