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." And also:
http://www.factcheck.org/elections-2008/who_caused_the_economic_crisis.html
Look and listen for yourself. Hear Obama in his own words discusses his links to both ACORN and the mortgage meltdown, and praises bundling and securitizing mortgages by banks as a means to float loans to the poor and spread the risk world wide. Never mind the link commentators point of view, just listen to what Obama says in his own words. A picture is worth a thousand words. Maybe more in the case of Obama comments in the last half of the first youtube link.
http://www.youtube.com/watch?v=Lr1M1T2Y314&feature=related
http://www.youtube.com/watch?v=8vJcVgJhNaU
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, and Democrats were trying to stop it from happening as a means to facilitate the Community Reinvestment Act.
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
And the link below describes how some Democrats 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
Trouble Beyond the Emergency Bailout
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Daniel Gross's profile of Treasury Secretary Henry Paulson was an informative and in-depth look at an outstanding, dedicated public servant ("The Captain of the Street," Sept. 29). However, given the task Paulson was about to undertake, I thought the cover of the issue, with the words KING HENRY, did a great disservice to Paulson. Working with all the egos in Congress is difficult enough without being depicted as a king on the cover of a widely read national magazine. I certainly hope that Paulson and Congress can continue working together to get our country on the right track and save our struggling economy.
Jerry Rusch
La Crosse, Wis.
When my job was eliminated because of the lagging economy, I was given my supervisor's verbal expression of condolence, a letter confirming the exact dates of my employment, the chance to buy COBRA health insurance at my own expense and the assurance that I would be entitled to the fully allowable unemployment benefits due me. I hope this is the same generous package that will be offered to all those who lose jobs in the financial-services sector, but especially to CEOs and those in management positions who not only share responsibility for the current debacle but could have afforded to save for leaner times. Certainly the taxes paid by the thousands like me should not contribute in any way to allowing those people to continue living in the kind of comfort I could not afford even before I lost my job.
Susan Bennett Dupuis
Pleasant Hill, Calif.
Let's say you go to McDonald's and order a cheeseburger. I take your order and your money. Then I take your cheeseburger outside and set it down in front of my dog. I walk away and come back a minute later to find a happy dog, but no cheeseburger. Then I tell you it's my dog's fault, not mine, that your cheeseburger is missing. And no, you can't have your money back. This is pretty much what they've been doing with your money in Washington. It will take years to sort out the details of who stole what from whom and how they did it. We haven't even begun to learn of all the corruption, malfeasance, fraud and stupidity that brought us to this, our worst economic crisis since the Great Depression. The one thing we can be sure of is that the American taxpayer is going to get hit hard.
Dave Coyne
Goshen, Ind.
Is Laughter the Best Education?
I enjoyed Narinder Singh's My Turn essay, about using his stand-up comedy to educate Americans about Sikhism ("Standing Up for the Truth," Sept. 29). It must have been petrifying to do stand-up the first time, and I applaud him for using humor to help people see important issues in a different way. When I was growing up, many of my classmates were ethnically and religiously diverse, and I have to admit that I didn't really bother to learn the differences between the regions of India or what religion most people in China practice. But recently a Sikh co-worker of mine kindly explained the symbolism of not cutting his hair and the reason he wears a turban. Fortunately, I felt comfortable enough to just ask him. It must be frustrating at times to answer questions like "What is that dot for?" and "Why do you wear those beanies?" But whether people choose to answer these questions with sarcasm, just a short dry answer, a Web link or humor, as Singh does, I think it's definitely worth the effort. Keep it up.
Marcia Peterson Buckie
Plymouth, Mich.
Narinder Singh's story of teaching others about his interesting religion reminded me of a Sikh taxi driver I was lucky to meet in Seattle once. My 100-year-old father, two teenage grandsons and I were headed to the airport with hours to spare, and our cabdriver offered to show us a Sikh temple in the area. We agreed with enthusiasm, and he drove us to a temple where we donned head coverings, knelt and placed dollar bills (which he gave us) in a lovely offering receptacle. People were preparing food downstairs, and he explained that part of their religion is to offer food to anyone who requests it. Anyone is welcome to eat and sleep overnight in the temple. I believe this man helped my grandsons understand a little about someone who wore a turban. He impressed me with his generosity and his obvious delight in sharing with us.
Harriet Crosby
Via Internet
You Bet
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This Is Important
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A resounding "thank you" to Anna Quindlen for once again getting inside my head and saying so clearly what my friends and I have been thinking for weeks ("This Is Important," Sept. 29). Our country is a burning wreck, and all we hear people talking about is lipstick on pigs and bridges to nowhere. What about qualifications and training and experience? And, especially, what about the truth? I hope your readers will heed Quindlen's call to not get distracted by the "gossip, nonsense or lies" and to pay attention to the issues that concern us all—health care, the environment, the economy, education and the rights women have fought so long for. It seems painfully obvious that if they do that, there's only one choice to make this November.
Wendy J. Padilla
Maplewood, N.J.
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