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









Discuss