Return to Content
Read Our Devotional
Opportunities to be Published
The Home for Christian Writers! Matthew 6:33
ENCOURAGE AUTHOR BY COMMENTING
Add to Favorites
How We Got In This Mess? No Hype, Just Facts
Author requests article critique
It’s time to end the lies concerning how we got into the economic crisis we are now in. It all started with the collapse of Fannie Mae and Freddie Mac, two private mortgage institutions backed by our federal government. I am not a huge fan of George W. Bush and his policies. However, he had nothing to do with any deregulations which set a series of events in motion that the Democrats are now trying to blame on him. Even Bill Clinton said, “The responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress, or by me when I was president, to put some standards and tighten up a little on Fannie Mae and Freddie Mac.” Bill did leave out any mention that The Community Reinvestment Act also played a vital role in getting us where we are today.
President George W. Bush and Senator John McCain warned Congress about the instability of Fannie Mae and Freddie Mac in 2003 and 2006, only to have Rep. Barney Frank (D-House Budget Committee Chairman) and Sen. Chris Dodd (D-Member of the Senate Committee on Banking) rebuke any attempts to even introduce regulations that could reign in these two government-sponsored companies. On September 11, 2003, President Bush proposed a new agency be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac. At the time, the two companies had more than $1.5 trillion in outstanding debt.
The bill never made it out of committee because Democrats blocked every attempt to move it along. Barney Frank said, “These two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis.” See, some Democrats in the House and Senate used Fannie Mae and Freddie Mac as a political tool to raise money and return the favor to their cohorts by limiting any real oversight of these agencies.
There is an eye-opening video of Rep. Maxine Waters (D-California), Rep. Gregory Meeks (D-New York), and Rep. Arthur Davis (D-Alabama) all defending their cash cow during the hearings over Fannie Mae and Freddie Mac’s mismanagement. The video of this debate clearly shows the Democrats opposing any attempts to head off the crisis and the Republicans clearly supporting regulations to bring the two faltering businesses under control. All of the Democrats at the hearings were hostile toward the regulator for uncovering the shady bookkeeping. The name of the video is: “Democrats in their own words covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis.” The URL-Address is: http://www.youtube.com/watch?feature=player_embedded&v=_MGT_cSi7Rs
The former CEO of Fannie Mae, Franklin Raines, had to pay $3.8 million in Federal Election Committee fines due to shady campaign and lobbying paperwork in 2004 and 2005. Guess who got the biggest legal and illegal donations from the government-backed company? Yes, that’s right, Christopher Dodd, Barack Obama, and John Kerry. Is it any wonder that Obama hired Raines as a campaign finance adviser? Oh, did I mention that Raines made $50 million from Fannie Mae mismanagement, most of it in bonuses.
The collapse of Fannie and Freddie led to the collapse of Lehman Brothers and AIG. The snowball grew bigger and bigger. But to blame the Republicans for causing this fiasco is like saying the Democrats are the cause of world hunger. Sound minds know better.
Also, you don’t hear about the true facts about all this because companies like G.E., whose CEO Jeff Immelt is a good friend of President Obama, support keeping things the way they are today. GE is the parent company to NBC and all its media affiliates. Mr. Immelt is currently heading up Obama’s job creation committee. Good thing he’s not heading up the tax committee, since his company avoided all federal taxes last year.
PLEASE ENCOURAGE AUTHOR BELOW
LEAVE COMMENT ON ARTICLE
Reader Count & Comments
This article has been read
Read more articles by
or search for other articles by topic below.
Search for articles on: (e.g. creation; holiness etc.)
Read more by clicking on a link:
Main Site Articles
Most Read Articles
Highly Acclaimed Challenge Articles
New Release Christian Books for Free for a Simple Review
NEW - Surprise Me With an Article - Click here for a random URL
God is Not Against You - He Came on an All Out Rescue Mission to Save You
...in Christ God was reconciling the world to himself, not counting their trespasses against them... 2 Cor 5:19
Therefore, my friends, I want you to know that through Jesus the forgiveness of sins is proclaimed to you. Acts 13:38
LEARN & TRUST JESUS HERE
The opinions expressed by authors do not necessarily reflect the opinion of FaithWriters.com.
FaithWriters offers Christian reading material for Christian readers. We offer Christian articles, Christian fiction, Christian non-fiction, Christian Bible studies, Christian poems, Christian articles for sale, free use Christian articles, Christian living articles, New Covenant Christian Bible Studies, Christian magazine articles and new Christian articles. We write for Jesus about God, the Bible, salvation, prayer and the word of God.
Link To Us
Become A Member