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Gutting of US Economy Continues

The failures of Fannie Mae and Freddie Mac

by: sher zieve | published: 12 23, 2008

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As the fast and furious gutting of the US Treasury’s current and future funds continue, all too many Republicans have closed their eyes to the destruction of the US economy that has been so ably affected by Democrat leadership. Democrats began the house-of-cards-failures that started the nationwide close-to-collapse of the US economy with their Fannie Mae and Freddie Mac personal slush funds debacles.

Note: Fannie Mae and Freddie Mac (which are responsible for thousands of bad-paper subprime and ARM mortgages that Democrat leadership forced upon banks) have been run by Democrats for decades and are used to fund predominantly Democrat political leaders—including very large contributions to Democrats Christopher Dodd, Barack Obama and John Kerry. If banks balked at carrying these bad loans to be given to patently unqualified borrowers, they were threatened with failure to follow the Democrat-passed CRA or “Community Reinvestment Act.” The CRA, which was begun under President Carter and expanded to even include illegal aliens during the Clinton Administration, forces banks to lend to home buyers ill-equipped to pay anyone back for anything—let alone a mortgage payment. Observations: Deaf ears followed closed eyes as even many Republicans marked their ballots for the Democrat Messiah. From his miserable ‘I-won’t-say-anything-truthful-if-it’s-negative-about my-opponent’s campaign, it appears that McCain may have also voted for Obama.

The failures of Fannie Mae and Freddie Mac—oddly timed to influence the 2008 general elections in favor of Democrats—also negatively affected worldwide banking institutions that were leveraged with the bad loans. And, as has become all too typical of late, too many of the American people bought the Democrat lie “It’s the Republicans fault” when reality proves just the opposite. After the seemingly carefully plotted and implemented demise of the mortgage banking industry, the gutting of the US economy began. Citing ‘we can’t wait for anyone to look at the bailout language—we have to have taxpayers’ money now!’ Secretary of the Treasury Henry “Hank” Paulson appears to have carried out one of the biggest (if not THE biggest) scams in history. Note: Paulson and Company’s $700B-$100T scam surpasses Bernard L. Madoff’s $50B Ponzi scheme by a huge margin. And wasn’t it Paulson who promised that he would set up a website showing where all of the bailout monies were going? Thus far, there has been no website showing such accountability. Then, to add insult to injury, the US auto industry jumped in to claim their “rights” to a bailout and now the highly speculative-by-nature Real Estate Development industry is demanding its piece of the bailout pie! Soon the summary annihilation of our treasury will be complete—when most or all of our money is gone and has been placed in the pockets of politicians and their willing minions. In the meantime—as it now appears capitalism has ended—I’m demanding my bailout too. But, I’m not nearly as greedy as are the others. A few million dollars should do.

By the way, where do I file my application?

Democrats Destroy Economy—Blame Republicans: http://www.canadafreepress.com/index.php/article/5416

Fannie Mae and Freddie Mac Invest in Democrats:

http://www.opensecrets.org/news/2008/07/top-senate-recipients-of-fanni.html

Subprime Mortgage Crisis: http://en.wikipedia.org/wiki/Subprime_mortgage_crisis

http://www.cato.org/pubs/regulation/regv17n4/vmck4-94.pdf

Developers Claim Right to Bailout:

http://online.wsj.com/article/SB122991429181825709.html?mod=special_page_campaign2008_mostpop

 

 
 
 
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