Who is responsible for the Economy situation today?
The current financial crisis facing the United States of America and the world began with the US home ownership debacle and President William Jefferson Clinton. In 1994, Clinton signed a bill to promote low-income home ownership that Business Week calls "one that argues for creative measures to promote homeownership" for those applicants who did not qualify for fixed mortgages. And these applicants came in droves and were almost always approved - no matter their credit histories or ability to pay. Said "creative ownership" began the heavy distribution of ARMs (Adjustable Rate Mortgages) that ensued. These ARMs began low but, are based on the market. As the market changed, the rates - and subsequent monthly payments for homeowners - rose to rates that the homeowners could no longer afford. Foreclosures on the ARM properties began and, like Dominos cascading onto one another, the current financial meltdown began. Both Fannie Mae and Freddie MAC were essentially and quietly taken over by the Clinton Administration and his operatives and supporters - including Franklin Raines who ran Fannie Mae and ended up with over $6M his first year - raided both corporations which had become their personal slush funds. From his days of running Fannie Mae, Franklin Raines is reported to have accumulated a personal net worth of over $100M. Another Clintonian buddy - Jamie Gorelick (remember her from the CIA/FBI fiasco?) - is also said to be personally worth in excess of $100M. It appears that some in government service CAN achieve wealth beyond the wildest dreams of most of us! They just have to sell their souls to the highest bidder and be willing to betray their fellow Americans. This fortune was accumulated during her years (1997-2003) as Vice Chairman of Fannie Mae. The fraudulent accounting scheme which apparently allowed for Democrats Raines, Gorelick and other Clinton supporters to achieve vast fortunes in a very short period of time was brought to light in 2004. As mortgage firms and investment banks heavily leveraged by ARM mortgages started to be adversely affected by the number of foreclosures, the current financial crisis began in earnest. Democrats Sen. Chuck Schumer (D-NY), Rep. Barney Frank (D-MA) also the Chairman of the House Financial Services Committee - of all things - and Democrat presidential Candidate Barack Obama (who is reported to be the 3rd largest recipient of Fannie Mae political contributions - said to be over $100K in less than 4 years) have also benefited greatly from these Democrats' personal slush funds. However, in the worst cut to We the People from the knife of corruption, the very people who created this problem will now be in charge of "correcting" it! Does this make any sense to anyone except those who have received and continue to receive funds from these institutions?????????? If we really want to get rid of these corruptions we have to vote these sleazes out of office. That requires courage. The only question remaining is: Do we have the internal fortitude to do it? If the answer is "No," you can kiss your money and your country good bye and prepare for an inevitable serfdom. http://www.businessweek.com/the_thread/hotproperty/archives/2008/02/ clintons_drive.html http://www.allbusiness.com/finance-insurance/993847-1.html http://www.dollarsandsense.org/archives/2007/0507karger.html http://volokh.com/posts/1216060102.shtml http://www.rushlimbaugh.com/home/daily/site_091808/content/ 01125107.guest.html http://americantaxpayer.wordpress.com/2008/09/18/barney-frankchuck- schumer-role-in-failure-of-fannie-maefreddie-mac/ People wake up stop listing to your liberal bias media and get the facts!!!
Politics - 12 Answers
Random Answers, Critics, Comments, Opinions :
1 :
George W. Bush
2 :
I bet conservatives will say Clinton! He's also to blame for high gas prices, terrorists and bad reality TV too right? nice cut and paste from http://rendevouswithdestiny.blogspot.com/2008/09/liberal-democrats-caused-financial.html good job on thinking for yourself.
3 :
i think bush and congress
4 :
I don't care how much spin you can put on the story, the majority of Republicans voted AGAINST the very bill their president recommended! It's f***ing insane!
5 :
Dow on Bill Clinton's last day in office: 10,587.59 Dow today: 10,365.4 That was your retirement. Seven years of it. Gone. Thanks to George Bush and John McCain. And if John McCain had his way, that would have been your Social Security money too. Gone. Seven years of growth, seven years of your life, wiped out.
6 :
Bush's War (unnecessary war)
7 :
The FR
8 :
1) american people with bad credit who take these loans knowing that they will suffer in the future. 2)businesses for not being as cautious with who they give loans. 3)congress, for not agreeing to the bailout plan! 4)Nancy pelosi, for having that speech right before the bailout plan vote wich probably turned the tide. 5)not bush of course. He warned about such companies. (ex. Phanny and .......(i forgot name)
9 :
Watch this and you can see for yourself who turned a blind eye when the disaster that occurred last week was pointed out over 4 years ago. http://mx.youtube.com/watch?v=_MGT_cSi7R...
10 :
I can't believe the poeple are still blaming Clinton for the mess that Bush has created over the last eight years. Clinton created a surplus. Bush started a war, spent money like a drunken sailor and turned that surplus into a huge deficit.
11 :
Republicans caused it. Phil Gramm stripped away all regulations on the banking and housing industries. Without his actions, clinton's would have been totally innoculous. If Bush had been able to stop vacationing long enough to read the brief about OBL's attack being imminent, he could have done what every previous president did --- and kept the country safe. If that had happened we don't invade Afganistan and we might not even invade Iraq. That is a ton of debt not incurred that would not devalue our dollar and spike the cost of oil (cost of oil moved as the dollar devalued). All Republican ideas.
12 :
The problem isn't the fact that they make loans. Its the fact that nobody was watching, nobody was there to say, "NO" when they made loans to people that didn't have a down payment or the means to repay the loan. Personally I find it amazingly wrong that they were making those loans simply because those people were minorities.
