Skip to comments.Occupy Wall Street Angst Misplaced? You be the Judge
Posted on 10/18/2011 10:29:57 AM PDT by Todd Kinsey
I have been trading barbs with Occupy Wall Street supporters via social media and my own website for a few weeks now, some of it civil, but most of it not. One thing I have learned is that the Occupy Wall Street movement and the Tea Party have a couple of things in common; they are both upset about the state of the economy and both are fed up with politicians. Unfortunately, that is where the similarities end and the differences begin.
The OWSers want to blame Wall Street and banks for all their problems while the Tea Party and Conservative Republicans lay the blame where it belongs; at the feet of the Federal Government.
The financial crisis is no big mystery; the Federal Government caused the financial crisis not Wall Street. Beginning with the Clinton Administration and continuing with the Bush Administration, the Federal Government forced lending institutions into making subprime loans. A critical thinker would have to ask; why would they do this? But well get back to that.
The Federal Government used Fannie Mae and Freddie Mac to engineer the financial meltdown and maybe worse; seizure of more than half the homes in America.
Together, Fannie and Freddie own more than half of Americas $12 trillion in outstanding mortgage balances; the majority of which is subprime mortgages. Again, a critical thinker would ask the question; why would the government invest in loans that are likely to falter?
Despite two warnings from President Bush and an attempt by Senator McCain to regulate the two faltering lending giants, they continued to engage in their predatory lending practices. Time and time again, both Rep. Barney Frank and Senator Chris Dodd, who are responsible for Congressional oversight of Fannie and Freddie, not only lied to Congress about the financial solvency of...
(Excerpt) Read more at toddkinsey.com ...
In total, Fannie Mae and Freddie Mac have received over $382 billion in taxpayer assistance and, to date, have not repaid any of its loans. Contrast this with Bank of America and Citigroup, the two banks who received the largest bailouts. Both of these companies have repaid their $45 billion loans yet they have been specifically targeted by the Occupy Wall Street protesters. Furthermore, not one politician, regardless of party has mentioned this. And, of course, the leftwing media hasnt said a word either. Why is that?
If it’s so HUGE, why not post the whole thing here instead of redirecting traffic to your blog?
“...Furthermore, not one politician, regardless of party has mentioned this. And, of course, the leftwing media hasnt said a word either. Why is that?”
Because most of the OWS fleabaggers are Obama voters that’s why.
But... I deserve free everything! is their message
Yes, but with the help of the Federal Reserve, who has pushed interest rates to zero, allowing them to build up capital by playing the term/interest rate spread. In other words, the money was paid back on the backs of savers.
Let's be balanced here... OWS are idiots, but the banks (prodded by the government to overlend) weren't saints, either.
Remind me again, someone—who was it at Fannie Mae that Barney was sleeping with (or whatever else they do to each other)?
I really don’t mind if a solid conservative directs us to his blog. I don’t know why the idea of visiting a conservative’s blog should be so repugnant, but if it is, no one is holding a gun to your head and forcing you to click on the link.
The info I found on the companies who haven’t repaid their loans was interesting. Of course GM still hasn’t repaid their loans after twice claiming they have. GM’s lending arm, AIG, and several others but most were associated with Obama - surprise, surprise.
I have no issue with the ows protests, my issue is that they should be aiming their protests at others. I think we all agree they are just pawns in the big chess game between socialists and capitalists.
Because it only allows me to post 300 WORDS.
Leave the Excerpt button alone and see what happens.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.