The Crime of the Century: The Emergency Economic Stabilization Act of 2008

AmericanThinker.com ^ | October 08, 2008 | Lance Fairchok

[Man50D]

It could probably be shown by facts and figures that there is no distinctly native American criminal class except Congress. - Mark Twain America, we just got suckered. We fell for the biggest money grab in modern politics, possibly in the history of the nation. No wonder Nancy Pelosi is beaming and her familiars, Harry Reid and Chris Dodd, are giggling behind their hands; they now have piles of money and they succeeded in pegging the Republicans for a problem they manufactured and are getting away with Scot-free.

More importantly, they may have handed the election to Obama, and in so doing, they have set America up for the worst possible leader in a perilous time, not a bad day's work for our "progressive" socialist fifth column and the America-haters that pull its strings.

The Emergency Economic Stabilization Act of 2008 is a swindle. If the Democrats in Congress and their Republican accomplices had worn masks and carried pistols, the voter would have had a more accurate view of the "crisis" and its probable one trillion dollar cost. This emergency was brought about by government interference and influence and manipulated for political ends by the lawless opportunists that inhabit congress. It will accomplish four things:

(1) Distract the voter from the reality of a Democrat-controlled congress so bumbling and corrupt its approval ratings are in the single digits.

(2) Save failing Democrat-run mortgage companies Freddie Mac and Fannie Mae and avert, for a time, their disastrous influence on the economy and Democrat party image.

(3) Confuse the electorate into blaming the Republicans, who have called for oversight for decades, only to have it blocked by Democrats.

[Man50D]

Both parties are to blame for this socialist scam with help from George Bush, John McCain and Barak Obama. The Republicrat party is destroying the country in order to advance socialism.

[JaneNC]

Oh please.

Who were the real perpetrators of Fannie Mae and Freddie Mac????

Franks , Dodd, Reno

I am getting a little tired of ppl trying to hang it on Bush when he warned Congress about it several times.

The Dems pushed for cheap money for ppl who would never pay. Simple was that....and we are paying for their houses.

[djf]

I think that the bankers and the money marketers and the stockbrokers and the real estate shucksters basically went to the gov and said:

If you don’t give us 700 Billion dollars (to start), we are not going to cash another government check.

There ya go. That’s all it takes.

[Man50D]

I am getting a little tired of ppl trying to hang it on Bush when he warned Congress about it several times.

Bush supported the bail out plan.

[Rapscallion]

As I watch all this happening I sometimes wonder if (or when) the American people will ultimately take up arms against the corruption; political, economic and moral.

[DGHoodini]

My props to Supertramp:

]~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

“Now they’re planning the crime of the century
Well what will it be?
Read all about their schemes and adventuring
Yes, it’s well worth a fee

So roll up and see
How they rape the universe
How they’ve gone from bad to worse

Who are these men of lust, greed, and glory?
Rip off the masks and let’s see.
But that’s not right - oh no, what’s the story?
Look, there’s you. and there’s me...

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

[cherry]

George Bush was a weak president who didn't fight for the things that needed to be fought for.....

he went along with the RAts and spent like a drunken sailor...

I know he suggested legislation for Freddie and Fannie years ago, but interesting that he didn't do a full time rant on it like he should have...I suppose that would have brought the markets down....

the Rats....well....we always knew they were crooks....and now look.....the crooks are in charge of the piggy bank....

[gpk9]

"I sometimes wonder if (or when) the American people will ultimately take up arms against the corruption; political, economic and moral."

My guess, never.

And if they (we) ever do, I suspect said corrupt government is quite prepared to repel such a revolt.

Do you know someone who works for government, at any level, who carries a gun on behalf of that government?

If so, ask them this: If the people at large were to take up arms against your employer, which direction would you point your weapon?

[unspun]

It could very well be Paulson, perhaps likely, but it is not Bush, nor McCain.

Meanwhile, we have to fight. Campaign like our lives and our childrens' lives depend on it. Take this article and another that drives Obama's political persona into the bloody dirt and go door to door with them.

Do you have access to a photocopier? Then GO!

...connecting the dots to show Barack Obama's long-standing,
continuously developing, anti-American alliances...

Barack Obama & the Strategy of Manufactured Crisis

Listen to this Interview of James Simpson, by Sandy Rios, Tuesday 9/30 - WYLL 1160AM, Chicago, IL
From http://www.culturecampaign.com/culturecorner.aspx

Simpson documents his research in his article, providing Web links. He provides a rough flow chart.

"CHANGE"

Further corroboration on Obama & The Cloward-Piven Strategy:

Obama, Voter Fraud & Mortgage Meltdown, by James H. Walsh, former federal prosecutor.

More on Obama's Marxist alliance with Radical Islamists:

Barack Obama campaigning with taxpayers' money for Raila Odinga, Marxist & pro-Islamist, despotic leader in Kenya

Barack Obama & Khalid Al-Mansour (old Black Panther friend of Ayers & Dohrn and presumably of Alice Palmer the communist State Senator who hand-picked Obama as her successor) who raised funds to get Obama into Harvard

And then there are... Herbert and Marion Sandler, the Pritzkers, and the "loose lips" of Charles Schumer and Harry Reid (and Henry Paulson is not above suspicion, with his control-freak power play and Goldman Sachs cronyism).

[djf]

Oh the whole “It’s the Dems vs. Its the Pubbies” thing has been played so much it’s older than dirt.

They both been sucking on the same teat for years.
They both been kissing the same behind.
They both been getting the same medical benefits and guaranteed pensions.

You’re being played like a cheap fiddle.

[KoRn]

/mark

[xrmusn]

WE are the ones with the target on our backs...once WE hone our pitchforks and not until WE tell THEM to buck off and find their money elsewhere will we get any ‘relief’.
I was talking to a 30 something self described ‘moderate’ (I don’t want to get involved and what can a couple of people do) type and after I ‘explained’ to her that ME, HER and other small business and middle class types are NOW going to be paying off the mortgages and college loans of those that care not to, just rolled her eyes and told me I got to emotional about things I/WE have no control over.
Add that element to those that think they are ENTITLED to everything but SERVING IN THE MILITARY, and along comes a guy to tell them that they are RIGHT, it is up to Government to support them and we have a MAJOR PROBLEM.
Add to HIM all the corrupt pols now sitting and we are going to be hurting before it is all over.....
REMEMBER how Rush Limbaugh ‘swept’ US off our feet, telling US what we knew all along and we went to him in droves.
Now BO and his ilk are providing the same ‘hope’ to the gimmee crowd.....

[Wolfie]

Trust me, it falls on deaf ears here. They’re too busy trying to “win” elections.

[djf]

Bullshit.
Learn some grammar and puncuation.

If the pubbies thought voting for some bridge would get them elected, they’d go for it.

Same as the dems.

[ovrtaxt]

Related: http://www.augustreview.com/news_commentary/global_banking/bailout%3a_america%92s_financial_ruin_20081005101/

[ovrtaxt]

The ‘real perpetrators’ aren’t Fannie and Freddie- they are the Fed and the worldwide central banking system. At it’a true core, that’s the real problem.

How many politicians have you heard advocating a return to sound money and decentralized economic power followed by balanced budgets? I can count them one one hand.

[Roccus]

The Crime of the Century: The Emergency Economic Stabilization Act of 2008

This author is rediculous. Politicians have more than ninety years to top this.......and they will.

[SueRae]

You have voiced my sentiments to the letter. I, for one AM ready to take up arms.

[jamaksin]

One loud and clear message in November - ALL incumbents are voted OUT.

The pork ends. The leverage from seniority stops. The finger-pointing is over.

Quick, clean, and simply - not necessarily "fair" - but, then the $825B+ rape wasn't either.

The voters truly have the power and just might be mad enough now for this action.

[raybbr]

I am getting a little tired of ppl trying to hang it on Bush when he warned Congress about it several times.

Then explain this: (Note the years which purchases by Fannie and Freddie exploded.)

Also you did know that Fannie and Freddie came under the Secretary of HUD prior to this year, right? And who were the Secretaries under Bush? Mel Martinez and Alphonso Jackson - both Bush cronies.

When HUD released the next set of goals in 2004, it reported that after Cuomo's previous edict, there had been a sudden spurt of GSE subprime investment, "partly in response to higher affordable-housing goals set by HUD in 2000." Fannie had gone from $1.2 billion in subprime-mortgage and securities purchases in 2000 to $9.2 billion in 2001 and $15 billion in 2002. Freddie's numbers were murkier, but clearly also on the rise. In 2003 alone, the two bought $81 billion in subprime securities—which also count against the goals.

Fannie also developed a "flexible" product line, providing up to 100 percent financing and requiring borrowers to make as little as a $500 contribution, and bought $13.7 billion of those loans in 2003. In addition to subprime loans and securities, both banks burst into the "alt-a" market, making alternative products easily available to borrowers who had slightly better credit histories than subprime borrowers, but were unwilling to provide full documentation of their financial histories. (It was the "alt-a" investments that recently brought down the private bank IndyMac.) These risky adventures, according to the 2004 HUD report, prompted Freddie to claim that "the increased goals created tension in its business practices between meeting the goals and conducting responsible lending practices," a self-serving attempt to plant the blame back on HUD.

After this initial uptick, the two banks purchased $434 billion in securities backed by subprime loans between 2004 and 2006. The Washington Post noted this June that the GSEs' aggressive acquisitions "created a market for more such lending" by others, feeding the fire. No one knows just how big a bite the subprime mess is now taking out of the GSEs, or how much of that portfolio will ultimately go bad, but it has become axiomatic that, whatever the total, it is too much, since it will have seriously shaken confidence in these two linchpin institutions.
From here.

[ATOMIC_PUNK]

“A single good government becomes... a blessing to the whole earth, its welcome to the oppressed restraining within certain limits the measure of their oppressions. But should even this be counteracted by violence on the right of expatriation, the other branch of our example then presents itself for imitation: to rise on their rulers and do as we have done.” —Thomas Jefferson to George Flower, 1817. ME 15:141

“We surely cannot deny to any nation that right whereon our own government is founded, that every one may govern itself according to whatever form it pleases and change these forms at its own will... The will of the nation is the only thing essential to be regarded.” —Thomas Jefferson to Gouverneur Morris, 1792. ME 9:36

“Prudence, indeed, will dictate that governments long established, should not be changed for light and transient causes; and, accordingly, all experience [has] shown that mankind are more disposed to suffer while evils are sufferable than to right themselves by abolishing the forms to which they are accustomed. But, when a long train of abuses and usurpations, pursuing invariably the same object, evinces a design to reduce [the people] under absolute despotism, it is their right, it is their duty, to throw off such government, and to provide new guards for their future security.” —Thomas Jefferson: Declaration of Independence, 1776. ME 1:29, Papers 1:429

[af_vet_rr]

On top of that, the bailout only delayed the inevitable - we were going to have serious problems at some point. The Asian markets are crashing this morning, which doesn’t bode well for the Dow when it opens in a few hours.

[KeyLargo]

McCain would buy bad mortgages if elected.

“Under the plan, the government would buy failing mortgages from homeowners and provide new fixed-rate mortgages. As a policy matter, the plan would likely have greater support among Democrats than Republicans. Economists with the liberal Center for American Progress have been pushing a similar idea for some time.”

http://560wind.townhall.com/news/politics-elections/2008/10/08/mccain_would_buy_bad_homeowner_mortgages

[ding_dong_daddy_from_dumas]

[antisocial]

BTTT

[St. Louis Conservative]

One of McCain’s biggest blunders this election was not standing with conservatives in the House along with 70% of the voting public in opposing this thing. He could have won this thing in a walk.

This bailout is an unmitigated disaster.

[upcountryhorseman]

This reminds me of the 1930’s depression where FDR socialized the country and it took years for the Supreme
Court to declare those laws unconstitutional.

[Grampa Dave]

Nancy to Barney and Harry, "As long as we control the mediots, and so called conservatives, who suffer from BDS and blame Bush for everything, we elite/rich/white liberals in Congress will have no problem. Just remember everything is Bush's fault! Heh! Heh!"

[Amityschild]

BTTT

[neverdem]

bmflr

[xrmusn]

puncuation?

Not good to criticize if your own house isn’t in order.