Posted on 10/30/2008 6:50:21 AM PDT by garyhope
Obama's economic narrative of the mortgage crisis ignores the facts. He has put free-market capitalism at the root of the current mortgage industry debacle, denying the real history of government interference in that market.
On September 15, with banking giant Lehman Brothers filing for bankruptcy protection, Obama was given the opening to begin weaving his anti-capitalist storyline. And that he did. Artfully blurring the mortgage industry crisis with generalized tax policy, Obama declared,
"I certainly don't fault Senator McCain for these problems, but I do fault the economic philosophy he subscribes to. It's a philosophy we've had for the last eight years, one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else."
The words were carefully chosen. That day in Colorado marked his return to the teleprompter and a strictly refocused campaign message intent on surreptitiously fusing the mortgage industry woes and free-market capitalism in general. Confident the American people are primed for his socialist brand of "change," Obama maintained his anti-capitalist theme, "What we have seen in the last few days is nothing less than the final verdict on an economic philosophy that has completely failed." According to Obama, capitalism has been "rendered . . . a colossal failure."
(Excerpt) Read more at americanthinker.com ...
You have to flat out lie to the American people to blame it on “all the deregulation of the Bush Administration.” There was no deregulation during Bush’s terms. Zero.
I read this this AM. Saved it. Bookmarked it. Printed it out for my middle son to take in to his (sympathetic to our cause) Government and Law teacher.
This along with the “Are there any honest journalists left?” article that’s been posted 50 times here are a good re-cap of history the Dims are trying to airbrush out of history.
Of course the “cool” Democrat leaders can get special terms from criminals to live in mansions they can’t afford.......
Six reasons......
Carter, Clinton, Dodd, Frank, Obama, ACORN
Sums it up well.
Outstanding article that gives a great chronology of what went wrong. The dems have their fingerprints all over this problem, both by action and by inaction.
Thanks. I think you forgot Barney Fa,....I mean Frank.
Ping for files.
the causes:
Jimmy Carters CRA: 12 U.S.C 2901
Billy Clinton’s ‘beefed up’ CRA 1995
Sarbanes-Oxley Act of 2002 (Mark to Market)
Let’s not forget fannie and freddie...
and that on three accounts this could have been avoided:
in 2003
and in 2005 TWICE
http://thomas.loc.gov/cgi-bin/bdquery/z?d109:SN00190:@@@P
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aSKSoiNbnQY0
thank you.
very excellent.
This article is the best chronology of the crisis that I have seen. The rats are determined to make the problem much worse. The rats are demanding that home ownership become an entitlement. The rats do not want anyone forced into a subprime loan. They want to give them the down payment, credit counseling, quality loan products, and cramdowns when defaults occur.
IMHO, it was a pyramid scheme from the beginning. Bring in more buyers to the bottom, and the money shuffles up to the top.
Of course, during this time, “my house is worth more than your house” keeps running up the “values” of real estate.
Realtors and appraisers encourage the sellers to move up the ladder.
Then when prices are unrealistic, the growth stops, and the bottom falls out. There is no one to buy my overpriced “investment”.
Crash. The end.
Great post, very informative...I sent a copy to everyone on my e-list and suggest everyone do the same!!
How did I just KNOW Jamie Gorelick was involved in this crap?
AND, why did Bush NOT sit on this for a few weeks?
WHY DID HE IN FACT LEAD THE CHARGE ON GETTING THIS OUT FOR ALL TO SEE??
Could this Great Republic NOT survived (when considering nothing of substance has been done to date) a few more weeks without a "do or die" bailout??
Is W that naive (I THINK NOT) NOT to have realized what this would do to McCain's prospects?
"There's a "something" in the woodpile here and it smells to high heaven!!!!
IMHO...this was why Slick Willie and the Dems caved on Welfare in 1996....they were given this juicy piece of red meat to play with.
“It’s a philosophy we’ve had for the last eight years, one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else.”
These words are chosen carefully and I regret McCain has lacked the rhetorical skill to counter this. The Bush tax cuts did not GIVE more and more to anybody (nor did the Reagan or Kennedy tax cuts!). It allowed EVERYONE to KEEP more of what they earned, through across-the-board reductions in marginal tax rates.
What Obama and supporters don’t get is that by letting the top 1% keep more of what they earned, that group has ended up paying a LARGER share of our income taxes today than they did under the Clinton years. His “soak-the-rich” reduces to: the top 1% (and 5%) pay a much higher share of taxes compared to their share of income. But that’s not enough: we want more of their pie.
Could someone more creative than me fix change this into a bunch of Obama supporters saying: “It’s Joe’s pie, but WE want it now!!!!!”? http://www.youtube.com/watch?v=HX0fIi3H-es
Have Obama come in at the end to say: “It’s Joe’s pie, but we all know spreading the wealth helps everyone. Eat some when YOU want it. I’m Barack Obama and I approve this message.”
Could someone more creative than me fix change this into a bunch of Obama supporters saying: “It’s Joe’s pie, but WE want it now!!!!!”? http://www.youtube.com/watch?v=HX0fIi3H-es
Have Obama come in at the end to say: “It’s Joe’s pie, but we all know spreading the wealth helps everyone. Eat some when YOU want it. I’m Barack Obama and I approve this message.”
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