Posted on 10/25/2008 11:04:13 PM PDT by RobinMasters
Obama's cconomic narrative of the mortgage crisis gnores 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 ...
Like my man, Mitt, would say,
“Facts are Stubborn Things”....
so much for compassionate conservatism. It allows others to make the real thing look bad.
This story, Companies start competing for bailout money is more important and I don't want to have to hear it from al-AP.
I thought the money was to shore up the credit markets and support failing banks.
Whole bailout bs thing was a scam by anti-American forces especially when you realize that 95% of the mortgages were being paid on time and in full.
Funny, banks used to not lend to crackheads, deadbeats, illegal aliens or criminals...
Democratic, Liberal government policies FORCED banks to place money and shove off the risk to the government or Wall Street to re-sell...
Obama saying this is a Bush issue is partially true, he didn’t veto Liberal legislation or oversight...but the policies are from Mr. Marx, Obama’s mentor.
Bump for later Sunday reading.
I don’t necessarily think that the Democrats came first and forced the banks into this situation. I think the banks came to the Democrats...paid the right folks...and went for more profit. The first step of this spiral had no issues...it was still middle-class on the borderline who just didn’t have enough for a real old-fashioned downpayment (it was typically twenty-five percent if you go back three decades ago).
But as time went by...the banks needed more rules relaxed and more methods of profit...so they went down to the next level and got bottom level of the middle class used to the idea of buying a house that was twenty percent more than what they could afford.
Then they went to the lower class and did the same no downpayment episode...then onto the house of higher cost.
Step by step...the banks talked their dimwitted friends in congress and the senate into helping them...with money or influence. You could already see problems in 2005 and folks were warning that housing prices would eventually top out and trigger this entire mess. There are lots of commentaries and financial reports in the 2005/2006 era to explain the coming problems. No media organization today wants to discuss that fact. Nor does congress intend to have committee meetings to get down to “blame”...because it starts and ends in the house.
The amusing thing is that we haven’t hit bottom. There are hundreds of thousands of borderline homeowners out there...including the crackheads, deadbeats, illegal aliens, criminals, and regular folks like you and I. If the economy does go into full recession and jobs start getting lost on a major scale...this episode that you see today...will just be a warm-up exercise. This is simply the tip of the iceberg today...and you can only hope that the Administration gets something started up...otherwise...its five year period of woes and misery for all of us.
This is what I was striving for with The Timeline Thread.
Thank you, Mr. Smiley. I’ll link this over to the Timeline with your remark:
The Timeline Project / Link List of Bailout History
http://www.freerepublic.com/focus/f-bloggers/2093845/posts
[Now ‘moving’ here.]
New tagline:
Barney Frank D-MA defends his role leading up to crisis (just another stump speech on meltdown)
http://www.freerepublic.com/focus/news/2115555/posts?page=2
I think we should all step back and take a candid look at things . The possibility exists that our Democratic along with our Republican senators and representatives agreed to give each other some of what each wanted. We got sub prime loans in the same time frame we also got deregulation. It is mid-America that neither cares the least about. They are just as guilty as the CRA ant the greed on Wall Street. Excuse me , they actually share the greatest responsibility because they were charged with watching the store.
Drudge Zinger:
2001 OBAMA: ‘REDISTRIBUTION OF WEALTH’; WARREN COURT NOT LIBERAL ENOUGH
http://www.freerepublic.com/focus/news/2116186/posts
Obama In His Own Words: “Tax the heck out of people at the end and just redistribute it”
http://www.freerepublic.com/focus/news/2109659/posts?page=1
Rats held GOP issues hostage to keep this sleazy gravy train running. I think it really stinks to paint the GOP with the same brush. Cheap shot.
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