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What Caused the Financial Meltdown?
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<blockquote data-quote="av8torntn" data-source="post: 404182" data-attributes="member: 8259"><p>Here is an email floating around. Someone should look into the laws that made it out of committee in 2003 then blocked on the floor of the Senate.</p><p> </p><p> </p><p> </p><p>Under President Jimmy Carter, the Depository Institutions Deregulation and Monetary Control Act of 1980 changed the rules governing thrift institutions and expanded alternative mortgages.</p><p></p><p></p><p></p><p>In 1995, President Clinton put on steroids the Community Reinvestment Act, another well-intentioned Carter-era law designed to encourage minority home ownership. In so doing, he created the market for risky sub-prime loans.</p><p></p><p></p><p></p><p>In 1999, Clinton appointed Franklin Raines to run Fannie Mae. Raines not only mis-managed the quasi-government institution, he looted it for a total of almost $100 million in compensation before he was forced out in early 2005.</p><p></p><p></p><p></p><p>The Clinton-era corruption, combined with unprecedented catering to "affordable-housing" lobbyists, has now resulted in the nationalization of both Fannie and Freddie, a move that is expected to cost taxpayers tens, if not hundreds of billions of dollars.</p><p></p><p></p><p></p><p>Where is Raines now? In jail? No! He is one of Barack Obama's economic advisors.</p><p></p><p>No kidding! </p><p></p><p>Other Clinton cronies and current Obama advisors, including Jim Johnson and former Janet Reno aide Jamie Gorelick, padded their pockets to the tune of another $75 million.</p><p></p><p></p><p></p><p>Why hasn't Obama called for a criminal investigation of Freddie Mac and Fannie Mae? </p><p></p><p>He can't. Members of his economic advisory team would be subjects of any such criminal investigation.</p><p></p><p></p><p></p><p>Why hasn't Obama demanded congressional hearings, with testimony from Jim Johnson, Franklin Raines, and Jamie Gorelick? </p><p></p><p>Why hasn't Obama demanded that Johnson, Raines, and Gorelick return the tens of millions of dollars they received from these institutions to the shareholders? And why doesn't he demand a special prosecutor to investigate these people? </p><p></p><p>Again, he can't.</p><p></p><p>They are all part of the Obama team!</p><p></p><p>Both Senator Chris Dodd, D. Ct, the Senate Banking Committee chairman, and Representative Barney Frank, D. Ma, the House Banking Committee chairman received tens of thousands of dollars in 'campaign contributions' from the very institutions they were supposed to be regulating.</p><p></p><p></p><p></p><p>Why doesn't Obama criticize Chris Dodd and Barney Frank for blocking earlier reforms of these companies- including those proposed by the Bush administration in 2003 and Senator John McCain in 2005? </p><p></p><p>Could it be that the truth would interfere with Obama's leftist ideology? </p><p></p><p>Is Barack Obama afraid the truth will keep him out of the White House? </p><p></p><p>If you're concerned about our nation's future, please understand that the Democrats who 'regulated' Fannie Mae and Freddy Mac into the ground are the same Democrats who now want to 'fix' it.</p><p></p><p></p><p></p><p>If you think the national lame stream- in the tank for Obama -news media will tell you the truth about any of this, you're smoking something that ain't legal!</p></blockquote><p></p>
[QUOTE="av8torntn, post: 404182, member: 8259"] Here is an email floating around. Someone should look into the laws that made it out of committee in 2003 then blocked on the floor of the Senate. Under President Jimmy Carter, the Depository Institutions Deregulation and Monetary Control Act of 1980 changed the rules governing thrift institutions and expanded alternative mortgages. In 1995, President Clinton put on steroids the Community Reinvestment Act, another well-intentioned Carter-era law designed to encourage minority home ownership. In so doing, he created the market for risky sub-prime loans. In 1999, Clinton appointed Franklin Raines to run Fannie Mae. Raines not only mis-managed the quasi-government institution, he looted it for a total of almost $100 million in compensation before he was forced out in early 2005. The Clinton-era corruption, combined with unprecedented catering to "affordable-housing" lobbyists, has now resulted in the nationalization of both Fannie and Freddie, a move that is expected to cost taxpayers tens, if not hundreds of billions of dollars. Where is Raines now? In jail? No! He is one of Barack Obama's economic advisors. No kidding! Other Clinton cronies and current Obama advisors, including Jim Johnson and former Janet Reno aide Jamie Gorelick, padded their pockets to the tune of another $75 million. Why hasn't Obama called for a criminal investigation of Freddie Mac and Fannie Mae? He can't. Members of his economic advisory team would be subjects of any such criminal investigation. Why hasn't Obama demanded congressional hearings, with testimony from Jim Johnson, Franklin Raines, and Jamie Gorelick? Why hasn't Obama demanded that Johnson, Raines, and Gorelick return the tens of millions of dollars they received from these institutions to the shareholders? And why doesn't he demand a special prosecutor to investigate these people? Again, he can't. They are all part of the Obama team! Both Senator Chris Dodd, D. Ct, the Senate Banking Committee chairman, and Representative Barney Frank, D. Ma, the House Banking Committee chairman received tens of thousands of dollars in 'campaign contributions' from the very institutions they were supposed to be regulating. Why doesn't Obama criticize Chris Dodd and Barney Frank for blocking earlier reforms of these companies- including those proposed by the Bush administration in 2003 and Senator John McCain in 2005? Could it be that the truth would interfere with Obama's leftist ideology? Is Barack Obama afraid the truth will keep him out of the White House? If you're concerned about our nation's future, please understand that the Democrats who 'regulated' Fannie Mae and Freddy Mac into the ground are the same Democrats who now want to 'fix' it. If you think the national lame stream- in the tank for Obama -news media will tell you the truth about any of this, you're smoking something that ain't legal! [/QUOTE]
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