Sep 24 2008
Definitely NOT Wordless Wednesday.
I try as best as possible to not let my political views encroach on this blog - but - after having seen Bush’s speech tonight regarding the economy and the bailout - I have to post something.
I didn’t cause this mess! You didn’t cause this mess. Government caused this mess. This started back in 1977 when Carter implemented the Community Reinvestment Act telling lenders they had to meet a certain quota taking on high risk loans in order for the “disadvantaged” to buy homes.
Then, in 1996 Clinton revised the CRA and then took away the requirements for income verification and employment verification and told mortgage lenders they had to take on more high risk loans and give more of the “disadvantaged” homes or risk have their businesses being shut down and being labeled racist institutions.
Then, in 2003 Bush revised the CRA and took away the requirement for a downpayment. In the meantime Fannie Mae and Freddie Mac were guaranteeing more and more of these bad loans while Obama’s economic advisors were getting rich - and cooking the books (BTW - Both Jim Johnson and Frank Raines have been convicted in civil court and have been ordered to pay millions in fines - with economic advisors like that - what kind of decisions will Obama make?)
Chris Dodds, Barack Obama, and Barney Franks received millions in campaign contributions from Fannie and Freddie. Jamie Gorelick made millions from Fannie and Freddie. Dodds, Obama, and Franks should recuse themselves from making any decisions or having any input on how to fix this mess - they helped cause it along with The Fed keeping interest rates artificially low. This whole mess came to a screeching halt when they started raising the rates again after all those years of cuts. Bernanke knew exactly what would happen - but - he did it anyway.
No side is clean here. Both sides are to blame. Our government caused this mess by passing laws that affected private businesses from conducting business in a sound manner. As a result - there are $billions in bad loans floating around that caused this disaster. The entire global financial system is screwed up right now because of U.S. Government interference in private business. What makes anybody think that government can fix the problem they caused? I am so fed up with our government right now I can barely see straight. This is not the Bush administration’s fault. The Bush administration bares part of the responsibility because they just continued bad policies from previous administrations. The Republicans were in complete charge for 6 years. They had an opportunity to fix the economy and the energy sector - but - they squandered it.
Regardless of who you are voting for as the President come November - I’m putting out a call to everyone to vote out all of the incumbents from the House and the Senate. It’s the career politicians that made this mess. We have the power to hire and fire our representatives. Lets send a message and fire them all. Let’s reset our government as well as our financial sector.
I promise - I will not be posting any more political discussions on this blog. This one is just too close to me for me not to comment on it.
