Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown

This  video clearly shows that George Bush tried to warn Congress starting in 2001, that this economic crisis was coming, if something was not done. But Congress refused to listen, along with the arrogant, Congressman Barney Frank. This video says it all.
 
The  liberal media reportedly did not want this video on You  Tube; it was removed. 
This link is of the same  video but is routed through Canada . Everyone in  America needs to see this before it is yanked off the airwaves again

http://www.youtube.com/watch?v=cMnSp4qEXNM&NR=1

Election ’08 Backgrounder

  

Financial Crisis | Iraq | Defense | Background & Character | Judges & Courts | Energy

 

FINANCIAL CRISIS

Quick Facts:

  • Democrats created the mortgage crisis by forcing banks to give loans to people who couldn’t afford them.
  • In 2006, McCain sponsored a bill to fix the problems with Fannie Mae and Freddie Mac.  Barney Frank and other Democrats successfully opposed it.
  • Obama was one of the highest recipients of Fannie Mae and Freddie Mac donations in Congress.

Related Editorials

 

IRAQ


Quick Facts:

  • When the U.S. was on the verge of losing in Iraq, McCain chose to stand and fight.  Obama chose retreat.
  • Even after the surge succeeded, Obama told ABC’s Terry Moran he would still oppose it if he had the chance to do it all over again.

Related Editorials

 

DEFENSE

Quick Facts:

  • Obama has promised to significantly cut defense spending, including saying “I will slow our development of future combat systems.”
  • John McCain has vowed: “We must continue to deploy a safe and reliable nuclear deterrent, robust missile defenses and superior conventional forces that are capable of defending the United States and our allies.”

Related Editorials

Obama Video: Watch Now

 

 

BACKGROUND & CHARACTER

Quick Facts:

  • Obama voted “present” 135 times as a state senator, and according to David Ignatius of the Washington Post, “gained a reputation for skipping tough votes.”
  • McCain has taken stances unpopular with his own party and/or the public on controversial issues, including immigration, campaign finance reform, judicial nominations, the Iraq War and more.

Related Editorials

 

 

JUDGES & COURTS


Quick Facts:

  • In a 2001 interview, Obama said he regretted that the Supreme Court “didn’t break free from the essential constraints that were placed by the Founding Fathers in the Constitution.”
  • In the same interview, Obama criticized the Supreme Court because it “never ventured into the issues of redistribution of wealth and sort of more basic issues of political and economic justice in this society.”
  • Obama has focused on empathy, rather than legal reasoning and restraint, as his basis for appointing judges, saying, “We need somebody who’s got the heart, the empathy…to understand what it’s like to be poor, or African-American, or gay, or disabled, or old.”
  • McCain opposes judicial activism, saying, “my nominees will understand that there are clear limits to the scope of judicial power.”

Related Editorials

Obama 2001 Interview: Listen Now

 

ENERGY


Quick Facts:

  • McCain has proposed building 45 new nuclear plants by 2030 and is in favor of drilling in sectors of the Outer Continental Shelf.
  • Obama has refused to take a stand, saying only “we should explore nuclear power as part of the energy mix” and he will “look at” drilling offshore.

Related Editorials

»
McCain: The Energy Candidate

» McCain On Nukes: Yes We Can
» Breaking The Back Of High Oil

 

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Hank Williams sings McCain-Palin Tradition

Responsibility for Fannie/Freddie

Responsibility for Fannie/Freddie

Richard Baehr
Everyone who is planning to vote Democrat in order to punish Republicans for the economic meltdown needs to watch this video clip. It shows the interim director of Fannie Mae (after Franklin Raines took off with his $90 million golden parachute) addressing black caucus, whom he calls the “conscience” of Fannie Mae. The guy’s name is Mudd– perfect.

Obama is given a special introduction.
Hat tip: a reader

Explosive Video, Fannie Mae CEO calling Obama and the Dems the “Family” and “Conscience” of Fannie Mae

Fannie, Freddie, and the Left

Fannie, Freddie, and the Left

By John Perazzo
FrontPageMagazine.com | 10/13/2008

As evidenced by Barack Obama’s rise in the polls immediately following the financial collapse of mortgage giants Fannie Mae and Freddie Mac, few Americans understand that for many years Fannie and Freddie have been, first and foremost, tools of Democratic politicians, funders of the Democratic Party, and, in the words of a former Fannie CEO, the intimate “friends” and “family” of the Democratic Party’s left wing.

Nor are most Americans aware that Fannie and Freddie, through their eponymous grant-making foundations, have funneled literally hundreds of millions of dollars in recent years to a host of leftist groups and causes that work to promote Democratic agendas, causes, and policies. To set the record straight, it is worthwhile to examine the connections between Fannie, Freddie, and the Democratic Party.

A full account of the recent financial collapse of Fannie Mae and Freddie Mac must consider the role of the Clinton administration. As early as 1993, Clinton’s first year in office, Housing and Urban Development Secretary Henry Cisneros and Attorney General Janet Reno expressed dismay over reports that the rejection rate of black mortgage applicants nationwide was considerably higher than that of their white counterparts. In response, Reno warned that thenceforth “no bank” would be “immune” to an aggressive Justice Department campaign to punish such “discrimination” in the lending market. For emphasis, then-Assistant Attorney General Deval Patrick pledged to work for the elimination of all racial disparities in mortgage lending rejection rates.

A careful look at the facts revealed, however, that those disparities were not actually due to discrimination of any kind. Instead, they reflected the realities of borrowers’ credit-worthiness, as determined by such objective factors as credit history, debt burden, income, net worth, age, and education.

But the political champions of “racial justice” in the Clinton White House were not interested in these facts. So instead of permitting this information to change their outlook on the issue of mortgage lending, they moved ahead with their crusade to inject new energy into the so-called Community Reinvestment Act of 1977, which, according to President Clinton, had failed to live up to its potential as a vehicle for increasing minority homeownership. Thus began the government policy of forcing lenders, under threat of severe sanctions, to make subprime loans to high-risk borrowers who failed to meet traditional loan criteria. It was a policy guaranteed to create a crisis. The only question was when.

Now that the crisis has arrived, Democratic finger-pointing has become the order of the day. Leading the charge, Barack Obama not only blames Republicans, but tacitly blames capitalism as a whole, referencing it by the pejorative code name of “trickle-down” economics. Yet, Obama makes no mention of the fact that the Bush administration exhorted Congress for years to set up an agency to regulate lending institutions like Fannie Mae and Freddie Mac. Nor does he mention that John McCain demanded similar oversight, only to be rebuffed by Democrats like House Financial Services Committee Chairman Barney Frank, who continued to favor the issuance of the subprime loans that have now caused the mortgage market to collapse.

Since the 1990s, indeed, Fannie Mae and Freddie Mac have been in the Democratic Party’s hip pocket. From 1991 to 1998, for example, Fannie Mae was headed by James Johnson, a longtime aide to former Democratic vice president Walter Mondale. While dutifully following the Clinton administration’s aforementioned mandate, and thereby helping to run the mortgage lender into the ground, Johnson himself earned tens of millions of dollars in his Fannie Mae post, including $21 million in 1998 alone. Johnson made headlines this past summer when Barack Obama tapped him to chair his vice presidential selection committee. Johnson had to resign in disgrace from that position when it was revealed that he had taken at least five below-market real estate loans totaling more than $7 million from Countrywide Financial Corporation.

Johnson’s successor as Fannie Mae’s head, Franklin Raines, had previously served as a budget director to President Bill Clinton. During his years at Fannie’s helm between 1999 and 2005, Raines, while continuing the ill-advised policies that ultimately would bankrupt the company, pocketed nearly $100 million in compensation before leaving under a cloud of scandal. It seems that Raines had manipulated profit-and-loss reports so as to enable himself and other senior executives to earn enormous bonuses on top of already-high salaries – in 2003 alone, Raines received $16.8 million in cash compensation – even as the financial empire he oversaw was imploding.

Another Fannie Mae luminary was Jamie Gorelick, who served as vice chair of the mortgage lender from 1998 to 2003. Prior to that, she had been Janet Reno’s Deputy Attorney General during precisely those years when the Clinton Justice Department was aggressively compelling banks to make subprime loans to unworthy borrowers. That experience gave Gorelick valuable training for her future post at Fannie Mae, where she ultimately would increase her personal net worth by $26 million.

While the foregoing Democrats collected obscene sums of cash as reward for their complicity in the subprime mortgage debacle, by no means were they the only beneficiaries of Fannie Mae and Freddie Mac money. Between 1989 and 2008, no fewer than 354 members of Congress received funds from Fannie and Freddie. Of those, 209 were Democrats who pulled in a combined $4.84 million. The leading recipient of Fannie/Freddie money was Connecticut Democrat Chris Dodd, the Banking Committee Chairman who collected more than $165,000. Dodd opposed oversight of Fannie and Freddie and pushed hard for the continuance of subprime mortgage loans. In second place was Barack Obama, who, in just three years in the U.S. Senate, raked in $126,000. Third was Massachusetts Democrat John Kerry, with $111,000.

Republicans, too, deserve a measure of criticism. Some 143 of them received Fanny and Freddie funds totaling just under $3.02 million. Utah Republican Robert Bennett, a Senate veteran, led the GOP with $107,999 in total contributions from the mortgage giants. Two independents also took in over $28 thousand.

As further evidence of the Democrats’ role in the credit crisis, consider Fannie Mae’s intimate relationship with the Congressional Black Caucus (CBC), which represents the far-left of the Democratic Party. At a 2005 ceremony, Fannie Mae’s interim CEO Daniel Mudd told the CBC (of which Barack Obama was a new member) how deeply he valued “the friendship and partnership between Fannie Mae and the Congressional Black Caucus.” Mudd referred to the CBC not only as “good friends to Fannie Mae and our mission,” but also as Fannie Mae’s “family” and “the conscience of Fannie Mae.” (For a video of Mudd’s remarks, click here.)

Such ties represent merely the tip of the iceberg. To gain a fuller appreciation for just how closely the mortgage companies were allied with the Democratic Party and its surrogates, one might look at the grant-making arms of Fannie and Freddie — specifically, the Fannie Mae Foundation and the Freddie Mac Foundation. The former was established in 1968, the latter in 1991. Together, they hold combined assets exceeding $285 million, and each year they give tens of millions of dollars (nearly $89 million in 2006 alone) in grants to predominantly leftwing organizations that promote a host of pro-Democrat agendas. Among the groups supported by Fannie and Freddie are the American Civil Liberties Union; the NAACP and the National Urban League; left-wing financier the Tides Foundation; pro-illegal immigration groups like the Mexican American Legal Defense & Education Fund, the National Immigration Forum, and the National Council of La Raza; pro-Democratic community activist groups like the Association of Community Organizations for Reform Now (ACORN), the Center on Budget and Policy Priorities, the Center for Community Change, and the Alliance for Justice; feminist organizations like National Organization for Women and the National Women’s Law Center; and former president Jimmy Carter’s Carter Center. A comprehensive list of liberal, leftist, and pro-Democratic Fannie and Freddie grantees would fill an entire book.

During last week’s presidential debate, John McCain made a point of observing that Senator Obama and his fellow Democrats had long “defended what Fannie and Freddie were doing” and had blocked all efforts at reforming the now-notorious institutions. Obama parried the charge by insisting that American voters were “not interested in hearing politicians pointing fingers.” Obama’s defensiveness is understandable. If Americans took the time to examine the issue, they would discover that much of the blame for the current crisis belongs to the Democratic Party.


John Perazzo is the Managing Editor of DiscoverTheNetworks and is the author of The Myths That Divide Us: How Lies Have Poisoned American Race Relations. For more information on his book, click here. E-mail him at wsbooks25@hotmail.com

McCain Letter Demanded 2006 Action on Fannie and Freddie

McCain Letter Demanded 2006 Action on Fannie and Freddie

 

 

Sen. John McCain’s 2006 demand for regulatory action on Fannie Mae and Freddie Mac could have prevented current financial crisis, as HUMAN EVENTS learned from the letter shown in full text below.

McCain’s letter — signed by nineteen other senators — said that it was “…vitally important that Congress take the necessary steps to ensure that [Fannie Mae and Freddie Mac]…operate in a safe and sound manner.[and]..More importantly, Congress must ensure that the American taxpayer is protected in the event that either…should fail.”

Sen. Obama did not sign the letter, nor did any other Democrat.

The full text of the letter appears below.

 

McCain Letter