Good!!!
Sounds like what the country needs after 8 years of “Junior”, and of either Republican “domination” or Republican “power of overide” in the Senate and Congress. Get rid of all the people who have mismanaged the country into possible collapse. Eight years of Republican mismanagement always make it look like the “end of the world”.

The 1978 Community Development act passed under Carter, pressured banks and financial institutions to lend to low income families, minorities and people with bad credit.

Fannie Mae/Freddie Mac are quasi government agencies known as GSE’s that guarantee half the home mortgages in the US.

Their “GSE” status allowed Fannie/Freddie to amass a dangerous and distorted proportion of the overall market share. Prominent Democratic politicians including Chris Dodd, Barney Frank, Chuck Shumer, and Barack Obama are all closely tied and have received substantial contributions from Fannie/Freddie.

Franklin Raines is a former Clinton Administration official who ran Fannie since 1998 and got out with 90 million. Raines instituted a new “pilot program” in 1999 to further loosen lending requirements. He has advised Obama on economic issues.

Clinton and the Republican Congress attempted to implement more oversight over Fannie/Freddie but were resisted by congressional Democrats.

When accounting irregularities were eventually divulged in 2004 Dem’s again resisted more regulation.  Rep. Barney Frank quoted was quoted as 2006 saying “These institutions(Fannie/Freddie) are fundamentally sound”.

Glass/Seagal, which separated commercial and investment banking was repealed in 1998 under the CLINTON ADMINISTRATION.

Sarbannes/Oxley, a so called “regulatory reform” measure was passed during the first Bush administration after the Enron Debacle. It simply created more red tape and led to ballooning accounting costs due to increased and arbitrary federal audits.

Hey liberals are you starting to see a pattern here?

Extremely heavy government influence in the housing market/mortgage business and close relationships between the GSE’s and politicians.

The Federal Reserve encourages malinvestment by mandating artificially low interest rates.

Even worse they debase the value of our currency by printing fiat money to finance deficit spending by politicians.

Having the government “fix” this problem is like asking an arsonist to put out a fire he started.

And now the left wing media will tell you that it was “unregulated free-market capitalism” that caused this mess. The same old lie, here we go again.

I know, I know….

“The only way we can fix this is if me the government even BIGGER AND MORE INTRUSIVE!”

So let me get this straight, the Federal Reserve controls/manipulates the currency. The Government taxes/spends and engages in deficit spending and inflationary monetary policy. They guarantee half the home loans. Then they mandate that private institutions must give loans to people with bad credit, and the media/politicians absolve themselves of all responsibility and say “It was all Wall Streets Fault” and “The evil of Capitalism”. Oh brother, what self righteous nonsense.

Any politician that voted for this “bailout” which is really corporate welfare deserves nothing but contempt(Obama/McCain and all the rest).
It will not solve these problems it will only exacerbate them.
If the left really cared about this issue than they would have the assessors appraise everyones property down to the current market value
rather than continue to collect property taxes on inflated assessments from 2004-2007 which would also help people refinance their loans.
Oh but then we would have less property tax revenue, and liberal democrats couldn’t have that.

When the media, democrats, “moderate republicans, and George Bush all team up for legislation you know your in trouble. The fear-mongering
that preceded the bailout was unprecedented.

Nobody is “too big to fail”. Institutions that make bad investments SHOULD FAIL. And the 90% of homeowners that are currently paying
their mortgages on time should not foot the bill.

Liberals act is if only solution to any problem is intrusion and interference by government. It really is a bizarre mental disorder. They
believe that politicians are some kind of combination of Superman and Santa Clause.

If their magical ideology was infallible than why do left wing states like California have such enormous problems?

California is dysfunctional. Stagnant growth, broken schools, crowded prisons, high unemployment, shocking violent crime, high taxes, excessive regulation, suffocating traffic, deteriorating infrastructure, unbalanced budgets, alarming drop out rates, gangs, crowded hospitals. The state is bankrupt and we also have one of the worst bond rates in the country. Amazingly, we have several measures currently on the ballot to spend even more money! Most are pork barrel energy initiatives pushed by corporate backers and special interests.

Politicians don’t have the power to fix your personal financial issues. They do however have the capability to inflict tremendous harm on the economy as a whole and create
endless rules that accomplish nothing.

An Obama administration will be nothing more than an extension of the failed policies that got us here in the first place. Get ready for Jimmy Carter part 2.

CAMPAINGFORLIBERTY.com

As regards comment # 2.  Why did the problem not get out of hand under the Clinton administration? People were paying their mortgages then? It was under Bush and a Republican Cogress and Senate with domination and/or veto power where the trouble came in.  Wall street and the banks went along with it because it enriched them and gave huge bonuses to their CEO’s.  Ultimately it is a banks responsibility to deny loans to risky borrowers.  Let’s have some plain talk about issues. Lets also be clear that while neither Democrats or Republicans are saint’s where morals are involved the Democratic party is clearly the party of the underpriveledged, working poor, and small busnisses of this country.

Quit fudging the facts ray. 1978 Community Development act FORCED banks to lend to individuals with poor credit.

In both Clinton administrations Congress was run by the Republicans. You also completely ignore the bad recession that came at the end of his second term.

Besides this housing bubble has been brewing for 20 years. It’s the predictable product of malinvestment encouraged by the Federal Reserves manipulation of interest rates and easy credit policies. Notice that you almost never hear criticism of the Federal Reserve system from the left or neo-conservative republicans.

All this government nonsense is the root of the financial problems. Private lenders with hard currency WOULD NEVER loan to a shaky borrower without coercion.

How often do we hear democrats talk about “affordable housing”. Well thats what this nonsense is all about.

Here in LA Villraigosa wants to spend 5 billion taxpayer dollars to finance new welfare projects for the destitute and illegal immigrants. PEOPLE THAT DON”T PAY TAXES.

Sounds so nice doesn’t it, except every project that’s built tends to fail, become worn down, infested with drugs/crime, condemned and actually encourages the type of behavior the perpetuates poverty.

The sweetheart no bid contracts that politicians award to construct “affordable housing” usually end up lining the pockets of political contributors/operators.

The Obama/Rezko fiasco in Chicago is a perfect example.

Have projects, welfare and food stamps helped Cabreni Green in Chicago

No, its even worse than before.

Are the Marcy projects of Brooklyn nicer places to live today because of the patronage of NY Democrat politicians.

No, once again they are even worse. Crime, drugs, chaos, poverty, unemployment are rampant.

We have a lot of big-hearted democrats here in LA, I guess South Central LA must be getting better right.

Wrong, these schemes don’t work. They just enrich politicians, political operators, and encourage the very conditions that create poverty in the first place. They also create a cycle of dependency which allows politicians to use confiscated wealth to redistribute in order to bribe their constituents for votes.

If you didn’t earn it, you don’t deserve it.

Koreans in LA don’t ask for handouts. They work hard, own business and what a surprise, they end up succeeding.

I don’t see any Indian Americans living in housing projects either. People from these countries often come from circumstances significantly worse than the urban poor in the US. If the left-wingers theory of class disenranchisement is so irrefutable than why do these people succeed WITH NO GOVERNMENT HELP.

You also didn’t respond to any of the points I made about California and the system overall. And once again, if your democrats really cared about the downtrodden poor than why not assess housing down to lower taxes and help refinancing.

The reason is they want to keep taxes as high as possible and have a vested interest in continuing to prop up the artificial government created housing boom.

Taxes, inflation and deficit spending hurt the poor more than any “government program” will ever help them.

Inflation confiscates wealth by driving up prices and devaluing the currency. Not one of the solutions proposed by Democrats will help alleviate these problems.

And pork barrel energy schemes that benefit politicians and their political patrons will not solve our energy crisis.

WAKE UP, THE CAVALRY ISN”T COMING, AMERICANS MAKE THIS COUNTRY GREAT NOT POLITICIANS.

http://www.campaignforliberty.com

CW:  Just 2 points. (1) The 1978 Community Development act gave banks an incentive to lend to people with bad credit. It did not “force” them to do so.  If it did then your campaign for liberty is over. (2) If the Act was so terribly bad Republicans had 3 chances to do something about it.  Ronald Reagan, George Bush Sr., and George Bush Jr. have all been president since that time.  Why no action? The problem happened on Bush’s watch.  It’s his problem and the Republicans.

Wrong again. Government “incentives” encourage bad investment so you ignore the most important part of this problem. Buried in the endless red-tape of federal legislation more often than not exists coercive language.

Moreover you act as though Democrats have no responsibility for these problems when it is the part of the liberal agenda to push for subsidized and “affordable” federal housing initiatives.

Therefore the medias argument that “unrestrained free market capitalism” is the source of this problem is a distorted lie based on the their vested interest in the promotion of the corporate welfare system.

Democrats controlled congress in the 80’s. They controlled
the presidency in the 90’s. How would Reagan or Bush veto housing legislation that was already passed?

Democrats have had control of congress for 2 1/2 years and did nothing. It’s a fact that democrats under clinton and W resisted tighter regulation of Fannie/Freddie and both parties took kickbacks from those institutions including Obama who was their 2nd highest recipient.

But once again more important is to understand the root of these problems. Demonizing capitalism and calling for more government will only make this problem worse.

Capitalism didn’t fail, government failed. Artificially low interest failed, fiat money failed, easy credit failed, affordable housing failed. Fannie/Freddie had such a large market share because of GSE status. But nobody questions wether we should really have GSE’s in the first place.

With so much big government how could you possibly argue that this uniquely a private problem?

Even if its true the “George W Bush” is completely responsible than why put Democrats in who advocate essentially the same policies or worse.

Go ahead, see if democrats crack down on lenders they take money from, reform the federal reserve system, let markets determine interest rates, reign in spending or restrain the creation of fiat currency.

So called “Balanced budgets” under Clinton came with a Republican congress in both terms. That rhetoric also ignores that the national debt was still shockingly high in the 90’s.

Carters administration saw double digit inflation and unemployment. Do you really think these people are going to solve your problems?

They won’t change they system, they are part of the system.

Cap and trade plus pork barrel energy schemes will mean energy crisis just like carters during Obamas first term.

We can resist the left and Obama but we have to return to true conservative principles and purge the neo-cons from the party.

http://www.campaignforliberty.com

The people have spoken and they agree with me. It was the hypocritical conservative neo-cons who got us where we’re at and they are no longer in power.  We’ll see how things go. I’ll bet my honor that the country is not going to go “down the drain” as they predicted it would if they were put out of power.