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| Burning Down The House: What Caused Our Economic Crisis? |
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Who's behind the meltdown? Not McCain.
This video was not made by me. All credit goes to
TheMouthPiece. Replaced soundtrack with piano
because original pulled down for WB song, it has
Dodd saying that the root cause was just bad
mortgages. Enjoy and spread the word.
The Affirmative Action Economic Meltdown
Hus on First Asian Week September 26, 2008
I thought Id never live to see my bank go bust.
Wamu? Boo Hoo! Back in 1999, Fannie Mae first
introduced rules for sub-prime loans to increase
minority homeownership and boost profits. The
government subsidized corporation was founded as
part of the New Deal in 1938 before it was spun
off in the 1960s. Once a monopoly, it still has
about half the market of reselling mortgages
backed with guarantees of payment. At the time,
economists warned that relaxed lending rules might
lead to a giant failure that would have to be
bailed out by the government if the real estate
market cooled like it did in the 1980s. [1]
As we all know, that just happened as Uncle Sam
took Fannie Mae back. Talk about obscene executive
pay, over $100 million was spent on the paychecks
of just three Democrats. James Johnson, who was
briefly on Obamas VP committee, earned $21 million
in just one year of being CEO for 7 years. Obamas
housing policy advisor Franklin Raines earned $90
million in his five years as CEO, and Jamie
Gorelick earned $26 million as vice chairman, even
as Raines and other top executives were caught
using accounting tricks to trigger massive bonuses
and understate their pay.
It was left wing meddling inspired by affirmative
action that led to politically correct credit
decisions. As Ann Coulter put it, They gave your
mortgage to a less qualified minority. The Clinton
administration investigated Fannie Mae for
discrimination. Ending redlining of minority
neighborhoods became the new crusade, even if
factors such as credit histories, job stability,
loan-to-value ratios and income levels were
completely different between communities. It was
urged that half of Fannie Mae and Freddie Macs
portfolio be made up of low / moderate income
borrowers by 2001.
Discriminatory criteria such as credit history and
down payment ability would become less important,
as welfare and unemployment payments would be
counted, and stated income allowed borrowers to
make up their own income, whether it was backed up
by a cash business or nothing but thin air. People
were rewarded for signing up loans, not for making
sure they would be repaid when they were resold.
When G.W. Bush entered office, his economist
warned that loans to under-qualified borrowers
created a risk for the entire financial system. In
2003, Treasury Secretary John Snow proposed
oversight with strict controls over risk and
capital reserves.
When Senator John McCain joined the fight for
reform of corruption, the effort was stopped by
Democrats such as Barney Frank who stated there
was no financial crisis at Fannie Mae / Freddie
Mac, and such pressure would reduce affordable
housing. As McCain observed that Obama collected
the 2nd highest amount of Fannie and Freddie
contributions in his short career, Senator Obama
may be taking their advice and he may be taking
their money but I want to tell you in a
McCain/Palin administration, there will be no seat
for these people at the policy making table.
Whatever the proper role government has in
cleaning up this mess, one thing must be clear. A
diverse nation cannot commit to spend whatever it
takes to put everybody in a solar house and hybrid
car, all-you-can-eat medical coverage, college,
preschool, and high test scores for all. Yet this
is precisely what Obama promised to do at the
debate. Only John McCain committed to fight to
control spending which threatens the entire
American economy with imploding so badly that no
one will be able to will bail out Uncle Sam.
Honors for this video (1)
#86 - Top Rated (This Week) - News & Politics
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Tags : obama mccain freddie mac bailout salary ceo corruption |
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Affichage : 130313
Durée : 600 s |
| Who's on first? |
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Abbott and Costello perform the classic "Who's on
first?" baseball sketch in their 1945 film "The
Naughty Nineties" first performed as part of their
stage act. Still find this really funny
Tags : Bud Abbott Lou Costello Who's on first? |
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Affichage : 1181839
Durée : 376 s |
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