22.9.08

"You will not find a more wretched hive of scum and villainy..."

I want each and everyone one of you who reads this to take a long and careful look at THIS chart. Go on, it won't harm you (unless you are allergic to the ugly truth) one bit.

That's right, the now-defunct mortgage giants Fannie Mae and Freddie Mac funneled thousands of dollars worth of contributions to Senator Barack Obama - more so than even veteran Senator John Kerry, and more than any Republican Senator.

You're probably thinking, "Okay Mr. Viking, so he got campaign contributions. What on earth does that prove about his connection to the shady practices leading to the massive taxpayer-funded bailout?"

HERE is a video segment from a CSPAN-2 newscast of Fannie Mae CEO Daniel Mudd speaking to the Congressional Black Caucus. Barack Obama is inducted into the Caucus in this presentation (the only present Senator in the CBC), after which Mudd gives a speech. How is this all connected? Though the Obama campaign staff features some of Fannie and Freddie's executive leadership, there's still one step missing to damn not only the Obama campaign in its own role in creating this mess, but the Democratic party at large.

I present to you the Community Reinvestment Act of 1977, signed by President Carter, and then expanded by "the first black President" William J. Clinton. If you would like a better (albeit sanitized and PC) description of this Act, click HERE. You see, at the time, the GOP was accused of being discriminatory in its stance on loan policies. This was soon after the peak of the Civil Rights Era, and understandably lots of black people were really getting the shaft when they went to apply for home loans. The CRA was introduced to prevent discrimination in the lending practices of banks, but forced banks to lower their standards for loans. This, in turn, forced banks to lower their standards even more in order to stay competitive. People began taking on mortgages they ordinarily couldn't afford, at rates that would bankrupt them - and they did.

In regard to all this, the GOP can do no right: keeping strict lending standards is "discriminatory", but handing out loans left and right (to minorities and whites alike) is "predatory". This is a clear result of overregulation (there is such a thing, you leftist morons!) that allowed runaway loans, and now the Federal Reserve has to use OUR tax money to make up for the bad decisions of loan officers, bank executives, lawmakers, and the people who took on loans they knew they couldn't support but couldn't pass up the opportunity to have something NOW and decided they would worry about paying for it further down the road.

Instead of thinking what loosening the credit requirements for a home loan would do to the economy in the long run, the government talking heads decided to "go easy" on people who didn't have the qualifications that were once necessary for loans. They got infected with the politically-correct "everyone is special" virus that was a byproduct of the 1960s entitlement generation - the many wanting to reap the benefits of something supported on the backs of the few. So, in order to not appear racist (still today a vile epithet if you want to discredit someone completely), the standards come down, the money flows out of the banking system, and financial instability and decline are over the horizon. Nothing inevitable at this point, but the effects of such decisions are indeed being felt, and they will continue on.

The overregulation and support by the federal government gave banks the incentive to get sloppy and not pay attention. The possibility of real failure, the liquidation of the executives' personal assets to pay for bankruptcy, and even the shame of such an occurrence should be incentive enough to prevent such things, but not in today's era of nanny-state-ism and the government's societally-perceived role of savior. These bailouts say to banks "hey, you guys can pretty much do whatever you want, and the taxpayers will pick up the bill if you get in hot water".

How does the Congressional Black Caucus play into this whole matter? For starters, it is an openly discriminatory and racist organization - only blacks are eligible for membership. Missouri Representative William Clay, Jr. issued an official statement saying that "there has been an unofficial Congressional White Caucus for over 200 years, and now it's our turn to say who can join 'the club'." The CBC was instrumental in pushing forward the Community Reinvestment Act, both in 1977 and its revision in the 1990s. The CBC's problem is solely with 'White America', constantly accusing it of racism, while rationalizing, minimizing, and ignoring any failures that 'Black America' creates on its own (the long-running persecution complex, accusations of racism where none exists, the crisis of black fatherhood, among others).

Instead of helping their own communities to be more financially secure through financial education (outside of "white people hate you and don't want you to make any money"/"Jewish conspiracy"/etc.), entrepreneurship, investment instead of spending, and other things that actually help the financial situation of the average person, they forced 'White America' to set the bar lower. This still places the black community as subservient to Whitey's good graces, and proves to other blacks that throwing a tantrum is a good way to get the nanny state to cave to one's demands. If the CBC and other black organizations were really about empowerment, they would instead encourage blacks to succeed in the same way with the same standards that whites, Hispanics, and Asians are faced with. Unfortunately for their constituency, the CBC and others really don't care about seeing their members succeed. They just want to perpetuate a victim complex and get some free stuff from guilty white liberals. Black organizations should be encouraging responsible behavior and financial wisdom on the part of blacks, not blaming 'White America' every time a black person makes a mistake. They should be taking care of their own, not forcing others to do it.

Right now, blacks are suffering with loans they can't afford because of the policies supported by the very organizations that claim to have their interests in mind. Barack Obama is knee-deep in this mess. His party espouses the persecution complex and continually pushes for more handouts to blacks, his wife is allied with the 'blame Whitey' movement, his ex-pastor preaches black separatism and superiority, a Freddie executive is his campaign financial advisor, and he has been in Fannie and Freddie's pockets even before he was elected to the US Senate. For someone with a history like this to even think about accusing McCain and the GOP for creating this problem just demonstrates what kind of society we live in and the kind of media we have - their utter refusal to accept anything bad about someone of a minority status. They are truly immune to criticism in the mainstream media, much like Islam and organizations like CAIR and MPAC.

I now give you all a statement made by Senator John McCain in 2005, supporting legislation that would restructure the way Fannie and Freddie are tied to the Fed:

"For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac-known as Government-sponsored entities or GSEs-and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation."


McCain does not support the bailing out of companies whose executives made bad decisions by way of our money, but the Obama campaign, and by extension the Democratic party, would want you to think otherwise. The scary part is, it's working. People are not doing their research into the causes of recent events, and just taking orders blindly from their Democratic taskmasters, who are given orders from the Obamessiah Himself, Peace Be Upon His Most Hopey and Changey Soul.

The more people start reading past the headlines, the sooner they will realize that not only is Obama nothing more than an empty suit with a good ad agency, but that his policies past and present will ruin the United States if they are allowed to come to fruition.

1 comment:

Terence said...

Great investigative work, as usual MV. Please write a blog about the constructive steps you would take to solve some of the problems with the housing crisis that involves the sub -prime loans. Would love to hear your thoughts. Thanks.

TW