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Who do you blame for the financial crisis?

Politics 2008/10/01 23:32:27
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Wall Street
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The Financial Crisis is the fault of...
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The financial crisis that the US is enduring is a bad one. It's caused many to lose money, companies to go bankrupt and has raised the rate of unemployment. Wall St has seen some terrible dips and has caused a flurry of anxious stockholders. Some people claim that this economic crisis is more than just a recession, but a second Great Depression.



Congress has been trying to find a solution, but has found itself in a sticky place. President George Bush helped try to pass the Bailout Bill to spend $700 billion to rescue those in deep financial crisis, but was unsuccessful with the House of Representatives. Whether the economy will re-build itself and regain normalcy in the near future will be the next issue at hand.
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Top Opinion

  • Ernie 2008/10/03 11:44:46
    The Financial Crisis is the fault of...
    Ernie
    +11
    Bill Clinton and Franklin Raines. Clinton's insistence to make loans available to people who had no business owning a home under the guise of increasing minority home ownership is a major reason we're in the trouble we're in now.
    Rains' accounting practices made him a very wealthy man and hid the fact that Fanny was in deep trouble. After being sued for 50 million by the federal government, he's now a chief economics advisor the Barack Obama. Great choice Barack! Would you make him Secretary of the Treasury in your administration? How about William Ayres for Attorney General? Tony Rezco for HUD?

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  • Ireland 2011/07/05 14:19:09
    The Financial Crisis is the fault of...
    Ireland
    According to my history class, Bill Clinton *shrug* whatever.
  • Deebo4u2 2009/08/10 03:45:43
    The Financial Crisis is the fault of...
    Deebo4u2
    The SHADOW GOVERMENT which covers a wide variety of all of these ! They are in effect the MONEY CHANGERS ! Starting with the Federal Reserve Act in 1913 they have been slowy RAPEING AMERICA & THE WHOLE WORLD !They Steal the GOLD & SILVER & Every Natural Resource of all countries & Run them with their Inflation and TAXES !Printing FIAT MONEY ! STOP THEM LIKE OUR FORE FATHERS DID and the PROBLEM will go away !Take back our Congress RIGHTS to do what they were given the right to do Under the Constitution !HAVE A WORLD WIDE TRIBUNAL AND STOP them World Wide !Lock them All up for Conspiracy & Treason ! Take back all our Natural resources !Our Gold & Silver !Of All the PEOPLE OF THE WORLD ! MAKE IT A INTERNATIONAL THING & COVER IT WITH OUR REAL MEDIA OF TRUTH !
  • Jason1993 2009/04/20 17:31:10
    Wall Street
    Jason1993
    Its all about the bankers. Those ass holes decided to sell the mortgages to private entities. When there were no more mortgages to sell they created sub-prime mortgages! No need of proof of income, id, or anything. "Hey here's the money just take it, hopefully you'll pay us back some time". Nope why would I? Sub prime mortgages is basically like free money! Of course they were bound to fail. Then the creditors that bought the CDOs from the private entities who were stupid enough to buy the sub-prime mortgages are also looking into a cesspit. Obviously when you start putting the sub-primes into the CDO the AAA tranch is almost instantly going to become unrated (un-officially)...The only reason we're in this mess is because a bunch of bankers wanted money NOW instead of like the canandian bankers who are willing to wait and therefore have a more solid banking infrastructure. Thank you very much!
  • atmer 2009/03/27 03:42:23
    The Financial Crisis is the fault of...
    atmer
    Only STUPID people would blame the Democrats with their minimal majority over the last 2 years... this CRAP took a lot longer than just 2 years to bubble to the surface... and it is equally STUPID to try and pin this on Jimmy Carter... hell... mortgages taken out during his Presidency have been paid off already! There is plenty of blame to go around... starting with the 'HANDS OFF' NonRegulation of the Reagan era... but MOST of it belongs to Phil Gramm and his 2 RATthuglican pals who got the deregulation bill passed in 1999. UNfortunately, 92 Senators from BOTH parties voted for it... and Clinton signed it into law. However, with 92 votes in the Senate it didn't matter if Clinton signed it or not.
  • Bama Girl 2009/02/09 20:37:41
    Wall Street
    Bama Girl
    +1
    It's all the speculation spending on oil that started this whole ball of wax rolling. Now I'm no rocket scientist but it is quite simple to go back to Katrina and follow our decline from that point. That's when gas all of a sudden started skyrocketing. It was said to happen due to an interruption in some of the refineries. Then why 4 years later are we just now seeing gas go down (well it did for a while anyway) and at the same time the oil companies are posting record profits???

    Again, I'm no rocket scientist but it just seems to easy to find the trigger point. Katrina hit and the speculation spending that increases/decreases stock prices began hard and heavy in regards to oil. Well with a rise in gas prices, then there was a rise in transportation costs to get goods to the store, which meant a rise in consumer costs at the store, which led to less spending, etc, etc.

    Now here we are in a hole we can't get out of due to the digging that started a few years back. Foreclosures are happening because people were forced to choose between driving to their job so they can feed their family or using their gas money to pay their mortgage. Most anyone would choose to do what they had to do to make some money. I know our family of 5 was hit hard with gas prices last year. We spent nearly ...''
    It's all the speculation spending on oil that started this whole ball of wax rolling. Now I'm no rocket scientist but it is quite simple to go back to Katrina and follow our decline from that point. That's when gas all of a sudden started skyrocketing. It was said to happen due to an interruption in some of the refineries. Then why 4 years later are we just now seeing gas go down (well it did for a while anyway) and at the same time the oil companies are posting record profits???

    Again, I'm no rocket scientist but it just seems to easy to find the trigger point. Katrina hit and the speculation spending that increases/decreases stock prices began hard and heavy in regards to oil. Well with a rise in gas prices, then there was a rise in transportation costs to get goods to the store, which meant a rise in consumer costs at the store, which led to less spending, etc, etc.

    Now here we are in a hole we can't get out of due to the digging that started a few years back. Foreclosures are happening because people were forced to choose between driving to their job so they can feed their family or using their gas money to pay their mortgage. Most anyone would choose to do what they had to do to make some money. I know our family of 5 was hit hard with gas prices last year. We spent nearly $200 a week just on gas to get back and forth to work. Needless to say we weren't running out to buy new bedspreads, or eating out, etc. We didn't have any money left to do any of that. Or if we did we had to pull out the plastic and now we owe more than we have ever before. But what do you do? Who wants to work 40-50 hours a week and never be able to reward themselves every once in a while even if it is just an ice cream at Sonic...
    (more)
  • girlnextdoor 2008/10/29 23:46:48 (edited)
    Congress
    girlnextdoor
    +2
    Clinton, Raines, Fannie and Freddie, Dodd, Frank, Pelosi, Reid, et al.
  • MrNight... girlnex... 2009/01/28 16:18:49
    MrNightmare
    You have posted the only sane response. However, you left out a few of the guilty. Jimmy Carter first put through the Community Re-investment Act Clinton then put CRA 2 in 1998. ACORN is guilty as hell as they were the most forceful in pressuring the banks into giving loans to people who could not afford them in the name of Social Engineering. God help this country if Obama gets his way. We will need to change the name to the United Socialist States of America!!!!
  • MaddHarliquinn 2008/10/27 19:24:45
    The Financial Crisis is the fault of...
    MaddHarliquinn
    +1
    It takes two to tango, but I think it is a sad day when you have to do the job for the people in charge. I would like to think that people could manage themselves and their finances and not get into to things they should know they can't manage. However, you should also be able to trust those in power and heed their advise without getting it double checked by outside sources. I think many people are at fault because there are many individual points where someone should have acknowledged the bad ideas that were being enforced as policy and stop it from continuing.
  • Tom 2008/10/24 18:17:15
    The Financial Crisis is the fault of...
    Tom
    +1
    The Financial Crisis is the fault of each presidential administration since Ronald Reagan because every president beginning with Reagan has promoted the unfettered laissez-faire, totally free trade, totally deregulated economic policies that have led us to ruin. They did so in order to favor the tiny oligarchy (1% of our population) and give them a free hand to line their pockets at the expense of the other 99% of our people. Their self-serving, greedy policies demonstrate that they owe no loyalty to this country or the rest of its citizens. They have sold us out to foreign interests. They have outsourced the jobs to foreign corporations and countries, particularly to the Chinese. Many of the highest officials who have served in the Reagan, Bush Sr., Clinton and George W. Bush Administrations have gone to work for the foreign interests once they have left office. They lobby Congress to change laws to favor the foreign corporations and governments at the expense of the American taxpayer, especially of the middle and working class citizen. The current Bush Administration wants to privatize all of our public assets and services, such as Walter Reed Army Hospital, the Interstate Highway System and other federal and state roads. They are willing to sell out these assets, w...''''
    The Financial Crisis is the fault of each presidential administration since Ronald Reagan because every president beginning with Reagan has promoted the unfettered laissez-faire, totally free trade, totally deregulated economic policies that have led us to ruin. They did so in order to favor the tiny oligarchy (1% of our population) and give them a free hand to line their pockets at the expense of the other 99% of our people. Their self-serving, greedy policies demonstrate that they owe no loyalty to this country or the rest of its citizens. They have sold us out to foreign interests. They have outsourced the jobs to foreign corporations and countries, particularly to the Chinese. Many of the highest officials who have served in the Reagan, Bush Sr., Clinton and George W. Bush Administrations have gone to work for the foreign interests once they have left office. They lobby Congress to change laws to favor the foreign corporations and governments at the expense of the American taxpayer, especially of the middle and working class citizen. The current Bush Administration wants to privatize all of our public assets and services, such as Walter Reed Army Hospital, the Interstate Highway System and other federal and state roads. They are willing to sell out these assets, which have been paid for and have been owned by the U.S. taxpayer, to foreign corporations to repair and maintain at whatever the free market will bear. This is being done on a piecemeal basis. Once such case is the sell off for the sum of $3.8 billion of the Indiana Turnpike to an Australian-Spanish consortium to administer for seventy-five years for net profit to those foreign firms of at least $121 billion. The same attempt is being made in Texas under Gov. Perry, who was George Bush's lieutenant-governor when he was governor of Texas. Please do read Pat Choate's latest book Dangerous Business: The Risks of Globalization for America, Knopf, 2008. The reader will see clearly how this oligarchy has betrayed the American People and this nation big time. Choate is an economist and Ross Perot's second vice-presidential running mate. Wake up America! Sons and Daughters of Liberty take back your country! John McSame and Railin' Palin are not the hope for change in these misguided policies. They are in bed with the people who have hoodwinked the hard-working decent citizens of this nation and foisted one bad decision after another during their years of misrule of the United States of America.
    (more)
  • jc 2008/10/17 15:58:52
    The Financial Crisis is the fault of...
    jc
    +3
    The liberal democrats!It started when Clinton was president and surfaced after Bush took office.
  • atmer jc 2009/03/27 03:34:46
    atmer
    Hahahaha!!!! WRONG!
  • TheBeav 2008/10/15 19:14:51
    The Financial Crisis is the fault of...
    TheBeav
    +3
    all of the above. Congress was ignorant. Wall Street was devious. The President and his administration guided by ideology over prudence. General population for continuing to vote for morons, thieves and guys who shoot their friends in the face.
    Good article on this at www.RealWisconsinNews.com
  • Jim TheBeav 2008/10/17 01:01:18
    Jim
    +1
    The Federal Reserve: The Greatest Scam In History?
    13th August 2007

    The Federal Reserve was created in 1913-1914 in order to bring stability to the economy and yet almost every major crash, including the great depression, can be attributed to the Federal Reserve.

    We are going to take a look at the history of the Fed and what prominent historical figures have said about the organisation.

    Firstly, from 1837-1862 there was a system of national banks in the USA but then in 1913-1914 a consortium of 12 privately held banks got together and formed the Federal Reserve Bank, an entity that is not part of the US government. These banks then purchased notes from the US Mint for printing costs and lent them out through member banks charging interest.

    The Federal Reserve came into being after its supporters paid for the Presidential campaign of US President Woodrow Wilson. Wilson signed the bill that transferred the US currency to twelve regional private banks Wilson regretted his decision later saying:

    “I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of ...





















    The Federal Reserve: The Greatest Scam In History?
    13th August 2007

    The Federal Reserve was created in 1913-1914 in order to bring stability to the economy and yet almost every major crash, including the great depression, can be attributed to the Federal Reserve.

    We are going to take a look at the history of the Fed and what prominent historical figures have said about the organisation.

    Firstly, from 1837-1862 there was a system of national banks in the USA but then in 1913-1914 a consortium of 12 privately held banks got together and formed the Federal Reserve Bank, an entity that is not part of the US government. These banks then purchased notes from the US Mint for printing costs and lent them out through member banks charging interest.

    The Federal Reserve came into being after its supporters paid for the Presidential campaign of US President Woodrow Wilson. Wilson signed the bill that transferred the US currency to twelve regional private banks Wilson regretted his decision later saying:

    “I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world. No longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men.”

    In 1933 President Roosevelt confiscated citizens gold and handed it to the Federal Reserve. At the very moment when Americans have needed to protect their wealth the most, the best store of wealth ever created, gold, was confiscated from American citizens and given to a un-elected conglomerate of private banks.

    When the bill for the Federal Reserve was being considered, some brave politicians spoke out against its creation calling it “the strangest, most dangerous advantage ever placed in the hands of a special privilege class by any Government that ever existed” and Congressman Victor Murdock said, “I do not blind myself to the fact that this measure will not be effectual as a remedy for a great national evil – the concentrated control of credit.”

    It even appears that one of the most important and most respected figures in American history disagrees with the Federal Reserve saying, “If the American people ever allow private banks to control the issue of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered.”

    Jefferson also said, “I sincerely believe the banking institutions having the issuing power of money are more dangerous to liberty than standing armies”
    “Paper is poverty… it is only the ghost of money, and not money itself.”

    The Federal Reserve make no secret about the scam they are running as the Boston section of the Federal Reserve Bank said:
    “When you or I write a check there must be sufficient funds in our account to cover the cheque, but when the Federal Reserve writes a check there is no bank deposit on which that cheque is drawn. When the Federal Reserve writes a cheque, it is creating money.”

    Perhaps the Fed can create money, but we strongly believe that wealth cannot be created. Wealth is simply transferred, it is not created and we challenge anyone to prove otherwise. The only time wealth was created was when the world was created, with all its resources, true wealth. So why hasn’t the Federal Reserve been disbanded?

    Well as the Rothschild Brothers of London said in 1863; “The few who understand the system, will either be so interested from it’s profits or so dependant on it’s favours, that there will be no opposition from that class.”

    The great Henry Ford once said “It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”

    The problem is, very few people understand the system at all. It is not taught in schools and even some of the most prominent financial analysts and fund managers really have no idea how the system works. They tend to define inflation as rising prices when in fact inflation occurs because of the expansion of the money supply. Or even link inflation with the economy doing well, saying, “we should raise interest rates as the economy did extremely well this month and we don’t want inflation getting out of hand”, or words to that effect.

    What all people, not just investors, need to understand is that paper money is worthless. Gold and precious metals are the real money, the real wealth that cannot be created like its paper ghost.
    (more)
  • JOE Jim 2008/10/26 18:50:47 (edited)
  • Jason1993 TheBeav 2009/04/20 17:34:52
    Jason1993
    When ever you vote your only two choices are either going to be a a turd-sandwich or a Douche (SouthPark)
  • nunyo 2008/10/15 16:11:04
    The Financial Crisis is the fault of...
    nunyo
    +2
    the American people. Sure, Clinton enacted the policy of getting every American into a home of their own. That policy was greeted in Congress with huge applause. Maybe they applauded the new possibillities of making money (for themselves), either way it was a popular policy at the time. It also revved up our economy which started the Real Estated boom, which, in turn started the Construction trade booming, which freed up a lot of expendable income, which created higher retail sales (more spending on everything including the biggest SUVs since the HUMMER) which lasted for about 12 years. The American people did not decrease their spending, did not increase their savings, placed their investments into the hottest and most volotile stocks....With no regard towards the future, and forgetting the past. Rather than asking for more regulation, let's impose responsibility! Let's make it a requirement that someone is ultimately responsible, at the CEO, and CFO levels. Our Presidents, and Congressional leaders can only help our country with making good decisions, but ultimately we are the ones that push our policies to the fullest extent, and the afore mentioned executives stand to reap the most benefites from our decisions. So, they should hold the most responsibility towards letting us make bad decisions, as they would reap the benefites of helping us make better decisions.
  • Arky in Y'shua 2008/10/15 15:00:06
    Congress
    Arky in Y'shua
    +4
    The Democratic Party, disguised as kind and compassionate, initiated Policy and Law that practically forced Lending Institutions to accept persons for Housing Loans who were in no way qualified. It did not take long for certain unethical and dishonest elements (already embedded in financial institutions) to advance predatory lending practices (no different, in fact, from the “pre-approved” credit card offers made to people whose credit rating is reported poor), knowing that their suspect transactions would be buried in Mortgage Backed Securities, and be almost undetectable until they actually became too much of a burden for the system to bear.

    It is impossible to say that members of Congress were entirely ignorant of such actions, just as it is impossible to trace anything directly back to them. However, having seen blatant dishonesty displayed by so many Politicians and other Officers of Government over the past forty years, any gambler would stand to reap a sizable jackpot in a wager against the knowledge and understanding of the general public.

    Call for TERM LIMITS and LINE ITEM VETO!! The Government refuses to police itself.

    Hatred for GWB is a poison in the bloodstream of this Nation, injected by enemies of Liberty and National Security.
  • Republican4Change 2008/10/15 04:09:36 (edited)
    President Bush
    Republican4Change
    +3
    He is the a$$hole that got us into Daddy's War to get revenge on Saddam. Wof Mass D. Give me a fu.. break. Bull$.... He let Bin Ladin go because he is a family friend. Look at pictures of them palling around.
  • ro 2008/10/15 02:06:28
    The Financial Crisis is the fault of...
    ro
    +2
    Wall Street and Congress are to blame. Reality is we are in a stinky mess and someone's going to have to pay the price to bring back confidence into the markets....and we, the U.S. (inidviduals, even corporations much to our displeasure since they are the job creators for our country) will probably take the lions share since we are the biggest stakeholder and the richest country in the world. Although some European countries are doing the same...the numbers all point to us making the biggest impact - not them.

    Some of these folks that put us there should be treated no different than the Mafia...there assets should be frozen and taken from them, their golden parachutes should go to general treasury..and then we should be jailed.

    Some businesses do not need to be regulated...some do...and I think it has been proven over and over and over again that the financial services industry does.

    Guy named Hyman Minsky professes checks and balances to prevent times like these...problem is, he's pulled out of the drawer, dusted off, and used as an answer of last resort...exactly what he says not to do...

    He rated 2 pages in a 700 page textbook back during the .com bubble...he was relegated to the backburner of all economic thought because times were good - Adam Smith and Milton Friedm...'

    '

    '''
    Wall Street and Congress are to blame. Reality is we are in a stinky mess and someone's going to have to pay the price to bring back confidence into the markets....and we, the U.S. (inidviduals, even corporations much to our displeasure since they are the job creators for our country) will probably take the lions share since we are the biggest stakeholder and the richest country in the world. Although some European countries are doing the same...the numbers all point to us making the biggest impact - not them.

    Some of these folks that put us there should be treated no different than the Mafia...there assets should be frozen and taken from them, their golden parachutes should go to general treasury..and then we should be jailed.

    Some businesses do not need to be regulated...some do...and I think it has been proven over and over and over again that the financial services industry does.

    Guy named Hyman Minsky professes checks and balances to prevent times like these...problem is, he's pulled out of the drawer, dusted off, and used as an answer of last resort...exactly what he says not to do...

    He rated 2 pages in a 700 page textbook back during the .com bubble...he was relegated to the backburner of all economic thought because times were good - Adam Smith and Milton Friedman ruled the day. I totally disregarded him during my Master's program - I was a Milton Friedman groupie...but I remembered him being briefly discussed back in the day...

    I dusted him off, even though I previously dismissed him, because I think that there is some merit to his thought. Everyone should read his Financial Instability Hypothesis. The crisis we are currently in is a textbook case!! He realizes that checks and balances need to be put in place to prevent these types of problems from occuring...for example understanding complex derivatives, CDO's, CMOs, etc..before institutionalizing them. Even Warren Buffett takes issues w/ these complex instruments..

    On a positive note...we'll eventually get out of this mess...just need another innovation that's adaptable to the average citizen..hopefully we don't screw it up..but if history bears out - we will (screw it up that is)...just hope I pull my money out this time before the bust occurs.
    (more)
  • ro ro 2008/10/15 02:45:56
    ro
    +1
    Go to the following site....for a hilarious but accurate explanation of the sub-prime mess.

    http://www.slideshare.net/gue...

    Open it up to full size and then just click on the arrow button...it's actually spot on....
  • Sedona 2008/10/14 19:00:45
    The Financial Crisis is the fault of...
    Sedona
    +2
    The Democrats
  • ᴋᴇᴚᴎᴈᴦ♠♠Las Vegas 2008/10/14 04:58:38
    The Financial Crisis is the fault of...
    ᴋᴇᴚᴎᴈᴦ♠♠Las Vegas
    +1
    The financial crisis mostly is the fault of the Deregulation Party (REPUBLICANS), and Real Estate Agents, themselves, started the trouble, signing more Adjusted Rate mortgages to the SUBPRIME markets, which made banks and their investors GREEDY, thus fueling the flames, making the SMALL PRINT smaller, taking advantage of DE-REGULATION imposed on financial Institutions by the ADMINISTRATION, and CORPORATE GREED led to DOWNSIZING, less WAGES and GLOABALIZATION, sending JOBS OVERSEAS for TAX BREAKS, global COMPETITION equals less jobs for those ARM mortgages to be paid in full and on time, behold the wheels of Deregulation, Greed, Ignorance, Job loss, less wages... There will be hell to pay when it comes to Real Estate Players. Heads will roll, so will the lawmakers heads, and so will those who signed on the dotted line without consulting a lawyer or being able to read English in the first place, and those whom are "REPUBLICAN REAL ESTATE INVESTMENT BROKERS"
  • sensable ᴋᴇᴚᴎᴈᴦ♠... 2008/10/14 13:42:48 (edited)
    sensable
    +1
    Has substance abuse, been a problem for you very long?
    Open your eyes the dems are all on the take, including big O
  • maximus 2008/10/14 03:58:53
    The Financial Crisis is the fault of...
    maximus
    +3
    Cauldron of Corruption
    September 19th, 2008 SP Editor Posted in American News |

    We have already discussed, on the last few days, how this entire financial mess in which we find ourselves in was primarily brought upon by the corruption within Fannie Mae and Freddie Mac (and in the general mortgage industry). We have already discussed that the issue of “deregulation” was primarily troubling when it was specifically directed at this industry, since it got a lot of people involved with loans the could have never afforded them in the first place.
    This drive to “open up the system” was specifically advocated and championed by the Liberal Democrats (and some Liberal Republicans) inside congress, who felt it was their “duty” to make many of these loans available to low income and “minority” families, all to the peril of our economic stability (and the low income families themselves).
    This type of “market socialism” and cultural advocacy with tax payers money, which Barack Obama and his friends have advocated throughout all their years in politics more than likely be the forefather of our complete economic and social collapse. Below, you will hear the head of Fannie Mae (in 2005) singing the praises of the Congressional Black Caucus (and the Dems) for their help in allowing them t...
























    Cauldron of Corruption
    September 19th, 2008 SP Editor Posted in American News |

    We have already discussed, on the last few days, how this entire financial mess in which we find ourselves in was primarily brought upon by the corruption within Fannie Mae and Freddie Mac (and in the general mortgage industry). We have already discussed that the issue of “deregulation” was primarily troubling when it was specifically directed at this industry, since it got a lot of people involved with loans the could have never afforded them in the first place.
    This drive to “open up the system” was specifically advocated and championed by the Liberal Democrats (and some Liberal Republicans) inside congress, who felt it was their “duty” to make many of these loans available to low income and “minority” families, all to the peril of our economic stability (and the low income families themselves).
    This type of “market socialism” and cultural advocacy with tax payers money, which Barack Obama and his friends have advocated throughout all their years in politics more than likely be the forefather of our complete economic and social collapse. Below, you will hear the head of Fannie Mae (in 2005) singing the praises of the Congressional Black Caucus (and the Dems) for their help in allowing them to “roam free” to making these types of loans available.
    It is crucial to point out that during this same year, 2005, John McCain was vocally advocating to put a stop to this practice, even calling into question the ethical conduct of these institutions (read our piece two days ago). It is also important to point out that out of more than 300 lawmakers in Washington, and out of the span of more than 9 years, Barack Obama was the SECOND highest recipient of money from this same institution, even surpassing member who have been there for more than three decades (Obama achieved this being there a mere three years).
    As it will become quite apparent from watching the following video, Barack Obama and his Democratic friends have A LOT of blood on their hands:
    Of course, the McCain campaign had to FINALLY hit Obama hard on his complicity with our current economic situation with the following ad. Obama’s complicity lies squarely within the passive but corrupt styling of a money hungry opportunist and his lack of judgment resides in his constant tendency to surround himself with the worst people in America (from Wright to Ayers).

    Of course, the primary problematic with Barack Obama is his horrid judgment in almost every matter, from the choice of his personal friends, to his political allies. The following ad clearly highlights this situation and question the listener to highly consider what it means to have a candidate for President with such bad associations inside the White House, specially at a time when our financial problems have been primarily caused by CORRUPTION and horrible appointments.

    In other news, for a person that constantly complains about being “lied about” in ads, Obama is all too willing to not only do some deceiving of his own, but is even willing to instill racial hatred and division to get some votes.
    In the following ad (in Spanish), Barack Obama places multiple quotes from right wing commentator Rush Limbaugh, which appear to degrade and racially insult Latin American immigrants, even though many fact check organizations have already pointed out that they were severly taken out of context.
    The ad proceeds to describe these attacks as “Republican smears” against Latino workers. Then the ad begins to connect Limbaugh and these racially charged comments to John McCain, even placing a newspaper quote that reads: “They even stopped immigration reform,” right next to the Senator’s photograph.
    The advertisement’s clear aim is to instill racial distrust for the “Republicans”, a code word in the Latino community for “WHITE”, and to thus motivate them to “unite with Obama”, who claims to be a minority and “one of their own”.
    This play of the race card is despicable and an insult to ALL Latin American people of this Nation.
    Of course, the ad doesn’t tell the audience that it was John McCain who actually advocated for immigration reform, and was only the Bush Administration (and other Republicans) who stopped it. This fact is so well known that it actually underscores the fact that it is for this same reason (and many others) that McCain has been despised by Rush Limbaugh and others.
    Ironically, if the facts behind this ad are sufficiently ventilated, it would prove beyond a shadow of a doubt that John McCain does NOT follow the party line in every instance and has a well established record of bipartisanship, something that Obama clearly DOES NOT. (watch the ad below)

    But, as most of you already know, Obama is all about TALK and NOTHING about action. He has public trust by flipping on campaign promises, from accepting Public financing, to participating in open town hall meetings with John McCain. He at first advocated for a “quick withdrawal” from Iraq (when he was facing Clinton), and then said he would have to “listen to his commanders” (after he “won” the nomination). He said publicly that Jerusalem should be partitioned among Jews and Palestinians, and then told a group of Jewish fundraisers that Jerusalem “will never be partitioned” under his watch. He has told the gay community countless times that he would repeal the “don’t ask don’t tell” policy of the military, and just today came out saying that he would have to “discuss it” with his commanders “and see”.
    The list of Obama’s countless flip flops could LITERALLY fill an entire book.
    The basic point of this entire post is that Barack Obama cannot be trusted to keep any of his campaign promises or to fulfill any of his pledges. He will say whatever is expedient to get elected, and once in office, he will do whatever his puppet masters and financiers tell him to do.
    If you hear him say that he will “not raise taxes on 95% of the population” (an impossibility when you look at his immense spending proposals), you can bet hard earned cash that he will NOT follow through. Not only has he voted more than 4 times for TAX INCREASES on the middle class, but he continuously moves the bar on what “rich” means to him. Originally, he claimed he would raise it only to people making $250,000 “individually”, then he moved it to $250,000 per “household”, and more recently, many of his surrogates are starting to concertedly spread the number $150,000 per “household”. As you can see, the income bracket continues to shift up and (mostly) down, depending on the current political atmosphere.
    The “household” term is also quite revealing, since that would mean that a house in which both parents work as teachers (or police officers, etc) would fill the standard of “rich” when their incomes are joined for tax purposes.
    Of course, thanks to Barack Obama and his friends, many of these families are already up to their necks in debt, and all thanks to the “open” policies of his corrupt friends at Freddie and Fannie. If he gets elected, all of that cash from these “rich” families will not only go to the banks, it will “patriotically” also go to Uncle Sam.
    Let’s look at how the McCain campaign is cleverly mocking Joe Biden’s assertion that paying taxes is somehow “patriotic”:

    Don’t be fooled.
    Say NO to corruption. Say NO to racialism. Say NO to socialism. Say NO to taxes. Say NO to Barack Hussein Obama, Jr.
    ©2008 SAVAGEPOLITICS.com. All Rights Reserved.
    (more)
  • Nickie 2008/10/14 02:12:51
    The Financial Crisis is the fault of...
    Nickie
    +1
    we should stop blaming and tried to find a soulution.
  • amanda 2008/10/14 01:11:09
    The Financial Crisis is the fault of...
    amanda
    +1
    All of the above.
  • Marty9957 2008/10/13 21:34:14
    The Financial Crisis is the fault of...
    Marty9957
    +2
    Congress is to blame. Every single one of them who got on the floor and spoke against Sen McCain's Proposal for more regulation and oversight. Pelosi, Dodd, Frank, Reid, Obama and all the rest of the Democrats that voted on the resolution.
  • Fullhouse 2008/10/13 15:04:46
    Congress
    Fullhouse
    +8
    I am so tired of people blaming George W Bush, Those are ignorant stupid people. Whether or not you consider yourself, Republican or other. Most people seem to forget, we ahve a majority democratic house & senate, with only power Pres. Bush has is Veto. Nothing Pres Bush does will not pass without the House & congress approval. When was the last Veto you heard of? Sounds to me like Pres. Bush has done nothing but hand this country over to the free will of the democrats. NEWS Flash - Im republic because not EVRYONE can be on welfare, or be an Illegal allien with more rights than the rest of us. Bush made a mistake by mis-selling the Iraq war. Thats it... 1 mistake mis-representing the goal or purpose. It wasnt Weapons of mass distruction. But Humanitarian. To remove a terrositic leader from ethnic cleansing. Anyway Obama is a wolf in sheeps clothing - and we deserve what we get. Obama wins, we deserve it. NOT MY Choice but the world will see how stupid we really are.
  • GeorgeR Fullhouse 2008/10/17 20:40:51
  • TommyB 2008/10/13 13:13:10 (edited)
    Congress
    TommyB
    +2
    Really all of the above. That being said-Our overly liberal approach to our economy and Congress' interference buys most of the responsibility.
  • Gearhead 2008/10/13 05:25:47
    Consumers Lack of Good Credit
    Gearhead
    +2
    The blame lies with the consumers who chose to live beyond their means. If a consumer was not financially savy enough to know what he or she was doing, it's still his or her fault for having failed to take advantage of a public education system that offered opportunity to learn. There are too few people in this country who find it shameful to accept government assistance, and that's a shame. People should be embarrassed for making foolish decision, but we've created a society that teaches everyone to blame someone else, and that's a shame. As long as this country contnues to reward irresponsibility rather than permit foolish people to suffer for their poor judgment, this country's ills cannot heal. A return to self reliance is absolutely essential. Sadly, I see no such future.
  • Pearl 2008/10/13 05:04:19
    The Financial Crisis is the fault of...
    Pearl
    +3
    Everyone, I think people try to live beyond their means.....
  • Utena T... Pearl 2008/10/14 13:07:32
    Utena Tenjou
    I agree, but the people who issued them the cards enabling them to do so should share a portion of the blame.
  • John 2008/10/13 02:53:48
    The Financial Crisis is the fault of...
    John
    +4
    Many factors including the Democrats in Congress not accepting the recommended oversights for Freddie Mac and Fannie Mae in 2004, President Clinton for pushing the "everybody needs a house" theme, bankers for not exercising restraint in the leanding market despite what the government was pushing, now we have Congress pushing more Socialism to solve a problem with an out of control Scialism program.
  • sheep78 2008/10/13 02:32:57
    President Bush
    sheep78
    +1
    All of the above. Under W's watch. What a tragic presidency. Wort ever. Congress? No courage to stand up to an utterly incompetent ideologue of a president. Wall Street? They were given free reign... they got to "regulate" themselves; the results speak louder than any spin. Consumers? Candy got waved in front of them; many went for it; bad judgement....
  • John sheep78 2008/10/13 02:55:59
    John
    +2
    President Clinton admitted that he started this mess and that Democrats in Congress stonewalled attempts in getting the regulations correct.
  • Fullhouse sheep78 2008/10/13 15:07:37
    Fullhouse
    +3
    I am so tired of people blaming George W Bush, Those are ignorant stupid people. Whether or not you consider yourself, Republican or other. Most people seem to forget, we ahve a majority democratic house & senate, with only power Pres. Bush has is Veto. Nothing Pres Bush does will not pass without the House & congress approval. When was the last Veto you heard of? Sounds to me like Pres. Bush has done nothing but hand this country over to the free will of the democrats. NEWS Flash - Im republic because not EVRYONE can be on welfare, or be an Illegal allien with more rights than the rest of us. Bush made a mistake by mis-selling the Iraq war. Thats it... 1 mistake mis-representing the goal or purpose. It wasnt Weapons of mass distruction. But Humanitarian. To remove a terrositic leader from ethnic cleansing. Anyway Obama is a wolf in sheeps clothing - and we deserve what we get. Obama wins, we deserve it. NOT MY Choice but the world will see how stupid we really are.
  • Keesha 2008/10/13 00:34:15 (edited)
    The Financial Crisis is the fault of...
    Keesha
    +2
    The consumers you purchased or invested in things that they could not afford, Bush and his administration (who did nothing to reverse or stop the plans implemented by Clinton and they actually deregulated even more under Bush's administration), the congressmen and women who voted in favor of deregulation of the companies involved in the financial "crisis", and the private investors and stockholders for those companies who pressure those companies to earn more money that they did the previous year, no matter what those companies have to do in order to achieve that. To all others, I congragulate you for not wanting something that you cannot afford, for not being greedy for money, and for actually having a conscience. It it very scary to know that there are people in this country who are in power and abuse it, when the American people are suppose to trust that those people are doing what is in the best interest for us and they aren't.
  • Amy 2008/10/12 22:52:03
    Congress
    Amy
    +2
    Up until 2 years ago when the democrats took over Congress, we never had these issues, we never had $4-$5/gal gasoline. When Bush tried to help find a solution, Congress delayed for a day or so even acknowledging a holiday - costing us Trillions - and they complained about $700 Billion for the bailout..don't get me wrong I don't agree that the blue collar workers should have to bail out the greedy wall street people, but it looks as if we have no choice in the matter now does it!
  • shutiny 2008/10/12 20:53:16
    Congress
    shutiny
    +3
    The majority of blames go to Pelosi and her cronies in congress. The Banking Chairman Barny Franks has been fighting the supervision of Fanny and Freddie since 2003!! Chris Dobb, Chuck Schemer, Maxine Walters, Barbara Boxer all have rejected three attempts from GOP to regulate Fanny and Freddie.
    Last week, after the bailed out bill voted, Nancy Pelosi quietly submitted a "stimulus bill" to congress for approval. In this stimulus bill, it contains $8 billions dollars for ACRON!
    The bill was voted down but Pelosi and company are waiting with the same bill and hope to pass it after Dems captured both House and Senate majority in 4 weeks.

    This will allow Dems to solidify their position in three branches of government, and will guarantee Dems generations of control and raping the rights of American people!
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