View From The Ridge…

With altitude one can gain clarity.

Enough Is Enough – Obama Took Money From Fanny Mae & Freddie Mac!

with one comment

“We’ve seen a telling moment in this campaign today. Senator Obama saw an economic crisis, and he’s found a political opportunity. My friends, this is not a time for political opportunism; this is a time for leadership.

Too often, we hear people say America’s in decline. I reject that. I believe America’s best days are ahead of us. Governor Palin and I are going to reform Wall Street. We’re going to reform Washington. I’m going to fight for you, and I’m going to lead our nation forward in the greatest periods of prosperity in its history.

And let’s have some straight talk. Senator Obama is not interested in the politics of hope, he’s interested in his political future and that’s why he is hurling in insults and making up facts about his record.

Today, he claimed that the Congressional stimulus package was his idea. That’s news to those of us in Congress who supported it. Senator Obama didn’t even show up to vote on it.

He talks a tough game on the financial crisis, but the facts tell a different story. Senator Obama took more money from Fannie Mae and Freddy Mac than anyone but the chairman of the committee they answer to, and he put Fannie Mae’s CEO, who helped create this problem in charge of finding his Vice President. That’s not change, that’s what’s broken in Washington.

He talked about siding with the people, siding with the people, just before he flew off to Hollywood for a fundraiser with Barbara Streisand and his celebrity friends. Let me tell you, my friends, there’s no place I’d rather be than here, with the working men and women of Ohio. I’m going to fight for you and together we’re going to win in November.”

Watch John McCain’s speech here:

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Newest McCain video ad, running immediately in selected markets, about the financial problems……

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Written by Ridgeliner7

Tuesday, September 16, 2008 at 3:28:10 PM

One Response

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  1. Voters worried about losing their homes or their retirement funds have a clear choice in November. One candidate helped create the crisis. The other worked to eliminate it. Three names are key: Bill Clinton, Barack Obama and ACORN , a radical-left organization powered by “community organizers.” Where have we heard that term before?

    ACORN and its “community organizers,” with help from congressional enablers like Barack Obama and Barney Frank, fanned the Fannie Mae flames in big American cities like Chicago, New York, Los Angeles and Detroit by threatening America’s banks with market mayhem — made possible by Clinton’s beefed up CRA — if they did not make more loans to people who the banks knew were unprepared to repay them.

    These fraudulent loans — I say “fraudulent” because the banks and the politicians knew in advance that many of them would not, could not be repaid and, therefore, they were not “loans” even in a technical sense* — were then packaged into equally fraudulent “securities” which were then sold to gullible investors. Eventually, the house of cards collapsed in on itself.

    Clinton’s and ACORN’s role in the proliferation of subprime mortgages and the junk “securities” that Fannie Mae created to sell them on Wall Street is thoroughly documented. The documentation is so abundant partly because, like the Germany’s WWII-era Nazis, these wrongdoers proudly advertised their actions to win votes from the short-term beneficiaries of their economic and political misconduct.

    I’ve provided some of the documentation (or links to it) on this blog. Other blogs — including here and here — provide additional material. Barack Obama’s involvement with ACORN as a Chicago “community organizer” is also well-documented. ACORN, by the way, has enthusiastically endorsed Barack Obama for President and Obama has just as enthusiastically accepted ACORN’s endorsement.

    The economic harm caused by the Clinton CRA is now painfully obvious. But the risks of that harm have were known to Clinton insiders from the beginning, as evidenced by this 1993 Clinton Whitehouse press conference transcript. (ht: Anthony). Since the, the risks have been repeatedly highlighted from time to time for political leaders to consider and act on. Here’s an example from the Winter 2000 City Journal:

    The Clinton administration has turned the Community Reinvestment Act, a once-obscure and lightly enforced banking regulation law, into one of the most powerful mandates shaping American cities—and, as Senate Banking Committee chairman Phil Gramm memorably put it, a vast extortion scheme against the nation’s banks. Under its provisions, U.S. banks have committed nearly $1 trillion for inner-city and low-income mortgages and real estate development projects, most of it funneled through a nationwide network of left-wing community groups [like ACORN], intent, in some cases [including ACORN], on teaching their low-income clients that the financial system is their enemy and, implicitly, that government, rather than their own striving, is the key to their well-being.

    The CRA’s premise sounds unassailable: helping the poor buy and keep homes will stabilize and rebuild city neighborhoods. As enforced today, though, the law portends just the opposite . . .

    Finally, in 2005, with real crisis looming, John McCain and a few other U.S. senators tried to stem the tide with S.190. Unfortunately, the bill died in committee. Against this backdrop, consider the very well done video below. If you feel as strongly about this as I do, please pass the link to your friends.

    Given Obama’s track record with ACORN, electing him president this fall would likely result in greater crises down the road. It’s the vision thing. Obama either doesn’t have it or, if he does, what he sees is bad for America.

    governmental

    Sunday, September 28, 2008 at 2:49:57 PM


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