Tuesday, September 15, 2009

President Obama - Financial Expert and Chief

This week President Obama gave a speech at Federal Hall in New York City, the same building that George Washington took the oath of office as our first President. The speech was focused on new regulations that would be applicable to the financial services industry. The President indicated that he would rely on Congressman Barney Frank of Massachusetts and Senator Chris Dodd of Connecticut to write these new regulations. The President lectured corporate business leaders during his speech about business management even though he personally has never managed any public or private enterprise. And then there is Congressman Barney Frank who is an attorney and big, big wind bag. Let us not forget that is was Barney Frank that had a male prostitute living with him and selling his services from Frank's home, but then that is another story. And, of course, Chris Dodd got a sweet heart deal from Countrywide Mortgage because he was a "friend" of Angelo Mozzulo the CEO of Countrywide who is under investigation by the federal government for fraud or some such crimes. So, it is this trio that are going to write new regulations governing the financial services industry; Obama, Frank and Dodd. Pretty scary huh? Should we laugh or cry?

What many may not know is that it was Democrat Socialists like Frank, Dodd, Kennedy, Schumer and many others that caused the financial mess we are dealing with today. It was during the Clinton Administration that this same cast of characters insisted that mortgage companies open up the flood gates to those who simply were not qualified to borrow money. These particular Democrat Socialists screamed discrimination because many people with lower incomes did not qualify for traditional loans because they had bad credit. The mortgage companies protested; but eventually determined that they had to go along to get along. And so, they created many mortgage instruments that would make it easier for these lower income people to buy homes. These came to be known as sub prime loans.

Eventually, these loans were sold to Fannie Mae and Freddie Mac and financed by mortgage backed securities. When President Bush saw the disaster coming, his administration attempted to regulate Fannie and Freddie and again it was this same cast of Democrat Socialist characters; but especially Frank, Dodd and Schumer that stopped it from happening. The reason stricter regulations did not happen was because Franklin Raines, an old Clinton guy, was appointed to head Fannie Mae. Raines eventually resigned, but not until he walked away with millions of dollars in pay and severance. And, stricter regulations did not happen because Fannie and Freddie were making huge campaign contributions to Democrat Socialists like Dodd, Frank and Schumer, which reflects the culture of corruption that exists in Washington. Ironically, it is this same cast of characters that screamed predatory lending practices once the foreclosures began happening because the people given these sub prime loans could not afford them in the first place.

President Obama wants to install new regulations on the financial services industry designed by Frank and Dodd. What a joke! These characters should go to jail. If it was China, they might even be executed for their crimes. While we may need some new regulations, the fact is that the federal government did not properly regulate the financial services industry under the laws that already exist. The Federal Reserve and the Security and Exchange Commission were both asleep at the wheel. Obama, who has no business experience of any kind, wants new regulations when in fact is was Democrat Socialist politicians that caused the financial meltdown. Of course, the mainstream left wing media will not report these facts because they blame big business for everything evil in the world and they do it intentionally as part of a strategy to destroy capitalism.

Madoff went to jail for his scheme. Why are Barney Frank, Chris Dodd and Chuck Schumer not in jail? They are as responsible for this financial crisis as much any three people in the United States today. Yet, these Democrat Socialists are all Committee Chairmen in Congress. We absolutely have to take back our country. These career politicians have made a real mess of things. If all the deficit spending continues, it will cause the economic collapse of the United States. While there may be a need for more financial regulations, there is clearly a need for responsible government in Washington and that is certainly not going to happen as long as President Obama is our Financial Expert and Chief.

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