Wednesday, May 5, 2010

Another Socialist Bites The Dust & Freddie Mac

Socialist Congressman David Obey of Wisconsin has announced that he will not seek re-election after 40 years in office. Obey was about as left wing as any member of Congress. Obey served as the Chairman of the House Appropriations Committee, a powerful position. Conservatives should be very happy that another Socialist will be gone and that his open seat represents an opportunity for a Republican win in November. These Socialists see the tidal wave coming and rather than face the voters, they are running away from Obama like rats on a sinking ship. Pardon the analogy; but it is fun.

On another note Freddie Mac, one of the nation's largest mortgage holders now owned by the Federal Government has asked for an additional $10.6 billion bail out just to cover losses in the 1st quarter of 2010. So far Freddie has been given $61.3 Billion tax payer dollars and there is no end in sight. In fact, it is estimated that Freddie Mac and Fannie Mae, the other large government owned mortgage holder are sitting on 2,000,000 homes facing foreclosure. Freddie and Fannie are holding off on these foreclosures for fear of flooding the market in an attempt to bolster the housing market.

There is a connection between Socialist Congressman David Obey and Freddie and Fannie and the financial collapse of the mortgage industry. It was Congressmen like Obey that insisted that mortgage companies lend to buyers who did not qualify for mortgages under normal terms and conditions. This led to sub prime mortgages that were then packaged by Wall Street to secure the monies to fund these mortgages. This is one big vicious circle. Socialists like Obey, Obama, Frank, and Schumer screamed at mortgage companies calling them racist and discriminatory during the Clinton Administration for "red lining", which was basically identifying borrowers and areas that were too risky for loans. Eventually, mortgage companies were beaten into submission by these Socialists and the money flowed. We know the end of this story.

We must elect Conservatives in 2010 and 2012 who support free market capitalism, limited government, lower taxes and less regulation, a balanced budget, term limits, a strong national defense, real energy independence and health care reform, the right to bear arms, the sanctity of life and family values. Most important, we must elect Conservatives who support the Constitution as written by our Founding Fathers, not as contrived by our current Socialist President, former Presidents, Congresses, or the Courts. We have to stop the bail outs and the reckless deficit spending. We can do it. We must do it for the sake of our children and grandchildren.

No comments:

Post a Comment