I expect the current US elections to be a non-event. Its a foregone
conclusion that the grand old elephant would collapse with its own weight.
Its a good feeling to know that my horse ... errr ... the donkey is in top
form - sleek, agile and ofcourse packed with a high powered delivery system.
Chris comments: If Jim had taken the trouble to do a little
research -- and be less judgmental -- he would have discovered that George
Bush had inherited an economy in recession.. Through the introduction of
the two tax cuts the economy recovered and the country prospered through his
presidency, with the exception of the current year. Annual GDP was in
excess of 3%, which is considered excellent for a country like the US, with
a developed economy. Unemployment was at 5%, the lowest in decades. Interest
rates were also low. I have a sneaking suspicion that Mario will have more
to say on this subject, in his inimitable fashion, but let us lay the blame
for the current malaise where it rightfully belongs -- on the Democrats, who
brought on the current fiscal mess. It will take a little explanation, but
here in brief, is the timeline:
In 1977, Jimmy Carter, pressed by grassroots organizations, signed the
Community Reinvestment Act to boost home ownership in poorer communities, by
making home loans "affordable"regardless of the borrowers' ability to repay
the loans..
In the 1990s "community organiser" Barack Obama worked closely with ACORN
activists, employing intimidation tactics of radical activist Saul Alinsky.
These activists crowded bank offices, blocked drive-up teller lanes and
demonstrated at the homes of bankers to browbeat them into lending to poor
and minority communities. Those banks who resisted were accused of racism
In fact, BO was co-plaintiff with Acorn in a discrimination lawsuit against
Citibank. Rep Jim Leach warned about the impending damage that nonregulated
GSEs (Govt Service Enterprises) posed. He worried that Freddie Mac and
Fannie Mae would be transforming these agencies into money machines for the
stockholding few. Rep Barney Frank, the then and current chairman of the
Financial Services Committee, countered that the agencies served a public
purpose..
In 1994 Bill Clinton exacerbated the situation, addressing the housing issue
thus: "I am committed to an unprecedented partnership between industry and
community leaders and government to recommit our nation to the idea of home
ownership and to create more homeowners than ever before". .
In 1995 Republicans won control of Congress and planned reform of the CRA.
The Clinton admin aligned with Barney Frank, Ted Kennedy and Maxine Waters
(D-Cal) and did an end around and directed then HUD Secy to inject GSEs into
the subprime market. Cuomo said GSE presence in the subprime market could
be of significant benefit to lower income families, minorities and families
living in underserved areas. In 1998, by falsifying signatures on Fannie
Mae transactions, $200 million was transferred to later periods, triggering
$27 million in bonuses to top FAnnie Mae executives. Treasury Secy Larry
Summers issued this warning: "Debates about systemic risk should also
include GSEs, which are large, and growing rapidly..." Disregarding
warnings, and under pressure from the Clinton admin, Fannie Mae eased credit
requirements on loans it would purchase from lenders, making it easier for
lending to borrowers unqualified for conventional loans. NINJA (No Income,
Job verification or Assets) loans became the rule rather than the exception.
In 2000 the Senate Banking Committee noted that as a result of the CRA, $9.5
billion in expenses had been given to ACORN and other organizations. (It
must be noted here that Barack Obama was an ACORN lactivist trainer, their
lawyer, and the second largest recipient of Fannie Mae's largesse)..
Several individuals and organizations, including the WSJ, Competitive
Enterprise Institute, Treas.Secy John Snow, Repub senators Chuck Hagel,
Eliz. Dole, John Sunnunu and John McCain, as also Rep Richard Baker (R-La)
all warned that financial trouble of large GSEs could cause strong
repercussions in financial markets, affectng federaly insured entities and
economic activity. Sens Sunnunu, Dole, Hagel and Mel Martinez introduced
legislation to improve GSE oversight. They got nowhere.
In 2004, Rep. Maxine Waters said "We do not have a crisis at Freddie Mac and
particularly at Fannie Mae, under the outstading leadership of Franklin
Raines (who went home with a $90m million bonus along with other top
executives with similar outrageous bonuses and salaries). Barney Frank
told Treasury Sec. Snow: "I do not think we are facing any kind of crisis>"
Click on the link below:
http:// in.youtube.com/watch?v=RAuOEdttjZQ
Finally in 2007-08, the housing bubble began to burst, bad mortages began to
default, and the Fannie Mae and Freddie Mac portfolios were revealed to be
in collapse. due to Democrat redistribution policies and intransigence
despite repeated warnings. As a consequence, leading financial institutions
collapsed dragging the country's economy into the morass. As has been
demonstrated, Bush had little or nothing to do with the debacle.>
Jim claims:
I expect the current US elections to be a non-event. Its a > foregone
conclusion that the grand old elephant would collapse > with its own weight.
Its a good feeling to know that my horse > ... errr ... the donkey is in
top form - sleek, agile and > ofcourse packed with a high powered delivery
system.> > But let's not be complacent. If you are still undecided, then >
here's what I'd like you to do. > > Just ask yourself two basic questions:>
1. Am I better off today (in Bush years), or was I better off > during the
Clinton years?> 2. Is the US better off today or was it better off during
the > Clinton years?>
Chris responds:
As another poster recently responded, yes, we were better off in Bush years
till the recent subprime mortgage blowout brought on by Democrat policies as
has been stated above. To reiterate, the problem began with Jimmy Carter in
1977 with the institution of the Community Reinvestment Act to provide
"affordable housing" to people who were unqualified to obtain conventional
bank loans.>
Jim opines:
As far as I am concerned, there's no question that the > Republican party
(along with the Texas Oil Mafia) screwed up > this country big time in the
last eight years. I am hopeful that > Barack and his Democratic party would
change the course of this > nation, for a better America and for a peaceful
world.> > I am also hoping that the democrats get the 60 seats in the US >
Senate to make their agenda filibuster proof. In normal > circumstances, I'd
want to have the Congress ruled by a > different party than that of the
President, so that they > maintain checks and balances. But these are
abnormal times that > require the support of more than a simple majority, to
get this > ship moving in the right direction.>
Chris responds:
This is high hope indeed, based on the experience or lack thereof of
Obama. No one has yet been able to provide any evidence of accomplishment
on the part of Obama. His experience as a community organizer, and
affiliations with the likes of Rev. Wright,(an America-hater and spiritual
mentor of Obama for 20 years), William Ayres (an unrepentant terrorist "we
didn't bomb enough")), Tony Rezko (a convicted slumlord and Obama financial
supporter), Rev. Louis Farrakha, Rashid Khalidi, for spokesman for the
former terrorist organization, the PLO, and other assorted and sundry
characters would hardly qualify Obama to the highest office in the land. He
has served in the Illinois Senate for four years (with mostly "present"
votes) and four years in the U.S. Senate (no worthwhile legislation) two of
which are on the campaign trail for president. His singular achievement
might be his four 'nay' votes in the Illinois Senate against a bill to save
the lives of babies born alive due to botched abortions...>
Jim:
We need to end this stupid war in Iraq quickly and raise taxes > on the
rich. If Obama wins, these two things are guaranteed to happen.
Chris responds:
The war is mostly over thanks to the surge fought for and advocated by Sen.
McCain Get over it!
There is finally a budding democracy in the middle of Arabia. Unthinkable
only a few years ago.
Raising taxes on the rich won't solve the problem. The "rich" 10% already
pay 70% of all income taxes. Another fallacy is the Obama myth that 95% of
the population would receive a tax cut. 40% of Americans don't pay income
tax. Under Obama, these 40% would receive what would be a "welfare" check!
There is no evidence that the poor can offer employment to anyone. It takes
the "rich" to take the risk of starting a business, slave for 18 hours a day
to make it a success, and realize the American "dream" which takes a few
years if not a lifetime!
Under Obama, you can be guaranteed the following:
a.. Income redistribution (taking your hard earned money and given to
people who didn't earn it).
a.. Higher taxes to expand government even further than it is.
b.. Union empowerment through intimidation-- no longer secret elections
a.. Flight of businesses outside the country to escape unionization and
punitive taxation
a.. Windfall for lawyers -- no tort reform Open season to file
lawsuits -- real or imagined on businesses
a.. Free, govt. -sponsored and tax-payer funded abortions, including
infanticide.
a.. Negotiations with rogue regimes without preconditions.
a.. No exploitation of our natural resources but dependency on our energy
requirements from regimes that don't like us (Russia, Iran, Saudi Arabia (19
of the hijackers were Saudi), Venezuela. Effectively transferring 700
billion of our hard-earned dollars to our enemies to placate our "wacko"
environmentalist campaign donors
a.. A "guaranteed" confrontation with our enemies within the first six
months of an Obama administration according to running mate Joseph Biden.>
a.. A reincarnation of Jimmy Carter and his " malaise" with double-digit
inflation, double-digit unemployment, and 21.5% interest rates.
Scary, ain't it?
Chris
