Monday, February 22, 2010
IT'S BUSH'S FAULT A SHORT HISTORY
2-22-2010 2:00 PM EST
The Liberal biased media helps the radical left perpetuate this mis conception .
Timeline 1977 Jimmy Carter's Community Reinvestment Act which required banks and savings institutions to make loans to the lower-income areas in the communities they served.
Passed by a Democratically controlled Congress and signed into law by the great BUMBLER IN CHIEF Jimmy Carter .
Timeline 1994 President William Jefferson Clinton ( a.k.a. " Slick Willie " / " Bill " )directed HUD Secretary Henry Cisneros to come up with a plan ."The National Homeownership Strategy"
Both of these plans enacted penalties for non compliance . One of the most notable is removing the FIDC Deposit insurance guarantee from Banks that did not participate.
Would you choose to put your money in a bank that the government guaranteed the deposit up to 100 K per account , or choose to put you deposit in a financial institution that could close the doors and say " ADIOS AMIGO "?
Banks were forced to seek out and approve a % of low income and minority loan applicants .
A minority applicant with a POOR credit score ( non qualified ) would be granted a loan . As bankers explained it to me " you find the better qualified applicant from the pool of people with substandard credit scores and you were forced to give them loans "
The banks complied and began selling the loans off to the Wall Street Bunch .
Collateralized Debt Obligations or CDO'S as they became to be know were invented .
These kind of financial instruments are DERAVATIVES.This lead to other investment vehicles " credit default swaps " .These are pure from of gambling that was fueled by Wall Street greed.
Timeline 1996 Bill Clinton appoints Brooksley Born as chairman of the Commodity Futures Trading Commission ( CFTC )
Brooksley Testifies to congress and also the usual crooks like Greenspan, Lawrence Summers, Robert Rubin and a host of Goldman Sachs cronies.
Brooksley spelled out the complete lack of TRANSPARENCY and REGULATION in the OTC Futures trading could lead to a financial meltdown that would threaten the very existence of the USA.The Group of Greenspan and corrupt cronies dismissed her warnings , and ran her out of town .
Flash forward to 1998 , Longterm Capital Management is a hedge fund that is in danger of going broke . NOSTRADAMEUS could not have predicted it better than Brooksley
The government decides that LCM is " to large to fail" and FORCES a group of large US banks to pay 4.7 BILLION to bail the hedge fund out .
Goldman Sachs naturally is appointed to run the bailed out company .
Sound familiar ? It should as it has happened time and time Again !!
1995 Citi and GS have reaped HUGE profits from MEXICAN bonds . The Mexican government is going to default on the Bonds .
Clinton's Treasury Secretary, Robert Rubin, former chairman of Goldman, decides AMERICANS should pay the 25 BILLION debt for the Mexican government .
Clinton decides that GS should be bailed out , but the Republican said NO .
So the Clinton administration did an end run around the Republicans in Congress and rescued improvident Wall Street bankers by giving Mexico a $20 billion line of credit directly from the Treasury's Exchange Stabilization Fund.
1997 Goldman Sachs is bailed out on bad bets on Thai, Indonesian, and South Korean bonds gone bad .
1998 Goldman Sachs is bailed out yet again for buying bad Russian bonds .
A few things are very clear Carter and Clinton established HOME LOAN WELFARE and as bad idea grew worse they bailed out their friends at GOLDMAN SACHS time and time again !!!
21 st century , Barney Frank and Chris Dodd block and defeat all attempts by Republicans to stop an impending housing bubble .Dodd received sweet heart loans from Country Wide Mortgage Dodd decides to retire rather than face the horrors of re election and the facts being used against him by his opponents.
The American people are told if we do not lend Wall Street money then our economy will crumble .
The part they didnt tell you that FANNY MAE and FREDDIE MAC ( Government Sponsored Enterprises ) management is full of corrupt CLINTON CRONIES .These crooks have been making BAD loans and in turn paying themselves MILLIONS in Bonus .
How bad are the loans ?
How about a migrant fruit picker earning 24 thousand per year , being approved for a 724 THOUSAND dollar house ?
We are told that the bailout is the only way out .
The truth is that the WHOLE WORLD was worried about Fanny and Freddie.
The fear was that if these GSE were in default , then the all USA treasury bonds were also worthless.
AIG has sold insurance for all the bad mortgages and will fail if we do not give them money .
THE GOOD NEWS ?
Fanny and Freddie are still not solvent and NOTHING has been done to fix this same problem we " cured "in 2008
THE BUSH DEFICIT OBAMA INHERITED .
This could be the biggest lie ever told in the history of man .
Timeline January 20, 2001 George W.Bush is sworn in as 43rd President of the United States .
A Republican President and a Republican controlled Congress. Bush / Republicans passed the US budgets for years 2001-2007 .
Terrorists attacked NYC and it took a few years for Bush to take the "Clinton Surplus " and reallocate the MONEY Clinton stole for the DEFENSE portion of the budget and gave to thugs to play " midnight basketball" and Earned Income Rebates so single welfare moms could take a 7 day Mexican vacation every year.
Naturally this exhausted the " SURPLUS "
Spending in the FY 2002 was 2.011 Trillion and by 2007 the Republicans had managed to increase it to 2.7 Trillion
So what about 2008 ? Bush's last year in office ?
The Democrats hold a Super Majority in both the House and Senate enjoyed and led by Pelosi and REID . The 2008 Budget was drawn up by DEMOCRATS .
The Democrats then HELD the budget and refused to send it to BUSH for fear he might veto it .
The 2008 Budget was 2.9 Trillon.
OBAMA signed this BUDGET into law and REID AND PELOSI made the 2008 budget NOT BUSH and the Republicans .
Obama's also owns the 2009 budget which INCREASE spending by 600 BILLION , and mount equal to all the BUDGET increases under BUSH
OBAMA did in just ONE YEAR what it took BUSH 6 years to do !
Global Warming is now being retracted as a HUGE FRAUD with made up data
Obama is huge believer in global warming .
ALL of the projections by the Obama team have been WAY off !!!
8% un employment ,the deficit it goes on and one ...
We still have STAGGERING INFLATION and Treasury bond sales that now one attends to look forward to.
So the next time some one tries to convince you that BUSH caused it all ask them to show you how .I bet they cant produce any kind of FACTS to support their view point , if they do refer to this or contact me I will be more than glad to have a polite friendly debate , and with no name calling or silliness
Posted by Elmo at 1:34 PM