Democrats Caused Current Financial Crisis
By: Sher Zieve
After listening to either uninformed or patently lying Democrat operatives on Fox News, this Saturday morningâ€”Mary Anne Marsh and other multiple Democrat Obama-supportersâ€”blame the Bush administration and Republicans for the current financial crisis, I felt it imperative to be one more voice in at least attempting to set the record straight. As they are backing Obama for POTUS and actively working against McCain, the leftist mainstream media certainly will not do it.
The current financial crisis facing the United States of America and the world began with the US home ownership debacle and President William Jefferson Clinton. In 1994, Clinton signed a bill to promote low-income home ownership that Business Week calls â€œone that argues for creative measures to promote homeownershipâ€ for those applicants who did not qualify for fixed mortgages. And these applicants came in droves and were almost always approvedâ€”no matter their credit histories or ability to pay. Said â€œcreative ownershipâ€ began the heavy distribution of ARMs (Adjustable Rate Mortgages) that ensued. These ARMs began low but, are based on the market. As the market changed, the ratesâ€”and subsequent monthly payments for homeownersâ€”rose to rates that the homeowners could no longer afford. Foreclosures on the ARM properties began and, like Dominos cascading onto one another, the current financial meltdown began.
Both Fannie Mae and Freddie MAC were essentially and quietly taken over by the Clinton Administration and his operatives and supportersâ€”including Franklin Raines who ran Fannie Mae and ended up with over $6M his first yearâ€”raided both corporations which had become their personal slush funds. From his days of running Fannie Mae, Franklin Raines is reported to have accumulated a personal net worth of over $100M. Another Clintonian buddyâ€”Jamie Gorelick (remember her from the CIA/FBI fiasco?)â€”is also said to be personally worth in excess of $100M. It appears that some in government service CAN achieve wealth beyond the wildest dreams of most of us! They just have to sell their souls to the highest bidder and be willing to betray their fellow Americans. This fortune was accumulated during her years (1997-2003) as Vice Chairman of Fannie Mae. The fraudulent accounting scheme which apparently allowed for Democrats Raines, Gorelick and other Clinton supporters to achieve vast fortunes in a very short period of time was brought to light in 2004.
As mortgage firms and investment banks heavily leveraged by ARM mortgages started to be adversely affected by the number of foreclosures, the current financial crisis began in earnest.
Democrats Sen. Chuck Schumer (D-NY), Rep. Barney Frank (D-MA) also the Chairman of the House Financial Services Committeeâ€”of all thingsâ€”and Democrat presidential Candidate Barack Obama (who is reported to be the 3rd largest recipient of Fannie Mae political contributionsâ€”said to be over $100K in less than 4 years) have also benefited greatly from these Democratsâ€™ personal slush funds. However, in the worst cut to We the People from the knife of corruption, the very people who created this problem will now be in charge of â€œcorrectingâ€ it! Does this make any sense to anyone except those who have received and continue to receive funds from these institutions?
If we really want to get rid of these corruptions we have to vote these sleazes out of office. That requires courage. The only question remaining is: Do we have the internal fortitude to do it? If the answer is â€œNoâ€, you can kiss your money and your country good bye and prepare for an inevitable serfdom.