The Blame Game

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Take a look at this.....http://www.youtube.com/watch?v=cMnSp4qEXNM
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I cannot for the life of me understand why anyone would want to be President of the United States. No matter what you do, what you say, where you go, or what wonderful accomplishments you may have, you will always be perceived as WRONG! Every bad thing that happens will be your fault. How fun is that?

In our current economic crisis, we continue to hear how this is all George W. Bush's fault. Apparently this is not a "new" policy that has been occurring to create this mess. It appears that the Clinton Administration had the idea that everybody in the free world should be entitled to a mortgage even if they didn't have the money or didn't qualify for a normal home loan. There use to be a day when banks had certain areas or neighborhoods that were designated as "no-loan zones". These were depressed neighborhoods where lending money to home buyers was not only just a risky investment but it was pretty certain that it would be a future foreclosure.

From what I have read, this practice was referred to as "redlining" and President Clinton and his good ole boys on Capitol Hill decided that banks should no longer act like banks and lend money only to home buyers who could afford to handle the monthly payments. It was decided that people who were less than creditworthy - speculators - would be entitled by law to obtain mortgages even when it was obvious they couldn't afford them.

Then who comes on the scene???? Our wonderful friends Fannie Mae and Freddie Mac! They poured money into the banking system by buying up these mortgages from the banks. In the long run, they managed to buy up billions and billions of dollars of risky mortgages that the banks had been forced to offer and then dumped on them. At least with Enron people went to jail! With Fannie and Freddie, people just walked away with millions! Why are we allowing this?

The collapse of Lehman Brothers can be blamed on Fannie Mae and Freddie Mac, the two big mortgage banks that the Feds recently spent big bucks to bail out. As Fox News pointed out, they used huge lobbying budets and political contributions to keep the regulators off their backs.

According to the Center for Responsive Politics, the top three U.S. Senators getting large political dollars from Fannie and Freddie were Democrats....AND surprise, surprise the #2 was Senator Barack Obama! Who, by the way, Fox noted had only been in the Senate four years but still managed to grab that #2 spot ahead of many of his longtime colleagues such as John Kerry and Chris Dodd (chairman of the Senate Banking Committee).

According to Fox, Fannie and Freddie were where the big-time Washington Democrats went to work to pocket millions of dollars. Franklin Raines, Clinton's White House Budget Director, ran Fannie and collected $50 million. Jamie Gorelick, an official in Clinton's Justice Department worked for Fannie Mae and took home $26 million. (She was the woman who built the "wall" that prevented the FBI from targeting terrorists before 9/11) Big-time Democrat Jim Johnson, who headed Obama's VP search committee also took in millions from running Fannie Mae.

Obama brazenly blames John McCain and the GOP for the current Wall Street mess when it is clear that it was truly not due to Republican policies. The truth of the matter is that it was McCain and three GOP colleagues who sought to reform the government's lending policies three years ago after the Bush Administration had failed two years earlier. On May 25, 2006, McCain spoke on behalf of the Federal Housing Enterprise Regulatory Reform Act of 2005 and warned against the mess that we are now facing if it failed to pass.

He also told the Senate that a report by the Office of Federal Housing Enterprise Oversight charged that "Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives."

McCain warned "If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole." It sounds like he predicted the entire collapse that we are now facing. He brought to light the falsification of financial records to benefit executives and included Obama advisers Franklin Raines and Jim Johnson.

Now Obama has the nerve to try to pin the blame on McCain and the GOP when it appears that the facts actually point to the Democratic party. Don't think for a moment that I hold the Republican party blameless. There is definitely enough blame for everyone but......I do think it is pretty lame for Obama to point his finger at John McCain when he has 3 fingers pointing back at himself!

What is wrong with America? Washington has so many corrupt politicians that it is truly scary! Unfortunately, I believe that Obama is definitely one of the corrupt and we are in for some serious times ahead! I keep asking myself "how can they not see it!" Or is it maybe that their eyes are blinded for a reason and the end is very near?