B
Bailout
Bailouts, Socializing of mortgages and banking systems, DJIA going up and down like a stripper on a pole…tough times for sure. How did we get here and what’s on the horizon?
What lead us to the bailout? Some say the last 8 years. Fact of the matter is both parties lust for money and power. At the root of the bailout is the sub prime mortgage fiasco. Certain lobbying groups…ehemm ACORN…pushed for legislation of Fannie Mae and Freddie Mac to finance unqualified buyers.
Franklin Raines – Earned $90 million as Fannie Mae CEO. Ordered to pay out $31 million in an accounting scandal. Raines currently advises Obama on housing policy.
Jamie Gorelick – Earned $26 million as Vice Chairwoman of Fannie Mae. Also involved in a Fannie Mae accounting scandal. Served under Bill Clinton as a deputy attorney general, where she instigated a “Pre-Patriot Act Wall,” limiting our nations ability to interrogate terrorists. She is currently an economic adviser to Obama.
Obama has received the second most in political donations from Fannie and Freddie.
Don’t be confused by Obama’s “95% Tax cut” babble. The truth is that…well I’ll just let you read this article so you can understand the deceitfulness of this statement.
Given this along with Obama’s current proposed spending, which would raise spending by an estimated $800 billion in the next 4 years. Shouldn’t be a problem though, we’ll just buy more printing presses. (Note Sarcasm.)
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