A Conservative’s View of the World from the Heartland

Gribbit’s Word

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"In the spirit of reaching across the aisle, we owe it to the Democrats to show their president the exact same kind of respect and loyalty that they have shown our recent Republican president." - Ann Coulter

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October 4th, 2008 at 12:55 am

Barry O, Barney Frank, Chrissy Dodd, Fannie, Freddie, and Bailouts

in: Barack Hussein Obama, Democrat Corruption, Election 2008, Fiscal Responsibility, Libtards on Parade, Lunatic Lefties, News, Opinion, Presidential Candidates, The Do-Nothing Congress, The Economy, U.S. House, US Senate

Writing from Baby Gribbit’s hospital room at Cincinnati Children’s Medical Center…

For the past 7 days, Mrs. Gribbit and I have been relatively insulated from current events as we deal with our daughter’s medical conditions.

That said, we have a few words to say about who is responsible for the financial crisis that Congress is and the President are attempting to ease by employing socialist practices.

This condition was set-up back in the 1970s by a President and a Congress that was convinced then, as the 110th Do-Nothing Congress is now, that a shifting of the US economy from a free-market system to a socialist model was a way forward, in other words ‘progressive’, solution for economic prosperity for the American people. History has shown that President and Congress were failures to the people of this country and we are astonished by how complicit Republican members of Congress and the President are in releasing the socialism genie from his bottle. A genie mind you that will be massively difficult, if not impossible, to shove back in that bottle. But he’s out and now we must live with their decision to release him.

In 1977, Congress and President Jimmy Carter enacted The Community Reinvestment Act. According to the Federal Reserve Board…

The Community Reinvestment Act is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods, consistent with safe and sound operations. It was enacted by the Congress in 1977 (12 U.S.C. 2901) and is implemented by Regulation BB (12 CFR 228). The regulation was substantially revised in May 1995, and was most recently amended in August 2005.

The CRA’s revisions have in a sense allowed for loans to be granted to individuals who didn’t have the means to pay them back. Gas prices shot up because Congress and Presidents of both Parties have failed to adopt energy policies that would eliminate our dependency of foreign oil and people no longer could afford to pay on these ill-advised loans. And a crisis was born.

Compounding the problem was Fannie Mae and Freddie Mac. The companies were seen as being federally backed and as such under CRA had the power to purchase these questionable mortgages and thus encouraged lending to individuals with questionable credit. Fannie and Freddie would re-sell the loans at a profit. The purchasing financial institutions believed they were buying federally insured loans. Freddie and Fannie made massive profits which they shared not only with their corporate officers, but also with politicians.

I find it incredibly ironic that those in Congressional leadership at this present time, and responsible for bringing the bailout bill to the floor of each house, were themselves recipients of some of the highest political payoffs from Fannie and Freddie? Not only that but the freshman Senator from the state of Illinois, ‘The Chosen One’, none-other than the Democrat Nominee for President of the United States took the second highest amount of money from Fannie and Freddie. Barry Obama has spent less than 4 years in the Senate and he too took hush money from Fannie and Freddie to the tune of $126,349. Friends that is over $32,000 per year in the Senate. He is supposed to be the candidate for ‘Change’!?! Sounds like the same old Washington graft machine to me. After-all, he is a product of the Chicago Machine.

Higher gas prices were the trigger of the economic free-fall but the full impact is due to poor lending practices brought about by libtarded legislation with pie-in-the-sky utopian goals of social experimentation. Experimentation mind you that had no oversight.

In 2003, President Bush proposed legislation that would have created a new department in the federal government that would have over-seen Fannie Mae and Freddie Mac. That legislation went nowhere. In 2005, Senator John McCain proposed legislation that would have clamped down on Freddie and Fannie and it was tabled in Committee by Chris Dodd in the Senate and Barney Frank in the House. Both are attempting to pin this on the Bush Administration. Barry O is trying to claim this as well and tie a perception of a failed economic policy. Bush and McCain attempted to fix the problem. Frank and Dodd helped to perpetuate the problem. Frank, Dodd, and Barry O are all in bed with those who triggered this mess. They are all members of the Party that made it possible and they all protected those who made it happen.

I think that perhaps we need legislation requiring any elected official, past, present, or future who take money from companies, organizations, or individuals that are bailed out by the federal government to pay the federal government an amount equal to the donations received.

Barry… that will be $126,349 Barry! Time to pony up ‘Hope’ boy!
Chrissy… your bill is $165,400! How about offsetting the price to the taxpayers banking boy!
Frankie… your share is not as much Frankie. You must be a cheap date. You would only owe $42,350 if such legislation were passed.

I won’t hold my breath since these are crooks who get to write such legislation.

Must be nice to create a problem that requires a massively expensive solution, that you get to design, someone else has to pay for, and you can place culpability for on your political opponents huh?

I’m sick to death of the Democrats denials in this matter. But what gets me more is the press’ willingness to allow those actually responsible to use them to lie to the people. And even more, the Politically Apathetic American Lemmings* who believe anything the MSM has to say.

Now if you don’t mind, I’ll get back to my sick baby.

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