Wednesday, October 01, 2008

Who Created the Subprime Credit Crisis?

Over-leveraged banks are at the core of the problem.

But why did they make so many loans to people who couldn't afford them?

Simple greed?

Or were class- and race-based politics involved?

See this well-documented revealing video!

The villains are Democrats Chris Dodd, Barack Obama, and Barney Frank, using the government-sponsored agencies Fannie Mae and Freddie Mac, to direct patronage in the form of govt-backed mortgages to their non-credit-worthy constituents.

Banks that balked were threatened with lawsuits for being racist, by lawyers like Barack Obama...

Who (along with other dirty Congressmen, mostly Democrats) then received hundreds of thousands of dollars in campaign contributions from those government agencies...

And who then turned around and employed the same corrupt officers of those institutions in their campaigns!

John McCain and President Bush tried to reform the agencies at various times but were rebuffed...

And the Democrats have the gall to accuse the Republicans of causing the crisis!

See the video.

The highest receivers of Fannie Mae and Freddie Mac political contributions, directly, are:
1. Sen. Chris Dodd (D-CT), $165,000
2. Sen. Barack Obama (D-IL), $126,000
3. Sen. John Kerry (D-MA), $111,000

How does a junior Senator like Obama get so much money, even more than Kerry? Talk about machine politics!

John McCain received a whopping $862 from Fannie Mae between 1989 and 2008, according to the video.

Bottom line, the housing bubble and subsequent subprime loan crisis was pumped up not by poorly-regulated markets or by "failed economic policies of the Bush administration", but by Democrat political meddling and shenanigans.

Find out more at the video creator's homesite.


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