Posted by
Paul on Wednesday, September 17, 2008 11:20:46 PM
The mortgage industry crisis is an election year gift for John McCain. Who is at fault for the mortgage industry crisis? Why the Democrats in congress of course.
B. Hussein Obama is already using the mortgage crisis as a political issue against John McCain. Obama incorrectly blames Bush and campaigns that McCain will mean more of the Bush policies. Instead of taking the initiative on this issue and campaigning on how the corrupt Democrats caused our financial crisis, McCain foolishly blames the financial crisis on what he calls evil Wall Street greed while calling for new government reforms! Big government caused the problem, why should big government provide more government reform at the expense of the taxpayer? Government always causes these problems, then advocates that they should provide oversight to the mess they created!
Someone needs to wake McCain up. The Democrats caused this problem with their big government regulations, programs, cronyism, and intervention in free markets. Failed lending giants Fannie Mae and Freddie Mac are government created agencies that provided home loans to low income people who could not afford them. Freddie Mac was specifically created to provide loans to the poor. The American taxpayers paid former Fannie Mae CEO Franklin Raines over $100 million to run Fannie Mae into the ground! Now taxpayers will pay hundreds of billions of dollars for the government bailout of these two failed agencies.
Democrats such as Obama, Senator Chris Dodd, and Representative Barney Frank of Massachusetts are the top recipients of political contributions from these two government boondoggles. Obama received $100,000.00 from Fannie Mae. It is no wonder Rep. Barney Frank has advocated expanding Fannie Mae! Obama's top economic advisers are none other than former Fannie Mae CEO's Franklin Raines and Jim Johnson.
During the 1990's, Democrats complained that the poor did not have the opportunity to share in the American dream because evil lending institutions would not lend money to people who had no means to pay back the loan. Washington's solution was to force private lenders to provide home loans to the poor. Suddenly we started hearing about interest only loans, sub prime loans, and slogans such as "equal opportunity lenders". It has been government policy since the early 1990's that the more Americans that are homeowners the better it is for our economy. That is true only if people can afford to be homeowners.
Taxpayers should not be forced to pay billions of dollars for other peoples irresponsible decisions. With today's announcement of yet again another government bailout of a failed financial institution, taxpayers are now 80% owners of failed insurer AIG.
McCain needs to drive home who caused this mess, campaign against more government regulations, reforms, and taxpayer funded bailouts, and support free markets.