Monday, October 13, 2008

The Financial Crisis: Is Anyone Telling Us the Truth?

There is plenty of blame to go around for this latest financial crisis, but how can we fix this problem and keep it from happening again, if we don’t find out how it happened?

Republicans can be blamed for not pushing enough, for not having enough leadership, but if we do not find out and/or we ignore what caused this problem, it will happen again.

Many people blame President Bush and republicans because they were in power, even though the policies of past administrations started this, even though congress has been democrat controlled for the past two years, even though Bush, McCain and republicans warned and tried many times to fix this and legislation was proposed, even though the congressional oversight committee, Barney Frank, Chris Dodd and fellow democrats blocked them and said everything was alright, even though Fannie Mae and Freddie Mac were corrupted and turned into political fundraising machines for these and other politicians. B. Frank, Chris Dodd and many other democrats are on record and caught on video going against the regulatory commission’s findings that there was a problem.

Past administrations, congress, the policy of "affordable housing for all" and others, the mark-to-market ruling and others and various regulations caused this problem, not the free market. Past administrations, congress, the congressional oversight committee and groups like ACORN encouraged and strong-armed mortgage institutions to give loans to people who can never pay back the loans. The pseudo government firms Fannie Mae and Freddie Mac did the same thing. They bought up the bad loans and bundled them into mortgage-backed securities, making it easier for mortgage firms to give out more loans because they knew the government was backing the loans.

They took away the accountability that is built in, allowing corruption to enter the system. Do you think these financial institutions would give mortgages to people who are not able to pay them back? To give loans to people when their loan payments would be 40 to 50% of their gross income? Of course not, that would cause the companies to go bankrupt. When housing values started to decline, corrupt CEOs of Fannie Mae, Freddie Mac, Countrywide and other firms covered it up with deceitful accounting practices. The CEOs ran these companies into the ground while taking millions.

There are more contributors to this crisis including Alan Greenspan and others. A lot of factors came together to create this crisis

Why aren’t democrats calling for an investigation of republicans? If republicans were to blame democrats would be all over this, it is all we would be hearing about. In fact, it seems the republicans are the ones calling for an investigation, which will happen later in November after the election of course. Why is the media not telling us about these corrupt democrats and the impending investigation?

There was oversight, it was just corrupt. Do you really think even more oversight will be any better? The more oversight and government bureaucracy there is the more corruption there is. We need reform, not more oversight. We need to stop enforcing moral hazard. It is far better to have accountability built into the whole system. We have various government regulatory bodies in place already. We just have to figure out how to keep them from becoming corrupt and causing these problems in the future. We can start by electing public servants who have some type of moral fiber and stop electing public servants who already have known scandals. If politicians don’t care about their families, do you think they are going to care about their constituents?

Many democrats in congress still don't understand the problem. They are even calling others racist for trying to fix this problem. They don't understand that the very people they were trying to help, they hurt. Now it is hurting every American and many people around the world. How can we expect those that caused this crisis to fix it? We need to have a congress that understands that when the economy is growing again any remedy that was implemented that caused any nationalization of the financial markets needs to be undone.

If you give free houses to hundreds of thousands of people, what do you expect will happen? If you really want to help those that can't afford to own their own home, you have to get the economy going, to give them the resources they need to better themselves.

The more the government announces and tries different solutions to this crisis and the solutions don’t have immediate results, may be causing the stock market to drop. Government can’t spend our way out of this crisis. They are just raising the national deficit. They may be causing other problems, hopefully not making it worse. It may be time to step back, implement the bailout plan and let the markets bounce back. Too many bailouts made arbitrarily may be enforcing moral hazard as well. The markets like clarity.

It's time we take our heads out of the sand and stop being misled. The American people need to know the truth so we will never let this happen again.

If the media does not tell us the truth about this crisis, they are complicit in this cover-up, in causing many Americans to lose everything, in causing a problem that could bring our country close to the situation of the great depression and in possibly tearing up the constitution of this great country.

If the people of America knew the truth, McCain would probably win by a land-slide, many politicians would be voted out of congress and the American people would demand an independent investigation of congress and the unelected entrenched bureaucracy.

If you want to understand the financial crisis, you must see this FNC Special Investigation: Saving Our Economy - What'$ Next? (

Shocking YouTube Video showing Housing Scandal Cover-up That Led to our Economic Crisis

Ticking Time Bomb
Fannie Mae Eases Credit To Aid Mortgage Lending
ARC's Response To the Financial Crisis
Stop Blaming Capitalism for Government Failures
Barney's Rubble
The Real Culprits In This Meltdown
Another 'Deregulation' Myth
How the Democrats Created the Financial Crisis
Wake Up, America
Blame Fannie Mae and Congress for the Credit Mess
Should Congress Be "Perp-Walked"?

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