Clinton and Obama Lie at the DNC
In the speeches presented by ex-President Bill
Clinton and President Obama at the Communist DNC, Clinton brandished that the banking
industry collapse and the economic disaster of September 2008 was caused by tax
cuts under George W. Bush and supply-side economics tracing back to Ronald
Reagan as well as finance deregulation by the Republicans. If you want to know the documented truth,
read this.
By de Andréa
September 7, 2012
If there is one thing that Bill
Clinton is good at, it’s lying to cover up the truth. For starters, he ignored the part that Barack
Obama and the Democrat Party Communists played in creating this disastrous
economic crisis caused by the sub-prime mortgage market, beginning with the
passage of the Community Reinvestment Act of 1977 by Socialist Democrat President
Jimmy Carter. As you shall see, George
Bush and Ronald Reagan had nothing to do with it. It was Jimmy Carter and Bill Clinton that
laid the foundation for one of the worst financial meltdowns in American
history. Then Barack Obama simply intercepted
up the ball and made the basket!
The financial collapse of 2008 and the contributing
factors that led up to it
In a nutshell the 2008 banking
collapse was triggered by a series of failures in the mortgage-backed
securities market resulting from massive defaults in the sub-prime mortgage
market and derivatives supporting the mortgage market that caused Lehman
Brothers and Bear Stearns to go bankrupt.
Financial giants such as Freddie Mac, Fannie Mae, Merrill Lynch and AIG
threatened to follow suit, as detailed by the Guardian world News of London.
|
|
In a WorldNetDaily report,
Obama himself played a role in the economic destruction as an activist lawyer
in Chicago ,
representing ACORN, a Communist activist group, in the 1994 case Buycks-Roberson v. Citibank Federal Savings Bank. In the court case, using Carter’s
CRA and Clinton’s expansion of the CRA on steroids, and a series of other
congressional “Acts,” ACORN pressed Citibank to make more and more risky
loans to marginally qualified African-American applicants “in a race neutral way” of course
On
the University of Michigan
Law School web site, The Civil Rights Litigation Clearing House in the expanded
version of Buycks-Roberson v. Citibank Federal Savings Bank., click on “Read More” is
the following Case Summary: “Plaintiffs filed their class action lawsuit
on July 6, 1994, alleging that Citibank had engaged in redlining practices in
the Chicago metropolitan area in violation of the Equal Credit Opportunity Act
(ECOA), 15 U.S.C. 1691; the Fair Housing Act, 42 U.S.C. 3601-3619; the
Thirteenth Amendment to the U.S. Constitution; and 42 U.S.C. 1981, 1982. Plaintiffs alleged that the defendant-bank
rejected loan applications of minority applicants while approving loan
applications filed by white applicants with similar financial characteristics
and credit histories. Plaintiffs sought
injunctive relief, actual damages, and punitive damages.” The Case summery also included the
following statement: “This case has received a good deal of press
and blogger attention because one of the plaintiffs' lawyers was Barack Obama,
then just a couple of years out of law school.”
Community organizer Barack Hussein
Obama and ACORN Housing, a nationwide Marxist Socialist organization with
offices in more than 30 cities, used the Citibank litigation of the Equal Credit Opportunity
Act (ECOA), 15 U.S.C. 1691; the Fair Housing Act, 42 U.S.C. 3601-3619; and 42
U.S.C. 1981, 1982, as well as Clintons souped up version of Carters CRA to push the group’s Social Communist agenda and get so-called sub-prime
homebuyers - mortgages under the most favorable terms available.
The following is
the documented truth that the Social Communist Liberal Democrats are covering
up with lies, lies and more lies.
Starting with CRA
of 1977, right up Obama’s alley
The Community Reinvestment Act, or
CRA, was signed into law by none other than Liberal Social Democrat President
Jimmy Carter in 1977 with the goal of forcing banks to provide credit to
businesses and homeowners with poor
credit, paving the way for the eventual monetary collapse of the world
financial structure. Jimmy Carter’s CRA was
to stop banks from “red-lining,” or refusing to lend to people in low-income
areas because the risk of the loan not being repaid was too high. (The redistribution
of wealth)
Even though lending to people with
poor credit is inherently risky, the Carter administration was intent on
forcing banks to accept a socialist agenda to provide credit to homeowners and
businesses in low-income neighborhoods. “Spread
the wealth” was the motto. It did not begin with
Reagan, as Clinton said, but instead with Clinton ’s colleague
Socialist bungler, liberal Democrat ‘Jimmy Carter’.
Clinton himself was involved in the financial
meltdown.
The disastrous CRA was then expanded
and super-charged by Clinton with a set of new rules that allowed sub-prime
mortgages to be securitized into bonds, creating a defacto deregulation of the
lending institutions, and hiding risky unsecured loans. Federal Regulations were relaxed and modified by
Clinton himself even as he and Obama blamed the Republicans in their DNC
narrative. So soon we forget my friend!
Federal Reserve Chairman Ben Bernanke, in a speech to the
Community Affairs Research Conference in Washington, D.C., on March 30, 2007, noted
a 1992 law passed during the ‘Clinton administration’ expanded the CRA market
by requiring the government-sponsored enterprises Fannie Mae and Freddie Mac to
securitize so-called “affordable housing loans,” the euphemism
was widely understood to mean mandatory low-income housing loans.
Because mortgage originators could
sell their mortgages as bonds to investment bankers, creating mortgage-backed
securities, mortgage originators did not have to hold the mortgage in their
portfolio. As a result, mortgage lenders
could more easily engage in and hide riskier lending, including lending to less
qualified buyers in the sub-prime market.
By allowing CRA-generated and other
sub-prime mortgages to be included in mortgage-backed securities, the Clinton administration
advanced a Marxist social agenda to extend homeownership into the poverty
stricken inner-city, where prospective homeowners were typically not qualified
to obtain a mortgage.
By definition, sub-prime lenders are
not credit-worthy under normal lending standards. They typically cannot meet normal lending
requirements to verify income and have a history of credit problems. But
under a Socialist agenda all loan applicants must be treated the same whether
they are or not. Instead of focusing
on education in the poverty stricken inner cities the democrat liberal Marxists
would rather keep the poor in their poverty and give them a home complements of
the US Communist Government, thereby keeping them poor and dependant
voters.
Gretchen Morgenson and Joshua Rosner,
in their 2011 book titled “Reckless
Endangerment,” detailes how the sub-prime mortgage crisis resulted in
the collapse of financial institutions in September 2008. The authors demonstrated, as noted on page 3
of the book, how Clinton ’s
“calamitous” homeownership strategy developed and “came to blow up the economy.” The authors call it a “story of greed, maybe good
intentions, corporate corruption, and liberal socialist government support.”
In the aftermath of the U.S. government takeover of Fannie and Freddie,
attention focused on three prominent Democrats who served as Fannie Mae
executives: Franklin D. Raines, former Clinton
administration budget director; James Johnson, former aide to Democratic Vice
President Walter Mondale; and Jamie Gorelick, former Clinton administration deputy attorney
general. All three prominent Democrats
earned millions in questionable compensation while serving as top Fannie Mae
executives.
Raines earned $90 million in his five
years as Fannie Mae CEO, from 1999 to 2004; Johnson earned $21 million in just
his last year serving as Fannie Mae CEO, serving from 1991 to 1998; and
Gorelick earned an estimated $26 million serving as vice chair of Fannie Mae
from 1998 to 2003.
All three were subsequently involved
in mortgage-related financial scandals concerning their stewardship at Fannie
Mae.
The Wall Street Journal carefully
noted there is nothing illegal about a mortgage firm treating some borrowers
better than others.
Yet, when two top Fannie Mae
executives received the preferential mortgage treatment, it spelled political
trouble for the government-sponsored, shareholder-owned company, as well as for
the Democratic Party and the Obama presidential campaign with which Raines and
Johnson were well connected.
A lawyer for Johnson insisted to the
Wall Street Journal that Johnson’s Countrywide home mortgage loans were within
industry practice; Raines did not respond to the newspaper’s requests to
comment.
After leaving Fannie Mae, Gorelick
encountered controversy a second time, over an alleged conflict of interest
when a 1995 memo she authored as deputy attorney general at the Justice
Department during the Clinton administration surfaced while she was a member of
the 9/11 commission.
The memo, which outlined a policy
that became known as the “Gorelick Wall,” appeared to put in place barriers
that barred federal anti-terrorist criminal investigators from accessing
various federal records and databases that may have assisted them in their
criminal investigations.
THE BOTTOM LINE: So you can see Obama didn’t just inherit an economic crisis, he helped
to create it, capitalizing on the foundation that his Democrat colleagues
‘Carter and Clinton’ laid down in prior years. I think the new definition of “Liar” should
include “Liberal Democrat”.
It obviously wasn’t Reagan that
started the false economic expansion just as in the 1920’s before the meltdown
of 1931 (the roaring 20’s) --- it was Carter that created the infrastructure to
build the false “everything’s coming up roses” atmosphere. It was Reagan that actually drastically lowered
taxes and saved the sluggish economy and the runaway inflation created by Jimmy
Carter.
In the philosophy of Marxist
Communist Socialism, not unlike the philosophy of Islam, there are no rules
when it comes to advancing their agenda.
So lies are an acceptable modes operandi.
For the Marxist Social Demagogues, the
end, always justifies the means!
If you want more of this kind of
corrupt Communist Government in the next 4 years be sure to vote for Obama this
coming November… And then my friend prepare
for a Communist dictatorship that will make Joseph Vissarionovich Stalin look like Mohandas Karamchand Gandhi commonly known as Mahatma Gandhi or just plain
Gandhi.
From Freedom to Communism
Remember, in order to build a new
structure one must first destroy the old one including the foundation. This is what Obama has been working toward
since law school, and especially the last four years. Not rebuilding the existing economy but
tearing it down. He said in a campaign speech
in 2008, “I will fundamentally transform
America.” What did you think he meant by
that my friend??? Watch another video
titled Obama
then and Now .
de Andréa
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