Saturday, October 04, 2008

Poster Children for Corporate Welfare

Senator Chuck Schumer of New York, Senator Chris Dodd of Connecticut and Congressman Barney Frank of Massachusets. What do these men have in common??
They're Democrats,
and the Democratic party is primarily responsible for our current economic bailout crisis on Wall Street. These three men have for several years, in hearings, insisted and argued that Fannie Mae & Freddie Mac were doing fine and didn't need any interventions, as other senators & top economists complained about the failing policies & procedures of these government backed institutions. These three men, Schumer, Dodd & Frank, assured all that everything was fine and that there was no economic crisis in our future.

I'm mad as h*ll that my grandchildren will be paying for their mistakes because of greed. I'm mad as h*ll that the tax payer will foot the bill. It's easy for them to spend other peoples money, taxpayer money.
How about you give me your credit card Chuck Schumer, Barney Frank or you Chris Dodd? How would you like it if I ran up thousands of dollars on your account and then gave you back your credit card, for you to pay? That's what you are doing to us!

For those of you that don't agree that this bailout economic crisis was caused primarily by the Democratic party then you need to go back and read your government history and find the hearings that relate to Fannie & Freddie and listen to each one of them. This problem, although its come to a head in this administration, didn't start with this administration and it's not totally the fault alone of Schumer, Dodd or's a problem that started way back in 1977 with the creation of the Community Reinvestment Act. That's a good place to start reading. You'll find that a program that was created for the good of the people, to help the disadvantaged by relaxing rules in lending practices has run amuck. Then skip on to 1995 (Bill Clinton) when the rules were relaxed much, much more and banks & lending institutions were encouraged to lend money to more people regardless of economic circumstances. Are you getting the picture? As more and more people were encouraged to own their own homes, some defaulted on their loans for various reasons...some just stopped paying, for some the loan payments just got too high and others were tricked by unscrupulous lending institutions with gimmickry. Gimmickry like no house payment for 2 years, so that by the time house payment time started the homeowners found out that they could no longer afford the monthly payment, which was now higher than originally promised by the lender, which was now no where to be found. The people got screwed and there was no one there to help them as some began to default on their loans. The lending institutions sold & resold the loans and finally the bad loans were hidden among the good loans. The politicians were aware of what was going on, but were assured by Fannie & Freddie that all was fine. No one wanted to bother Freddie & Fannie because they were contributing large amounts of money to the politicians, so they were ignored except for some who screamed foul but were largely ignored.

I guess you're getting tired of reading all this bologna, but this bologna will cost you & I a bundle and our grandchildren and probably our great-grandchildren too. It's not over yet. In six months Wall Street will probably need another enormously large sum of bailout money again. It's happened 6 or 7 times already, but whose keeping track...are you?

1 comment:

JunieRose2005 said...

Thanks for this post, Sandy!

I'm with you on this!