Barack, the delusional, used his best set of crayons to illustrate the “big picture” to Congress last week and the picture he drew should be keeping you awake long after the eleven o’clock news is over. The glassy-eyed liberals have reported Obama’s vision as being “breathtaking in scope,” but the rest of the country, including those who do not work for the government, and everyone whose level of occupational competence is too high for them to be considered good union material, equate the breathtaking nature of Obama’s vision with the unsavory experience of visiting a poorly maintained Death Valley outhouse on a hellishly hot summer day. “Breathtaking” does not always describe something good.
During this first year of total Democratic dominance, the irrepressible Obama intends to use the highest office in the land to mandate the creation of jobs, rescue the failing banks (and some that are not), implement a national health care system, reform education, fix Social Security, and do something about the nation’s energy problems (he’s not sure what that “something” will be right now but he’s thinking “green”).
Toward the middle of September 2008, the inevitability of an Obama victory tilted the highly volatile and precariously balanced American economy enough to cause a downturn in the housing market and set into motion the long chain of events we now simplistically categorize under the heading of “financial market crisis.” Whether or not this string of events was purposely precipitated is a question that conspiracy fans could be speculating about for decades to come.
Looking back over the chronology of events leading up to the current state of hysteria we can see plenty of fuel for the conspiracy engine to run on.
Fannie Mae was established in 1938 as part of Franklin Delano Roosevelt’s “New Deal” in the wake of the Great Depression. The intention at the time was to facilitate liquidity within the mortgage market and make homes more available to low-income families. The fact that this new government agency provided a great benefit to the multitude of low-income families across America and resulted in a massive increase in the number of newly registered Democrats was not overlooked by the liberal politicians and over the years following, pandering to special interests has become the cornerstone of the Democratic Party’s strategy for growth.
In 1968, under another Democratic controlled U.S. Congress, Fannie Mae was converted into a private shareholder-owned corporation for the purported reason of getting it off the federal budget’s annual balance sheet and make it appear that the Democratic controlled government was spending less money that it really was. At the same time they created the Government National Mortgage Association (Ginnie Mae) to take on some of the functions of Fannie Mae, and in 1970 they became even more redundant by the creation of the Federal Home Loan Mortgage Corporation (FHLMC), commonly known as Freddie Mac. The alleged purpose of Freddie Mac was to facilitate a more robust and efficient secondary mortgage market by allowing it to compete with Fannie Mae. Bear in mind that all of these agencies were being controlled by the Democratic controlled U.S. Congress via the authority of the federal government and the oversight for each of them came from within the U.S. Dept. of Housing and Urban Development. Essentially, the lasting legacy of solid Democrat controlled congressional sessions running from early 1931 through early 1947 was the creation of a system of mortgage market regulation that resembled a very convoluted house of mirrors, made accountability nearly impossible to achieve, and created enormous opportunities for fraud, extortion and every sort of graft.
Fannie Mae and Freddie Mac have always been regarded as exemplifying the best of all liberal ideals held dear to the hearts of Democratic campaigners looking to corner the votes of minority special interest groups who benefit the most from financially irresponsible government subsidized bureaucracies. The Democrats created them, nurtured them, protected them from all outsiders calling for legislative oversight, and for the most part, have lead them from their earliest infancy right up to their current position as a primary player in the collapse of the American economy. They have fought tooth and nail against any legislation that would actually reform, condense, solidify or otherwise make sense of the convoluted mess they had created.
The Republican Party sat in the majority seat of the U.S. Congress from January 2001 through January 2007, however, throughout most of this period of time the Washington conservatives were suffering from a severe identity crisis resulting in a loss of direction that rendered them generally ineffective. The Republican’s uncoordinated effort to implement practical legislative changes were easily stymied by the better organized Democrats and their superior ability to put together and follow long range plans. When the economic crisis alarms first began to sound, the Bush Administration made a weak attempt to tighten the reins on Fannie Mae and Freddie Mac but the Democrat’s quickly undermined that effort and by the end of 2003 that failure was all but ancient history. In 2005, the Republican Senator Chuck Hagel sponsored the Federal Housing Enterprise Regulatory Reform Act, which would have increased the amount of government oversight for loans given by Fannie Mae and Freddie Mac.
The Federal Housing Enterprise Regulatory Reform Act was viewed by the Democratic Party as a direct assault on their ability to pander to the votes of America’s less fortunate. With Congressman Barney Frank assurance to the nation that we were “not facing any kind of financial crisis,” as a result of Fannie Mae and Freddie Mac’s obvious mismanagement, the Federal Housing Enterprise Regulatory Reform Act of 2005 went down in flames and the financial irresponsibility of the Democrats was allowed to continue unabated.
Despite Congressman Barney Frank’s assurance that Fannie Mae and Freddie Mac were both sitting on solid ground, six months before the end of George W. Bush’s last term of office both agencies very conveniently collapsed into ruin and on September 7, 2008, James Lockhart, director of the Federal Housing Finance Agency placed both of them into conservatorship of the FHFA.
The economic avalanche was underway and in the ensuing panic an inexperienced Democratic nobody sailed into office on the dust cloud of chaos and financial ruin. Ironically, the two agencies that triggered the crisis quickly slipped from the attention of the news media following a massive infusion of tax-payer money and now seem to be doing much better, however, the panic ball that Fannie Mae and Freddie Mac set into motion has grown in both size and speed and regardless of how much money the Democrats now thrown into its path, it shows no sign of slowing.
Oddly enough, now that Obama’s in office and the Democrat’s control the entire ball of wax, we’re being told that the economic crisis is the result of the Republican’s financial irresponsibility and Bush’s incompetent administration. I guess the people in power get to write history the way they want it to read and the rest of us are just supposed to dummy up and believe it.
At any rate, here we are a mere 48 days into Obama’s first term of office and we have 12% of the nation’s homeowners facing foreclosure, the number of new orders being placed with U.S. factories continues to dwindle away, the national unemployment rate is at 8.1% while in some states the unemployment rate is already over 10%. The unemployed population of America is growing by more than 600,000 people per week. 651 thousand jobs were lost in the month of preceding Obama’s inauguration and in the brief period between that auspicious occasion and today over 2.2 million jobs in the United States have been lost and American stock market investors have lost more than $2.5 trillion dollars as the market tumbled to record lows and the DOW has fallen 20.4%. Meanwhile, the Democratic controlled U.S. government has handed out over a trillion dollars of tax payer money to banks and financial institutions with no obvious affect and to make matters even worse still, they are promising to dump even more federal money into these financial institutions as well as into an entire host of highly questionable social programs before the end of this year. Every day they are moving us a bit closer to a socialist government and with each step they take the American economy gets worse. Ironically, I read in the newspaper this morning that Vladimir Putin, the Russian president, warned the leaders of the United States about too much government interference with their free market. The leader of the former communist Union of Soviet Socialist Republic stood up during a meeting of high level government officials from all over the world and warned the U.S. about heading off down the same socialist path that Russia took so many years ago. It was a path that led them eventually to great hardship, starvation and economic ruin. Obviously, Putin knows what he is talking about here, but somehow I doubt that the arrogant, elitist, East Coast academic yuppies who are sitting around in Washington D.C. dreaming up new ways to fix what isn’t broken, are going to give much credence to what the leader of the largest formerly communist country on the planet is trying to tell them. They are too smart to listen to someone who has been there and done that, besides that, if they screw it up they can always just come to us for more money to throw at it.
—————- On A Side Note ——————–
Last night the wife and I were walking out a Border’s book store when three teenage girls walked in, saw the latest Barack Obama coffee table book on display and began to talk excitedly about what a great guy our current president was. We were headed out the door and didn’t slow down to listen least we leave our dinner on the floor of the vestibule. Afterwards the apprehension I have felt about our government’s burdening the future generation with massive taxes began to melt away. The Democrats knew what they were doing when they pushed to get the voting age requirement lowered to the point that empty headed gum snappers like those three kids could legally vote, and that is the crowd that helped him carry the day. I still feel sorry for the ones with a few brains in their young heads, but thanks to those three, the pain is somewhat reduced.
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