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Obama’s Campaign Ploy Rewards Banksters And Loots Americans

October 26, 2011 by  

Obama’s Campaign Ploy Rewards Banksters And Loots Americans

The Continuous Campaigner got himself a twofer this week.

In announcing revised rules to the Home Affordable Refinance Program (HARP), President Barack Obama bought himself a campaign ploy attractive to millions of homeowners struggling to keep their homes and a payoff to his bankster buddies who are now encouraged to make more “risky” loans that bear no risk at all.

The housing bubble that burst in 2008, causing the crash, was created by the Federal Reserve’s artificially low interest rates and regulations that encouraged banks to make home loans to people who couldn’t afford them. When that house of cards collapsed, the banks’ risky behavior was rewarded with trillion-dollar bailouts.

Now Obama is taking another dip into that pool. White House National Economic Council Director Gene Sperling called HARP a “win-win.” For the banksters, that about sums it up.

Article continues below…

The Greatest Government Cover-up Ever

The subprime mortgage market collapsed… financial institutions across the country failed… unemployment skyrocketed… and America was catapulted into the biggest financial crisis of all time.

But what really happened? And why is our government distorting—and even deliberately covering up—the seriousness of the current financial situation? What are they trying to hide from you?

To get the truth about the financial crisis—and discover the simple steps you need to take in order to survive it—click here now.

 
 
The new regulations encourage banks to make bad loans but absolve them of any of the liability. Shenanigans such as these are only possible under a fiat money system of greed and corruption. The banksters and Wall Street are the clear winners, and the American taxpayer once again suffers from the criminal enterprise that inhabits Washington, D.C.

Bob Livingston

is an ultra-conservative American who has been writing a newsletter since 1969. Bob has devoted much of his life to research and the quest for truth on a variety of subjects. Bob specializes in health issues such as nutritional supplements and alternatives to drugs, as well as issues of privacy (both personal and financial), asset protection and the preservation of freedom.

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  • s c

    Obummer should feel a great debt of gratitude to Bubba Cinton (some people wanted us to believe that Clinton was our first black prez – gee, what a dilemma)). Clinton’s galloping incompetence made bad bank loans a ‘do it or else’ matter.
    Now, Obummer wants to give banks a piece of the action. Talk about a win-win for Uncle Scam and his new bedmates, and an economy-destroying lose-lose-lose for the American people.
    Not too long ago, FDR took over and replaced the graft machine in New York. Now, Obummer is doing the same on a national basis. So who keeps the official scorecard? I need a reliable way to be able to tell the good guys from the bad guys. I already know who most of the bad guys are, but I’d like to have the rest of the truth in my hands for ready reference.

    • Kinetic1

      sc,
      You’re right, in 1999 Clinton did lower the down needed to purchase a home with Fannie May. Maybe you remember this speech;

      “I set an ambitious goal. It’s one that I believe we can achieve. It’s a clear goal, that by the end of this decade we’ll increase the number of minority homeowners by at least 5.5 million families. (Applause.) … And it’s going to require a strong commitment from those of you involved in the housing industry. … of course, one of the larger obstacles to minority homeownership is financing, is the ability to have their dream financed. Right now, we have a program that all of you are familiar with, maybe our fellow Americans are, and that’s what they call a Section 8 housing program, that provides billions of dollars in vouchers to help low-income Americans with their rent. It encourages leasing. We think it’s important that we use those vouchers, that federal money to help low-income Americans go from being somebody who leases to somebody who owns; that we use the Section 8 program to not only help with down payment, but to help with continuing monthly mortgage payments after they’re into their new home. It is a — it is a way to help us meet this dream of 5.5 million additional families owning their home.”

      Whoops, that was G.W. Bush! You don’t qualify for a loan? Go see George! Can’t make your payments on that home you didn’t qualify for? Go see George!

      Maybe President Obama’s program won’t help home owners or the economy. Maybe it will. Either way, trying to lay the blame on Clinton and Obama while ignoring the man who did the most to get us in this mess is as disingenuous as you can get.

      • Lastmanstanding

        K1…anyone that in any way would support the Clintons has a screw loose. They have themselves in mind…PERIOD. They are psychopaths that have used the American people for the power they crave.

        • slapjack

          You are exactly right. Behind that fake smile and demeanur are two very evil people so full of themselves it is sickening. I dispise democrats and all they stand for but Liberals are the children of SATAN. God Bless America and all who defend her.

          • JTB

            Very well said and I agree with you! Does Vince Foster ring a bell? Poor Man didn’t know who he was messing with! His wife was told to keep quite! Some day this will all coming tumbling down on the Clinton’s heads!

        • eddie47d

          That is why nothing changes. The Bush connection went way over your head. Do you all enjoy being deaf dumb and blind too? Historically it’s fine with me if you find fault with Clinton but don’t cheapen yourselves by ignoring the other culprits.

          • http://?? Joe H.

            YEAH, Don’t forget kennedy and CARTER!!!

      • http://www.comcast.net Anne Gelinas

        It is time to stop digging into my pockets and suggesting that I keep paying more and more to get someone into a home they cannot afford. What could possibly be the reason to put folks in homes they cannot afford even with my taxpayer money, only to have them thrown in the streets later and embarrassed that they could not make it as homeowners and would have been better off renters?

        • karel Eekels

          Anne, you speak words of sanity.

      • DaveH

        You’re deluded, Kinetic. It all started under Obama’s fraternal twin — Jimmy Carter with the Community Reinvestment Act:
        http://mises.org/daily/2963

        But WHO CARES who started it? The reality is that Big Government meddling in the Marketplace has created conditions which have nurtured the misallocation of capital in our economy and thus the economic booms and busts. It isn’t going to end until the Sheeple wake up to the fact that both Political Parties are deeply involved in Interventionist tactics that build Government and their Crony Capitalists at the taxpayers’ and consumers’ expense.
        We need to end the 150 year experiment with Government involvement in the Marketplace and get back to Free Markets where the consumer determines the winners and the losers by voting with his/her wallet/purse. Free Markets where the Companies who don’t supply desired products are allowed to FAIL, rather than being propped up with taxpayer dollars by Politicians and Bureaucrats, so they can wrongly continue to compete against the Companies who made the correct moves.

        • DaveH

          For Free Markets, Individual Liberty, Personal Responsibility, Limited Government, and PEACE:
          http://libertarianparty.org/issues

        • karel Eekels

          Keep the finger on the pulse Mr. DavidH.

      • Patriot

        STOP playing the blame game, who cares which group of Politian’s created this mess! When you realize that they are all connected trying to transform our society into a global one then it all makes sense. We need to adhere to old fashion common sense principles of the Constitution and law by starting to weed these people out of our government. This will take a very long time but, it is well worth the fight!

        • Betty Salsbury

          I care who started it!!!! It was the liberal policies that caused the problem along with the Federal Reserve, that allowed low interest rates and then all of a sudden decided to raise interest rates 18 time in a row, knowing full well that it would cause a recession and burst the housing bubble.

          • JTB

            Betty, I agree with you! Gangsters, corrupt gangsters is all the dems are!

          • eddie47d

            Betty could be right but the Interest rates have fallen several times recently under Democrats. Fair and balanced? Not!

      • rosina

        I believe you have your facts wrong.
        the Acorn Group, aided and abetted by a half black community organiser went around threatening banks who had high lending standards and would not make loans to people who obviously could not pay. Then Clinton passed the act,(forget the name)which OBLIGED BANKS to make shaky loans. Fannie and Freddie, already bankrupt but hushed up by its overseers, undertook to help out.
        Bush tried to curb the excesses of Fannie and Freddie but the demoncrap majority stopped him.
        Then cam the big crisis.
        This had nothing to do with BUSH but the earlier Congress and Clinton. Also repealing the taft-hartley law.
        The 4trillion run up by Obama in less than 3 years has not helped.
        Bush, yes, ran up the large amount also BUT IN 8 (EIGHT YEARS) NOT 3 or less! And ther O keeps on spanding as if there were no tomorrow. Plus campaigning on taxpayer money instead of his own funds. The other candidates cannot fo this.
        GIVE ME A BREAK!

      • http://www.deadlyclear.com Virginia

        We first ALL must become united… all of “us” GOP and Dems because WE ARE THE 99%. Unless you have a few Billion bucks in your bank account(s)you are only a wannabe – so face the facts. I’ve tried to be neutral coming from a conservative background, I’ve seen the brain washing on both sides. Clinton was just as bad as the Bushes and Reagan. Obama is a wannabe too. We’re over $600 Trillion in debt because Congress (all of them), including the past and present Administrations, allowed Wall Street and the Federal Reserve to run amok.

        I say NONE of them go back if they take one damn dime from Wall Street, their PACs and/or insurance interests. I don’t care what ticket they run under – as long as they are “clean” I’ll consider giving my vote; but no Wall Street related donors (because that is our money and it shouldn’t be spent on political campaigns). Anyone that doesn’t understand this doesn’t belong governing our America.

        Bob, what you didn’t say that needs to be said is that the Trillion$ that were gambled away and caused the debt came from pension and retirement funds of our unsuspecting policemen, firemen, teachers, government workers, judges, clerks, unions and corporate 401K beneficiaries (which caused a bunch of layoffs when they lost all that money). See THE SUCKER PUNCH on http://www.deadlyclear.com and check out the investor lawsuits against the Wall Street banks. It will make you just sick!

        So, when you really think about this – as most of US are the 99% vs. the Elites… remember that their bailout is akin to financial socialism which is a lot worse because the 99% are paying for it.

    • http://al@bellaproducts.com al metcalf

      Those who want to really understand this economic problem we are now experiencing will have to go back to the beginning of the FHA and FDR. This is where Red Lining of neighborhoods began and it was a federal law that was the cause. It was called Economic Zones for loan purposes.
      Now jump to the mid 70s to Carter and the Community ReInvestment Act. This was another federal law that forced ‘local savings and loans’ to make dangerous loans within their communities as part of their business. This law is what destroyed the Saving and Loan business and gave rise to the 20% interest rates of the early 80s.
      Now jump to the early 90s and Bill Clinton. Since the CRA worked so great for the S and Ls and Carter, Clinton, by Executive order, rewrote the CRA to include all of the Banks in the nation also. What a great idea, force all of the banks into loaning millions of dollars to people with no income, no job and no assets (NINJA).
      Over the next seven years the banks were hard pressed to keep the money flowing. So the Congress passed a new banking act called the Banking Modernization Act of 1998. This allowed bank branches to have the same money leverage as the parent bank so they could loan millions more to unqualified purchasers. Great Idea!!
      Now we come to Fannie and Freddie, this double home of all Democrats out of office. They are running out of money to buy the paper of all of these NINJA loans. What is the answer to this problem. Let us create a new law. This time the law will be the Securities Modernization Act of 1999 and we will allow Home Mortgages to be sliced and diced and put into Dirivity Securities this way Fannie and Freddie can off load some of their baggage onto the world market. Great Idea. This is like a never ending Ponzi Scheme, we can sell this crap all over the world.
      This all was working great until the low interest rates on the adjustable loans went up and the payments started comeing due on the NINJA loans. Then the house of cards started to crumble and now we have arrived to today.
      Now Obama wants to have a HARP program, this is a redo of the Clinton years only this time we already have the model of bailout to use again.
      All of this information can be found with a little effort, and hopefully a lot of people will write articles of how and why this all came about.

      • rosina

        tHANK YOU AL METCALF
        Your reply was even more fact filled than mine above.. I only started with carter but you went further back And know the name of the acts which I forgot.

      • http://N/A Observer from Phoenix

        I just want to add one more observation. It is imperative to find out what made all these facts take place. All the facts enumerated by so many conscientious minds are just effects. The CAUSE needs to be laid bare. And that is the root of all these evils. Until we have the courage to dig it out and expose it to the sun, we shall not prevail.

  • RivahMitch

    Actually, Clinton did start the problem with his “Community Redevelopment Axt” and Bushie did make it worse. It was also Bush who made the mistake of destroying the free enterprise system (by massive bailouts) in order to save it but the Kenyan Marxist made that worse by stealing from peoples pension and investment funds to pay off the UAW. Additionally, the idea of the banks refinancing “risky loans” that are fully backed by the government is the biggest scam in history paid for by both homeowners and taxpayers. Round 2 will only make it worse. Of course, with the number of homeowners currently “underwater” and jobs being lost, the housing market hasn’t bottomed yet so look for another round of this sh#t downstream (again screwing both those of us who own our homes and those of us who pay taxes).

    • Ross

      Fox documented the fact that Bush tried repeatedly, starting in 2001, to get Barney Franks to stop making unsecured loans but Barney chastised him for making such charges. Yet, Barney never gets the blame by the liberal media; it’s always Bush’s fault for the mess we’re in. Obama continues to blame Bush in spite of his destructive programs that appear to be deliberate for destroying America.

      • http://www.comcast.net Anne Gelinas

        Isn’t it interesting that the only good word on the tip of the tongues of all democrats is George Bush! He truly has been the most popular president of all seeing as folks just can’t stop talking about him all the time. You know they say that when someone cannot forget you be it good or bad, you still are the most popular person in America and perhaps beyond. Eat that up and remember, we all love it when you cannot talk about anyone else but George Bush. Thank you.

        • eddie47d

          Then let’s look at it the other way. Everyone on this site brings up Obama several times a day so he must really be popular. Carter and Reagan get mentioned alot too. MY MY where does it all end!

      • karel Eekels

        Thank you for this reminder. The hard core and flame throwing libs never will admit the disconnect between liberalism and americanism and come to realization that the majority of “we the people” do not participate in the madness of this world.

        We are now paying the price and for the consequences of the Federal Reserve regime (for decades) enabling America’s dependence of debt-fueled growth, this time at the expense of the nation.

      • http://al@bellaproducts.com al metcalf

        Actually Chris Dodd and Barney Frank both were the roadblocks to Bush and the regulation of Fannie and Freddie.
        But, let us not forget that it was GWB who was head over heels in love with the idea of everyone, regardless of ability to pay the bill, owning his own home. In fact GWB pressed to get loans with zero down and loans up to 100% of the purchase price and a line of credit for improvements. Remember, GWB was a Compassionate Conservative, whick is just another name for PROGRESSIVE.

    • dordor

      Which will rewach us first the garbage coming from Japan’s tsunami or the second realestate bubble????

  • Lastmanstanding

    Why would anyone be surprised that this is happening? Barry will do ANYTHING THAT IS NECESSARY to be reelected. He cares little what it will cost as it costs him nothing…actually it will continue to pad his and the other progs/commies/socialist wealth.

    To those of you who haven’t figured it out yet…they want everything from those that have earned it for themselves…they are not going to give it to you poor, dumb bastards that are supporting them.

    The earth doesn’t work that way…whether you believe in God or not.

    • DaveH

      You’re right, Lastmanstanding. It’s just plain old Vote-Buying. The 1% (Politicians, Powerful Bureaucrats, and their Crony Capitalists) will continue to transfer our money to their pockets until the rest of us wake up and realize what the real problem is in our country — TOO DAMN MUCH GOVERNMENT. As Government Grows, Corruption Flows.
      And it comes from Both major Political Parties and will continue for at least 4 more years unless the citizens wake up and push for those like Ron Paul who know what needs to be done to get our Country back to Freedom:
      http://www.ronpaul2012.com/2011/10/24/new-ron-paul-ad-plan/

  • James

    I respectfully disagree. The housing bubble didn’t burst because of artificially low interest rates; it burst because of a collapse of world financial market brought on by Wall Street speculators. When ordinary people do not have the money to buy such things as homes, the price will drop precipitously. The Wall Streeters also sent more and more jobs overseas, putting more Americans out of work, which fueled foreclosures and caused a glut in the housing market. Then the Wall Streeters used forged documents to speed up the foreclosure process. The bailout helped the bankers, but no one else. The bankers got their bonuses even after shipwrecking their companies. And the little people got the shaft. No, Bob, it’s not the little people’s fault–it’s the fault of the top 1 percent who’s been sucking the life blood out of the rest of us for the last three decades.

    • Ellen

      James, I think you’ve been watching a bit too much MSNBC. Wall St. simply repackaged the crap sold to them by Fannie & Freddie and resold it to investors. Fannie & Freddie should never have been allowed to sell risky subprime mortgages are government-backed securities. F&F should never have required banks to make risky loans. Wall St. doesn’t send jobs overseas, companies do that because they get lower tax rates and cheap labor. Wall St. doesn’t foreclose on mortgages. The top 1% of earners are successful people and most have earned it, rather than inheriting it. It makes no sense to villainize the successful. It also makes no sense to villainize the bank bailouts, as those were loans than were repaid – they were not hand-outs to the banks. Obama is on a class warfare rampage to make the hard-working people look evil when the truth is our country is faltering because of welfare. Welfare has doubled in the past 10 years and costs over $1 trillion per year of taxpayer money. Is it any wonder there is a larger divide between rich & poor? We’re creating new poor at an alarming rate. Welfare by choice needs to end. Our safety net programs have failed miserably since the recession started, but the welfare dwellers still get free housing, food and electricity – as hard working unemployed people lose everything they worked for.

      • eddie47d

        The crooks on Wall Street and a weak Congress divided and put us on that “class warfare rampage”.

    • http://www.boblivingstonletter.com/ Bob Livingston

      Dear James,

      Perhaps in my zeal to be brief I sacrificed clarity. I have not said nor intended to imply that the economic collapse was the “little people’s fault.” The Fed created the bubble that had to burst eventually. It did so by setting artificially low interest rates, and government policy encouraged easy lending practices by backing super risky loans. Wall Street financiers played fast and loose with the rules and traded risky loans and bet against the market with hedge funds then manufactured the crash so they could win as it went up and then as it went down. Then when things got bad, rather than suffering for their malfeasance they were bailed out with more fiat, which again robbed “the little people.” All of this is spelled out in detail in my book, “Robbed Blind! Who’s Really To Blame for America’s Economic Crisis.” https://shop.boblivingstonletter.com/product/165/asset-wealth-protection

      I outline the problem like no one else has–particularly not the mainstream media. If you want the whole story, buy the book.

      Best wishes,
      Bob

      • patrick H.T. paine

        “To conquer, first divide!”

        Yes, be sure to BUY Bob’s book, he does it better than Gasparino or Taibbi………..and while you’re at it, be sure to check out the
        “perpetual motion machine” being offered along with all the other
        “essential things” required including the stuff that says the world is
        ending in 2012 on Dec 21…..

        Of course, one of the most entertaining aspects of watching this forum
        is all that “christianity” that is bubbling up in this tower of babble. Seems that the message of “eternal reward” got lost some place
        in favor of a little temporary safety?

        Not to worry, Bob will have six more “opinions” tomorrow, to incite more opinion entitlement……

        In 1865, slavery ended….and in the census of 1860, the black population was 25% of the total U.S. population……today they are 12.5%…….which shows that FREEDOM can be a ………!

        In the words of Ronald Reagan: ” Hard work never killed anyone…..but
        why take the chance?”

        “Do not ask for whom the bell tolls………….”

        • DaveH

          So you come into somebody else’s house as a guest and proceed to bad-mouth them. What a guy.
          A word of advice, Patrick. When that Bell Tolls, remove your head from it. I’m afraid your Bell has been rung a few too many times.

          • patrick H.T. paine

            “To conquer, first divide!”

            Damn, Dave…..no link for this one, huh? Can’t see the water vapor for the clouds or you just worried Mr. Livingston can’t defend himself?

            I know you can’t……but gotta go, since you are probably sleeplessly waiting for tomorrow’s big boiled frogs topics.

        • Rich

          Patrick, I hate to ruin your rant by providing facts, but the entire slave population in 1860 [which included all slaves, not just blacks] was just under 4 million or about 12% of the population. Our population today has increased tenfold and that includes numerous mass migrations from different parts of the world. With all of those new cultures arriving, the blacks have still maintained and slightly increased their percentage of the US population. I’m not saying that’s good, bad or indifferent. It’s just accurate numbers.
          As far as the comments from people not being Christian, why do you feel that being a Christian means that I should be ignorant about basic economics and finance. My choice of religion has nothing to do with my desire to be educated. I always get amazed at how the left, who play the race card continually, are so intolerant of other people. So it’s okay in your mind to demean people over religion but not race? Go ahead, explain it to me in a rational manner. I dare you.

          • eddie47d

            Thanks for the facts but the race card is played often here and by conservatives too. Religion is also used to boast ones opinion and is sometimes used to shut down someone else thoughts. It’s wonderful to be a believer and live a decent life yet there are plenty of non-believers who lead a decent life also. Christians can be very intolerant of other and very vocal about it.Patrick didn’t frame his comments very well and I don’t think you were trying to be mean. I wish you a good day.

          • patrick H.T. paine

            “To conquer, first divide!”

            Gee rich…let me explain it to you this way…..ETERNAL REWARD!!!!!

            A better place? You know like FOREVER? Pascal’s wager?

            How about this, everybody wants to go to heaven BUT….not anytime soon. and the tolerance…you just got to LOVE the tolerance.

            PPPSSSSTTTTT. of course you DO have to actually belong to the ONE TRUE
            FAITH TO BE SAVED……RIGHT? I don’t blame you for being confused.

            What is there was a rapture and nobody went? Well at least Dave H. won’t have to worry about the productive work for our returning military……they can shoot those occupy wall st parasites.

            Personally I think S.E.T.I. was really a stretch…..shoulda started with S.T.I……I’m still looking…..at least I can see all that invisible water vapor, those cloud thingy’s, white and REFLECTIVE?

            Do you think clouds are RACIST or were they just born that way?

            Scientifically, the one drop theory might be interesting in this
            context?

          • patrick H.T. paine

            “To conquer, first divide!”

            BTW Rich, you are correct…..12.6% was the actual number…..my POINT is still valid……freedom is a b……!

            If that is too hard to understand…..most population groups have increased……

            As for the race card comment by………are you people total functional illiterates?

            well you probably won’t see this so………

          • DaveH

            You don’t need to worry about Eternity, Mr. Paine. You already are in your own little world. Don’t forget your meds before you go to bed.
            What, no bells tonight?

        • s c

          phtp, why all those wasted words, when all you needed say is that you’re just another knuckle-dragging suck-up for the utopian in the White House? By the way, your super-strength prozac is on its way.

    • dordor

      It doesn’t hurt that president Clinton pressured the banks to make these loans. If you try researching, President Bush rose the red flag multiple(17) times about the upcoming real estate bubble. These kind of policies ALWAYS result in negative unintended consequences. So now Mr. Obama is set to do it again with the full faith and credit of the United States….which is broke. How do you think it will work out?
      OR maybe the consequences weren’t unintended? If you know anything about the sixties then you will see it is those same people who today are in a position to effect policy. They are older, more studied more focused and approaching much more dummed down young adults who cannot think for themselves. They can only follow verses thrown at them by these elder “statesmen” of the distant past.

      • dordor

        Additionally the sixties people are now firmly entrenched in the current administration so we should not be surprised at what we see coming out of there! The President does a terrific job at saying what you think you heard and actually doing something totally at odds with what you want. The key is to listen.

        • JTB

          I say the key is to watch. Don’t bother listening he lies all day long. just watch what he does!

  • tim

    Yep! Dumbo will promise the moon if it gets him re-elected!!! Fannie and Freddie will lose billions, which means we have lost billions!! This kind of campaigning should be illegal!!!! If the problem is so easy to fix, why didn;t he do it in the past. Because he was saving it for his re-election. Wonder what’s next!!??!!

    • 45caliber

      It’s only money he’s promising – and it isn’t even his. Why should he worry about it?

  • tim

    Oh I know, more gov’t jobs, another million or so in the TSA pervert line. Thier hiring TSA people like crazy now!!!

    • 45caliber

      They have to hire them now. How else are they going to man all those TSA spots along the highways so they can search your cars, etc?

      • DaveH

        Nazi Germany redux.

  • tom sherman

    Your {rules} prohibit me from describing Obama & his policies!!!

    tg sherman

  • Lastmanstanding

    james, it is all of the fkg politicians that have been doing this in there relentless search for money and power.

  • http://yahoo Skyraider6

    this man obummer does not deserve to be reelected What has he done good he’s tearing this country apart

    • Change?

      I agree, Skyraider, but he will do anything to be reelected. Do you listen to Alex Jones? Obama has more or less declared himself ‘King’ and he is already setting up the plan through the Emergency Broadcast System to take over the media on November 9th.

      That man and his mooch need to be hung until their tongues fall to the ground. Maybe that’s too good for them because he has pissed people off so badly they’re going to want to see blood. They can run but they cannot hide from an angry, starving, homeless, jobless mob. We already have a mob rule by both democrats and republicans, but the angry citizens will be the third mob rule. I say open the gates and allow the third mob do as they please to the tyrants who have taken over this country. Man cannot live on bread alone while tyrants are eating their cake and laughing all the way to the bank at the expense of the working stiff. Hunger will force any man to do what’s necessary to survive, and if if means dragging public servants onto the street and beheading them, so be it.

      Call me cruel if your wish, but cruelty is as cruelty does, and what politicians have done to this country is beyond cruel.

  • http://aol.com sean murrey ILLIniois

    A failed policy by a failed president.

  • http://none Shadyman

    To try to blame Bush for the housing bust is like blaming Truman for the Viet Nam war. The Progressive libs need to find out who Barney Frank is.

    • eddie47d

      Hmmm! Bush was involved in the housing bubble so he doesn’t get a free pass and yes there were other culprits. Now should we blame Eisenhower for Vietnam since he was the one who cancelled free elections over there and angered the North. Everything starts someplace and we spend too much time defending OUR FAVORITES and over looking the facts. I have also done that more than once without realizing I did it. Have a great day.

  • http://Behrens-services.com Dean Behrens

    Lets face it boys, Obama is a socialist who dont give a damn about
    re-election. He is going to do what ever it takes to destroy this
    country before his term ends. He knows he will not be re-elected.

    • JTB

      I hope and pray (daily) that he won’t be elected! God help us if he is.

    • proud to fight and serve my country

      Dean Behrens, spoken like a true republican. (re: Lets face it boys, Obama is a socialist who dont (correct English uses don’t) give a damn about re-election. He is going to do what ever it takes to destroy this country before his term ends. He knows he will not be re-elected.) You should also add, Boehner and friends, Tea Partiers, Cantor, Koch bros. etc., to this list.

  • death to non believers

    truman started the “un police action” in the korean war, a war which has never ended (a cease fire and talks for about 60 years). this was the un’s first unsucessful undertaking. now it’s “Agenda 21″ singed by bush #1 at the rio save the earth un conference. agenda 21 is not a treaty, so congress does not have to raritfy it. it is a serise of suggestions, by environmental groups, to destroy the USA. agenda 21 is the reason our immigration laws and boarders are not enfoforced by any president since the rio un get together. look up agenda 21 and be outraged.

    • http://?? Joe H.

      death to non,
      I’m not trying to pick on you, but could you please capitalize where needed? In your post it looks like you are talking about the un conflict as in 7up the un-cola! Try the UN conflict.

  • http://www.lubedealer.com/UPMPG Republic, We Are.

    These idiots from Dumb Country actually ALL belong to the same club, bunch of Whores for the One World Government. Rothchild and his minions. Except Ron Paul of course.

  • http://PersonalLibertyDigest Whizzer

    Hey everyone lets play a game… monopoly! Don’t worry nothing is real, it’s just for funzzies LOL.
    Wise up America this game will not end well. I stopped paying my home mortgage back in Nov. 2010
    I have my home up for sale on a “short sale”, but even then it won’t sell. I think I can stay here at least 2 years without making a payment! Then Wachovia / Wells Fargo can eat this house! They will be lucky if it is inhabitable after a year of being unoccupied. Vandalism is a tricky thing….

  • Raggs

    I have a feeling that oblama will do anything possible to push this scam in through the back-door.. I believe that he knows damm well that he has no chance of being re-elected and therefore he is setting up a trap for the next president… In other words he is intentionally setting up a disaster….

  • thsldu

    Obama is again buying votes with taxpayer’s money!!!!!!!!!!!!!! It’s so wrong, especially in that it increases the already US economy busting debt of $14.8 trillion.

  • thsldu

    Who To Blame For US And Global Economic Meltdown

    In 1995 at the request of Obama on behalf of ACORN Clinton was asked to deregulate the Community Reinvestment Act to permit sub-prime loans for high risk low income home loan candidates. Clinton promptly deregulated the Act and then through the Federal Reserve made trillions of dollars available to Fannie and Freddie for unregulated lending to high risk low income home loan candidates. Clinton then pressured Fannie and Freddie to increase lending to high risk low income home loan candidates while Barney Frank was rejecting the Bush administrations request for tighter Fannie and Freddie lending regulations.

    In 2001, sub-prime loans totaled $330 billion, or about 15% of all loans. By 2005, they had reached $1.4 trillion, or 48%. Fannie and Freddie owned loans and guaranteeing more than half of the nations $12 trillion in home mortgages. By 2006 they reached near 70% guarenteed loans – a record. But it came at a price. With the trillions of dollars in circulation the Federal Reserve had to control inflation by increasing the prime interest rates in 2004 through 2006. The sub prime adjustable mortgage interest rates therefore increased exponentially. As a result, the new low income high risk homeowners increasingly couldn’t make their higher adjustable interest mortgage payments. The housing industry fell apart and many banks were left holding billions in underwater mortgages. Home prices fell, and homeowners suddenly found themselves with no more equity to borrow on. The low income high risk homeowners that paid “little to nothing down” had no downside risk preventing them from walking away from the homes and causing enormous home foreclosures. With the trillions of dollars from the government loaned out, Fannie and Freddie now redefined as government owned institutions were also left holding trillions of dollars in underwater loans. So what did the “to big to fail” Fannie, Freddie do but warehouse the underwater loans and short-sale them as Grade A to US investment institutions and foreign banks thereby contaminating their (foreign) economies.

    SPIRAL:

    Home foreclosures caused bank cash flow problems, which caused banks to freeze loans, which caused business cash flow problems, which caused layoffs, which caused more home foreclosures, which caused more bank cash flow problems, which caused more banks to freeze loans, which caused more business cash flow problems, which caused more layoffs, which caused even more foreclosures, which caused even more bank, etc.

    SUMMARY:

    THE COMBINATION OF OBAMA/ACORN AND CLINTON, DEREGULATING THE COMMUNITY REINVESTMENT ACT AND PRESSURING FANNIE AND FREDDIE TO MAKE UNREGULATED HIGH RISK LOW INCOME LOANS AND BARNEY FRANK REJECTING THE BUSH ADMINISTRATION, GREENSPAN’S AND SNOW’S PLEA’S FOR TIGHTER FANNIE AND FREDDIE BANK LENDING REGULATIONS CAUSED THE GLOBAL ECONOMIES TO MELT-DOWN.

    Now, the same people that caused the global economic collapse are blaming Bush, Wall Street, Fannie and Freddie for their incompetence!!!!!

    SOLUTIONS:

    1) Replace the current income tax system with spending tax system

    2) Eliminate adjustable mortgage/loans

    3) Require at minimum 10% down to qualify for home loans

    4) Implement tax cuts

    5) Implement severe penalties for white collar crimes

    6) Eliminate spending earmarks

    7) Eliminate the Federal Reserve practice of printing non-secured money

    8) Ensure all budgets include funding proposals and business plans

    9) Anything that does what a bank does and has to be bailed out because they’re too big to fail must be regulated like a bank

    10) Currency printed by the Federal Reserve must be paid back to the Federal Reserve/Taxpayer

    11) A bipartison Congessional committee must audit the Regulators and independent Federal Reserve

    Below is little publicized audio/video of Barney Frank rejecting the need for Fannie and Freddie regulations, Bush Treasury Secretary John Snow and Federal Reserve Chairman Alan Greenspan repeatedly requesting increased regulation of Fannie and Freddie. Also below is an even lesser publicized video chronology of how ACORN, Obama, Clinton and Frank caused the US and global economic meltdown.

    http://www.youtube.com/watch?v=63siCHvuGFg&feature=channel_page

    http://www.youtube.com/watch?v=1RZVw3no2A4&annotation_id=annotation_918789&feature=iv

    • eddie47d

      I almost wanted to praise your synopsis but giving Bush a free pass doesn’t cut it. Although you made excellent points and I agree with most. I do believe most of the adjustable rates or balloon payments came due early in the Bush Administration and got continually worse. I saw that coming and am embarrassed by both Frank,Clinton and Bush on that fiasco.

  • http://poetryfortherevolution.blogspot.com leo corion

    The 2012 Manifesto Civis

    When an issue is so broad that it divides a Nation,
    Attention must be directed to its resolve.
    For: Every kingdom divided against itself
    Will be laid waste … … … and if the Republicans
    Drive out the Democrats,
    Satan would be divided against Himself;
    How, then, would his kingdom stand?”
    ~
    Capitalism
    Is a hangover from Feudalism? Even today corporations
    Hold dead peasant insurance policies on their employees,
    Naming themselves as the beneficiary.

    That ruling power elite does indeed control the U.S. government behind the scenes has been attested to by many Americans in a position to know. Felix Frankfurter, Justice of the Supreme Court (1939-1962), said: “The real rulers in Washington are invisible and exercise power from behind the scenes.” In a letter to an associate dated November 21, 1933, President Franklin Roosevelt wrote, “The real truth of the matter is, as you and I know, that a financial element in the large centers has owned the government ever since the days of Andrew Jackson.” February 23, 1954
    The CFR is the promotional arm of the Ruling Elite in the United States of America. Most influential politicians, academics and media personalities are members, and it uses its influence to infiltrate the New World Order into American life. Its’ “experts” write scholarly pieces to be used in decision making, the academics expound on the wisdom of a united world, and the media members disseminate the message.
    These Corporate elite control the media, government, and all that supports their means of gaining power and wealth.

    The Federal Reserve is the Central Bank of this New World Order and has even gained control of the Activist Supreme Court.

    A large percentage of the people believe that their congressmen would SELL their votes.

    The Corporations and the Wall Street investment bankers funnel the money through their lobbyists, while the People are fed the Opiate that the right to vote will prevail., or that they too may become one of the Ruling Elite.

    Are we really to believe that our Founding Fathers, with all their wit and deliberation, concluded that to be born in this country and having reached the age of thirty-five were ample qualifications to be President?

    Or did they plant an Ambiguity in the second amendment of the US Constitution to obviate the incapacity of the illiterate Mob to comprehend what even today the Supreme Court can not.
    The clue can be found in their use of a Hebrew Pun: i.e. when two words are given the same pronunciation but have a different meaning, as President and Precedent, the ploy can be seen.
    When George Washington was elected he

  • ICE

    This is more of the same issue.
    Bni
    I was thinking, what does someone need to do to become an attorney? Law school, the bar, but what most people don’t realize is they have to swear an oath to the supreme court of the united states of america, to be an officer of the court. Also, they must uphold the constitution of the united states of america. There are no exceptions allowed, under constitutional law.
    My thought is, these muslim attorneys are not really attorneys, or they are not muslim. Which is it? If they proclaim to be muslim, their only allegiance is to islam and sharia, by their own definition and admission. They are then guilty of perjury, treason, sedition, high crimes and misdemeanors and many other crimes. This is punishable by death in time of war. Are we not at war? If they have sworn allegiance to the united states supreme court, and to uphold the constitution of the united states of america, thus they are apostate and subject to death by sharia.
    If they have not denounced islam and sharia publicly, then they have not denounced islam or sharia.
    They cannot advocate sharia and islam, and say they denounced sharia and islam. Again perjury, high crimes and misdemeanors, treason, sedition. Again, the death penalty is on the table.
    If our politicians do not proceed after these muslim attorney’s and charge them with treason, sedition, high crimes and misdemeanors, then those that do not charge these people with said crimes against the people of the united states of america and the constitution of the united states of america, will be charged with treason, aiding and abetting, sedition and aiding and abetting. High crimes and misdemeanors, aiding and abetting. And both will be prosecuted to the fullest extent of the law.
    Anyone running for office that tries to side step this issue does not get my vote, that would make them co-conspirators. That means they could be charged with crimes against the constitution of the united states of america.

  • Jeffrey A. Williams

    Prior to the current administration banks and lending institutions were encouraging home buyers to take loans that were of questionable value to the lessor. Now this program seeks to correct those errors in a fair and reasonable manner at the cost of the tax payer. The fact that Fannie and Freddie made these bad loans is not entirely the fault of the borrower, so some responsibility is placed on the backs of the tax payer for such gross errors on the part of the lender. This is only a fair means by which the borrower in not left holding the bag for taking what they were encouraged to take as a loan from freddie or fannie.

    • http://?? Joe H.

      Jeffrey,
      And a lot of those questionable loans were due to borrowers knowingly buying more home than they could afford. If up to that year, they were cleared for a 60,000 dollar loan for a house, then they knew that if their income hand not increased much, they couldn’t afford a 100,000 dollar house! Many house buyers, like myself, went out and bought LESS house than they could afford and paid it off ahead of time. I believe there are a lot of consumers out there that need to take some of the blame for the situation they are in!

  • Liztalk
  • hitthedeck

    Obama is out on the campaign trail on the tax payer’s meal ticket pushing new gimmicks and dangling more carrots to his sheep while they are waiting to get sheared. As he travels throughout the country he is collecting stimulus rebates from all those good old boys that were paid off with your hard earned cash. He will not stop his relentless quest to be the first man in world history to make socialism work.. I don’t think he will be spreading any of his personal wealth around after the next election. If he does spread some of that wealth around just remember it was your hard earned dollars.

  • Questions

    Well, Bob!!!! W did it, now it’s Obama’s turn.

  • Thurman J LeNormand

    No more bailouts!

  • http://personallibertydigest not fooled

    Welcome to the U.S head of the New World Order BO-BARRY.His puppet masters are close behind.

  • John- WV

    I would like to see the heads of our Military march into Washington & take over the government, and arrest the President and every single liberal politician dems & repubs that are in the senate & congress for treason. PS: We should add all of his czars to complete
    the sweep.

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