Comrades,

This morning, as I was doing my duty for the Collective™ by intercepting messages from a local morning reichwing radio show, I was thoroughly stunned and appalled by a gut-wrenching story exposing one of the most successful economic acheivements our friends, the Democrats, have ever accomplished this side of history since the glorious Great Depression (ahh, those glorious days of lard sammiches... travelling around the countryside for free by rail... singing "Brother can you spare a dime?" by the warm, cozy fire from the 55 gal. garbage can... the government work programs... memories!)

We all remember the glorious taking down of the eeeevil kapitalist system in 2008 caused by Fannie and Freddie. Many Democrats worked very hard to bring that about over the course of many years. The eeevil BusHitler tried to stop it, along with his reTHUGlican cohorts, but our champion Democrats held him at bay so he couldn't do any damage by stopping Operation: Dem-o-geddon!

The distressing news starts out:
~

The Democrats' Fannie Is Showing

Posted 09/13/2010 07:00 PM ET

Irresponsibility:After the global financial crisis, no politician would dare chide another for too much "safety and soundness." But in 2004, 76 Democrats actually asked President Bush not to manage Fannie Mae responsibly.

There are smoking guns and then there are smoking bazookas. The June 28, 2004, letter from Rep. Barney Frank, D-Mass., House Speaker Nancy Pelosi, D-Calif., and dozens of other House Democrats to President Bush, posted by Moe Lane on Redstate.com last week, forever squashes Democratic claims about the mortgage crisis not being their fault.

"We urge you to reconsider your administration's criticisms of the housing-related government sponsored enterprises (the 'GSEs') and instead work with Congress to strengthen the mission and oversight of the GSEs," states the missive of nearly a page and a half, signed by a rogues' gallery of 76 House Democrats.

They include not only Frank, current chairman of the House Banking Committee; but Rep. Maxine Waters, D-Calif., now being probed for reportedly laundering TARP money in her husband's bank; and erstwhile House Ways and Means Committee Chairman Charles Rangel, D-N.Y., who is charged with more than a dozen counts of violating House rules and federal laws.

Almost comically, the letter states that the Democrats are unhappy the Bush administration is "emphasizing only safety and soundness," claiming that "an exclusive focus on safety and soundness is likely to come, in practice, at the expense of affordable housing."

And the Democratic representatives charged that "because Congress has not been willing to jeopardize the GSEs' mission, the administration has turned to attacking the GSEs publicly."

Such attacks could mean "negative opinions in the financial markets regarding the GSEs, raising their cost of financing."

It turned out, of course, that the negative opinions of Fannie Mae, and its evil twin Freddie Mac, in the financial markets were due to the GSEs taking a lead role in crippling the global economy.

The GSEs used the taxpayer-funded financial power of the federal government to give ultralow rate mortgages to millions of Americans with rotten credit ratings — which ended up poisoning the portfolios of investors around the world.

That Fannie and Freddie are disasters is, of course, today undeniable. Even Frank last month told Fox Business Network's Neil Cavuto regarding Fannie and Freddie, "I think they should be abolished."

In an election year in which voters are sick of governmental largesse and Uncle Sam's mismanagement of everything, and in which even Frank's "safe" seat in Taxachusetts is endangered, Frank doesn't dare say anything less.

Six years ago was another story: "Join us," Frank and the 75 other Democrats were demanding, "in advocating for more innovative loan products and programs for people who desire to buy manufactured housing, similar products to preserve as affordable and rehabilitate aging affordable housing, and more meaningful GSE affordable housing goals."

They insisted that President Bush "place a high priority on working with the GSEs to close as many loans as possible this year" and reiterated "that an exclusive emphasis on safety and soundness . .. is misplaced."

The 9.6% unemployment that Americans now suffer is directly connected to the many years of Democrats' demagoguery. They said that any attempt to rein in Fannie and Freddie was anti-poor and anti-minority — fiscal soundness be damned.

With the worst attributes of government entity and private business, Fannie Mae holds about $6 trillion in mortgages. These GSEs' reduced capital requirements and exemptions from state and local taxes let them eventually corner about half of the entire U.S. mortgage market.

President Bill Clinton added a "Trillion Dollar Commitment" to give 10 million poor Americans their own homes, and he intensified President Jimmy Carter's Community Reinvestment Act.

The cumulative result was that banks and other lenders were pressured to give mortgages to unqualified borrowers in the name of social and racial justice. Last year, the Obama administration raised Fannie and Freddie's $400 billion borrowing cap.

Every single politician who signed this letter is guilty of taking part in the gross financial mismanagement of this country. They betrayed the trust of those who elected them, and that trust should be rescinded this November. [hr][/hr] [/font]Does this suck or what? Stuff like this should never EVER get out to the public! Can you imagine if the general hoi polloi caught wind of this what damage this could do to our Democrat friends in the Politburo?! This is very damaging not only to those involved, but it will also devastate their good intentions of helping the jobless, the poor, and the paperless.

The link to this damning article is here.
Here is another link with a similar story, but with the names of our hard-working Democrat comrades who signed this letter. Please send them your gratitude and encouragement through these hard and difficult times for them. They are probably not taking this so well.

Comrade, it will not matter. The majority find such information either uninteresting or too disturbing to think about. Either way they will ignore it. These lazy capitalists are soft and only care about their luxuries. The Party of the People will bury them in their own slothfulness. The revolution has begun and we cannot be defeated. Never forget our hoards of Undocumented Democrats seeking amnesty, armies of union members seeking secure retirement, and the vast ocean of dead in Chicago awaiting resurrection on election day.


We will have a Glorious Victory.

Old news, actually

Democrats were WARNED of Financial crisis and did NOTHING

Sillberdachs | September 25, 2008


The bush administration in 4/2001 raised red flags, the 2002 budget requests declares Fannie Mae and Freddie Mac "Potential problem.. and can cause strong repercussions in the financial markets"


In 2003 the White House upgraded the warning to a systemic risk that could spread beyond the housing sector. John Snow Treasury Secretary called for Regulations & Supervision of GSE's.


Barney Frank (D-MA) denied there was any problem " Fannie Mac & Freddie Mare are not in Crisis" Encouraging the government to do more to get low income families into homes, Ultimately blocking the regulation.


Allan Greenspan , 2/17/2005 spoke about the dangers of Fannie Mae & Freddie Mac "enabling these institutions to increase in size -and they will once the crisis in their judgement passes-we are placing the total financial system of the future at a substantial risk


Charles Schumer (D-NY) 4/6/2005 ..."I think Fannie & Freddie have done an incredibly good job, and are an intrinsic part of making America the best housed people in the world....if you look over the last 20 or whatever yrs. They've done a very, very good job.


McCain (R-AZ) 5/25/2006 For years I have been concerned about the regulatory structure that governs Fannie Mae & Freddie Mac... and there sheer magnitude of these companies and the role they play in the housing market...the GSE's need to be reformed without delay."


That bill ( FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT) made it out of the senate banking committee with a party line vote all the democrats voted against it.


Senator Obama did not weigh in on the bill

Kommenting Out Of Karacter:


More (from the time of the 2008 campaign):
https://www.youtube.com/watch?v=1RZVw3n ... r_embedded

Folks who were paying attention knew who/what caused the financial meltdown of 2008, but too many poorly informed (indeed, totally uninformed) "young" voters swallowed Obama's campaign of "Hope and Change" hook, line and sinker. Are voters less uninformed (less ignorant) in 2010 than in 2008? Let's hope so, but we can't take anything for granted.

Did the Democrats who supported the policies that led to the financial meltdown understand they were playing with fire? Of course they did-- Just watch this video of a press conference by Andrew Cuomo (then HUD Secretary under Clinton) conceding that the sub-prime-mortage practices the federal government and FannieMae/FreddieMac were coercing banks into following (through regulations and through litigation) would cause a significant increase in the rates of defaults (foreclosures):
https://www.eyeblast.tv/public/checker.aspx?v=e4SUkUSUQu

Note: embedded version of the video linked immediately above and several other videos in 2008 making the cause (i.e., leftist policies Republicans lacked the votes to undo) of the financial meltdown painfully obvious to all but the willfully blind are at https://politicalxray.com/YouthVote08.htm .

--KOOK

So much of the hullaballooo. Why so many are for the housing is not really for concern when there are so many of the caves for availability.

Also, I was for the understanding that the revisionist history has already been for taking place and The Twin's (Freddie and Fannie) disaster is all the fault of the evil Bushitler because he was not powerful enough president to do anything about it.

Vladimir_Scratchanitch wrote:Old news, actually

Comrade,

The story may be old but the article I posted presented something that the old stories don't tell and that is the letter 76 Democrats signed asking BusHitler not to manage Freddie/Fannie. As far as I know, this information hasn't been reported. What this signifies is an indictment of the 76 Democrats, whose signatures appear on the letter, that they had full knowledge of the impending disaster, yet signed a letter to BusHitler asking that he not do anything about it despite his raising of the RED flags! I'm sure there will be even more stories down the road such as this.

Mrs Al Czarweary wrote:Also, I was for the understanding that the revisionist history has already been for taking place and The Twin's (Freddie and Fannie) disaster is all the fault of the evil Bushitler because he was not powerful enough president to do anything about it.

Mrs. Al,

This is quite true. E V E R Y T H I N G is the eeevil BusHitler's fault. It was because he gave tax cuts to the rich, padded the wallets of his Big Oil™ buddies, started an illegal war in Iraq all for the profits of Haliburton and Blackwater and Big Oil™, wasted 30 seconds of time when he heard about the terrorist attacks on 9/11 because he was reading a book about goats to kids in a classroom, didn't get to New Orleans within 15 minutes after Hurricane Katrina[vanden hueval] struck. And because BusHitler knew about his rich, fat-cat, rethuglican buddies on Wall St., and he had a LOT of them too, he allowed them to free-wheel away all the money and thus caused the Crash of 2008. BusHitler is a real REAL eeevil man!

Keep this under your ushankas comrades, but the leadership of the Republican Party secretly works for us. Any victory by the fascists will be merely apparent, and our stalwart secret party members like comrades Hatch and McConnell will make sure that no real change will upset our glorious march to a progressive future! Fear not, the Party sees all, and anticipates all!