Paul Ferraresi

For years I have written in this blog about the financial crisis being set off by Fannie Mae and Freddie Mac. (See previous blogs on how George Bush put a warning out in 2001, 2005, and 2007 to Chris Dodd and Barney Frank about the house of cards that had been built. Even in 2007 both Dodd and Frank denied there was a problem.)

The following articles were sent to me by a friend who is a former banker. Disregard the references to Democrats, Republicans, or Individuals and just read to get the ideas. Make sure you are sitting down as you get “the rest of the story.”

There’s an interesting article below and some background in the attachments. This all takes a few minutes to read through, which is exactly what the liberals don’t want anybody to take the time to do.

Clearly the biggest financial holes sucking in money have always been Fan and Fred, but they were never addressed as part of any of the banking regulations, due to the political risk. Prior to it just being political risk, there were millions and millions of dollars of compensation at risk for the folks who ran Fan and Fred. Mr. Rains was the single largest contributor to the Obama campaign and his compensation was directly tied to the volume of loans that took place at Fan. He walked away with tens of millions of dollars, for having taken his company into a fate far worse than bankruptcy. He was not prosecuted, nor even vilified, because he was doing what he was being enabled to, by the democrats in Congress.

The articles below provide an interesting overview of what really happened to this economy. It has all been blamed on greedy Wall Street bankers and none of the blame in the mainstream media has fallen back onto the liberals in government. The process was put in place by Jimmy Carter and then really kicked into high gear by Clinton and then into overdrive by a Democrat controlled Congress, with Bush not being able to do anything about it. He was unable, because the critical changes were not passed as new laws, which he could have vetoed.

Fan and Fred were begun in the 1930’s to ensure liquidity in the mortgage markets. They began to be bastardized by Carter and continued to be, up until their collapse. Even now, the Dems want to essentially pay off all low income mortgages with our tax dollars, in order to ensure a voter base for the future. It’s so absurd that it would be laughable if it weren’t so incredibly destructive to us all.

If you know of anyone who is still an Obama supporter and is also able to read, please pass this along to them!

And now, you know the rest of the story.

Mortgage Article (PDF)

Banking Article (PDF)

ACORN Housing (PDF)

Also, feel free to further educate yourself by copying and pasting this link into your browser:
http://www.hennessysview.com/2008/09/15/franklin-raines-criminal-enterprise-and-barack-obama-his-accomplice