Senator Levin hauled in executives from Goldman-Sachs this past week to “scold” them and to try to suggest that they were the cause of the financial melt-down in the housing market. This is a joke and just more political posturing trying to vilify the rich and to try and boost the sagging democratic congressional poll numbers in an election year.
The financial meltdown began with Fannie Mae and Freddie Mac under the “expert tutelage” of Franklin Raines as he and others smoked the books and siphoned off billions of tax payer dollars as bonuses.
Most of all the home mortgages in the U.S. were covered by these 2 democratic controlled lending institutions. You can thank Barney Frank and Chris Dodd for the mortgage meltdown. They both are the chairman of the banking mortgage committees in the house and the senate and both voted against regulating Fannie and Freddie in 2005. Under guidance and control of the federal government Fannie and Freddie were told to keep buying up troubled mortgages, all this while bad mortgages were still being issued.
Janet Reno and several other former employees of Bill Clinton worked and were in charge of Fannie and Freddie. Also, you can thank ex-president and elitist Jimmy Carter for enacting the “Fair Housing Act”. That act forced lending institutions to give mortgages to poor people who could not afford a house. This act was expanded under Clinton in authority by Housing Secretary Cisneros and later Andrew Cuomo; all while being monitored by Barney Frank and Christ Dodd.
All these people mentioned orchestrated this by forcing banks and lending institutions to lend money to poor people that could not afford houses.
Under Housing Secretary Cisneros the law was that every dollar that was lent out by any lending institution had to lend an additional $0.35 to poor people in impoverished areas. Under Housing Secretary Cuomo, that rate was increased to $0.50 for every dollar that was lent out.
When problems started showing up with the mortgage meltdown, Fannie and Freddie were told to start buying up the risky mortgages. To hide this they cooked the books to keep this problem under lock and key. Hence, the mortgage meltdown was created because the “haves” must give to the “have-nots”.
This is socialism at its best. Stop blaming bankers and Wall Street for our problems. Mr. Levin needs to start blaming his liberal socialist agenda that has kidnapped the Democratic Party that believes the money will never run out. When it does, their motto is to borrow more. And when they can’t borrow anymore and they have no answers to solve this collapse of our economy, so they blame the evil capitalist that are wealthy. They make them villains only because they have a lot of money. It must be the rich that caused this problem.
Well, I got news for you; it is the liberal socialist movement that encourages people to be lazy, to become dependent on the government for everything, to hate anyone that is successful, and to become dedicated democratic voters.
Hard working tax payers of America need to wake up. We may have different beliefs, but the one thing we have in common is that we pay far too much in taxes. Taxes that encourage people to be lazy and taxes that allow politicians to spend our money with no consequences. I am sick and tired of my hard earned tax dollars going to people that whine, complain, and people with low or no self-esteem, no dignity and I object to my tax dollars being wasted going to lazy people in this country.
And I am fed up with politicians raising taxes on everything they can think of in order to continue their out of control spending.
Common sense tells the average American families that during hard times to control spending, cut the waste, and work with a budget, the politicians answer to this crisis is to spend more and increase entitlement programs for the lazy. The people that truly need a hand up should get it, but the hand-outs have to stop.