The American people will never knowingly adopt socialism, but under the name of liberalism they will adopt every fragment of the socialist program until one day America will be a socialist nation without ever knowing how it happened.We are accelerating down the slippery slope to socialism ...the bailout is fool's gold and signifies the rise of Marxism in America through a manufactured crisis.
Norman Thomas, American socialist
It undermines the ethic of personal responsibility (Rep. Jeb Hensarling) and in no way guarantees an end to this financial crisis. Accountability has been thrown to the wind as bad businesses are saved from economic destruction while the productivity of the American taxpayer will be consumed through inefficiency, b
Someone has to pay for the mistakes and misdeeds of others and that someone is you. Yes, it is legal plunder, the fleecing of America. Update: yes, the bailout is laden with pork (the Democrats learned nothing).
And now, I have the bailout blues.
Perhaps there is still time to learn something by examining the anatomy of this monster. What exactly caused the financial crisis and burdened taxpayers with trillions of dollars of debt? Stephen Spruiell (the Corner) gives a 30-second answer (emphasis mine):
John McCain called for stronger oversight of Fannie and Freddie in 2005, but Senate Democrats (including Obama) blocked reform. Between 2005 and 2007, Fannie and Freddie bought up a trillion dollars worth of subprime mortgages. Some they kept, some they packaged and sold to Wall Street.Andy McCarthy follows the money (emphasis mine):Thus Fannie and Freddie enabled and spread the contagion that melted our financial system, while the Democrats enabled Fannie and Freddie over John McCain's objections.
Executive compensation:
Franklin Raines (Obama adviser and Fannie CEO 1999-2004): $90 million
Jim Johnson (Obama adviser and Fannie CEO 1991-1998): $21 million in 1998 alone -- which, as Byron has detailed, was initially concealed from the public) (I haven't been able to find, in a quick search, how many more millions he made from 1991-1997)
Jamie Gorelick (former Clinton administration Deputy AG & Fannie vice chair 1998-2003): $26 million.
Campaign Contributions
Barack Obama, though only in the Senate since 2004, took in $126,349 from Fannie & Freddie (second only to Sen. Chris Dodd, $165,400 -- whose collections go back to 1989).
Taxpayer Liability Increase
Potentially $5 trillion.
These are the high level answers that might make difference in how you vote this November.
To take a deeper dive consider THE DEFINITION OF AUDACITY, The Fleecing of America, Barack Obama and the Strategy of Manufactured Crisis, the Great Robbery of 2008, the Trillion Dollar Shakedown, God Bless the House Republicans, and Bailout Marks Karl Marx's Comeback.
If you are skeptical about corrupt politicians and their tie to Fannie Mae consider this article which reports a conflict of interest resulting from Rep. Barney Frank homosexual relationship with a Fannie Mae executive.
