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Fannie and Freddie, both government-sponsored enterprises that are guaranteed and funded by U.S. taxpayers, committed fraud so massive it dwarfs the Enron scandal."
As far back as 1993, Fannie Mae and Freddie Mac were investing in risky subprime and Alt-A loans, but routinely misrepresenting them as "Prime."
Without Fannie Mae and Freddie Mac’s U.S. Government certification of millions of bad loans as safe, other banks, both domestic and foreign, would not have bought them. More importantly, world financial markets would not have relied on those packaged subprime loans as collateral which resulted in the collapse of those world markets when their U.S. investments went bad. Fannie Mae and Freddie Mac were United States government-sponsored, government-backed enterprises, guaranteed and funded by the taxpayers of the United States, that committed fraud so massive that it left the world's financial markets in ruins.
The warnings of economists who saw this coming decades ago went unheeded by the all-knowing U.S. Congress. Even President George W. Bush warned the Democrat-controlled Congress that such massive government involvement in the housing market would inevitably produce catastrophic results and he pleaded for reforms. Senator Barack Obama and the Democrats voted down the pleadings of President Bush, attacking him as an enemy of home ownership for poor minorities. Democrats like Senator Barack Obama and Congressman Barney Frank used Fannie Mae and Freddie Mac as a piggy bank to buy votes for themselves and to keep the Democrat majority in power. It worked as they schemed to give homes to low-income individuals who had no capacity to repay the mortgages on the homes. So, here are we, the world, in a government-created financial calamity.
However, the story line of the Barack Obama administration is that this a “Great Recession” caused by President George W. Bush and Capitalism. No one tells the American taxpayers of the many high-ranking officials currently running the Obama administration who themselves profited immensely from that same mortgage fraud business. The man at the very beginning of the Fannie and Freddie fraud that brought down the world's financial system was Jim Johnson, who is now a “trusted adviser” to Barack Obama, and in fact helped him pick his running mate, Senator Joe Biden. And the list of villains continues to now.
You see, in American democracy of today, the villains who cause the greatest suffering for their fellow countrymen are the very ones who are anointed to profit from the very catastrophes they cause for others. That is because in American democracy today, the incumbent villains always get voted back into office.
by Barry Rubin:
Obama is not a Communist; he is a much more dangerous Nationalist. He has been schooled in Black Liberation Theology which means his Presidency is dedicated to seizing power on behalf of the racial and ethnic minorities of America who he believes have never been given their deserved credit for America's greatness. Obama believes that America is a fatally flawed nation because it built its success upon the colonial exploitation of enslaved black peoples. In Elkhart, Indiana, on 6 August 2008, a 7-year-old girl asked Senator Barack Obama why he wanted to be president. This was his answer: "America is – is no longer, uh, what it could be – what it, it once was. And I say to myself, I don't want that future for my children." Obama has arrived in this time to deliver the required historic justice to America, which is similar to Adolf Hitler's historic ideology for Germany prior to World War Two. Hitler's goal was to provide the justice due for the German people.
OBAMA IS A SOCIALIST:
The economic aspect of racial historic justice requires a redistribution of wealth through subverting the present government from within using taxation, Unions, industry, banks, and Presidential executive powers to redistribute America's wealth to racial and ethnic minorities. Providing government services to ALL of the people of the nation comes secondary. Obama's snubbing of our most valued international ally, Great Britain, results from his view of that nation as an historic colonial power who exploited the "black man" in not only America, but more importantly, in his father's native land of Kenya.
Obama is a Nationalist Socialist which translates into -- FASCIST.
Obama comes from the land of Saul Alinsky's political thuggery - Chicago. He believes that the Black elitists he associates with are racially and biologically superior to Whites in every way. Both he and his wife have distain and contempt for traditional American values evidenced long before the election by their close association with Reverend Jeremiah Wright's Black Liberation Theology. Obama's conduct in office on racial and ethnic issues such as his condemnation of the Boston police, the New Black Panther party prosecution, his refusal to secure our Southern Border, and his prolonged conflict with Arizona's attempts to control illegal aliens within its confines show exactly where his priorities lie in governing America. As Senator, Obama travelled to Kenya to campaign for the presidential candidacy of Raila Odinga, a Communist who supported Islamists and the expansive imposition of sharia law in Kenya. Just today, Barack Obama showed his passion when al Qaeda targeted Black Africans in the recent Uganda bombings, calling them RACIST for the murders. In contrast, when an American, Nidal Hasan, with known ties to Islamic terrorists, shot up a group of American soldiers on American soil at Fort Hood, President Barack Obama show no such passion against terrorism and in fact declared Hasan to be but a lone wolf killer with no links to Islam. What a difference the color of one's skin makes in the Obama world of Black Nationalism.
The above post was inspired by a comment at the Washington Post online by someone named "Candor7, July 14, 2010."