If Obama gets elected and the socialist Democrats control both houses this country is doomed.. The Democrats are responsible for the current mess, not Bush other than he signed their bills instead of vetoing them. Barny Frank and Chris Dodd wrote the laws that “encouraged” banks and Fanny May and Freddie Mac to increase sub prime loans to people who could not afford houses. Those two government sponsored entities also gave large campaign contributions to the Democrats and gave several democrat congressmen including Frank and Dodd very low to no interest million dollar loans. Fudged their books so their CEO’s got huge bonuses, the chairmen James A. Johnson and Franklin D. Raines of Franny May got millions in illegal bonuses and now are on Obama’s advisory community and very likely will be given cabinet positions. Obama as a “community organizer” pressured banks to give sub prime loans to people who couldn’t afford to buy a house. You should look in to how Obama got his house and the Chicago politics that got him in to office in the first place.
It was the Clinton Administration, the Democrats, especially Barney Frank and Chris Dodd and Barack Obama’s own economic advisor, Frank Raines who are most responsible for this mess. All are Democrats.
McCain warned of this two years ago
“type of loan that is offered at a rate above prime to individuals who do not qualify for prime rate loans. Quite often, sub prime borrowers are often turned away from traditional lenders because of their low credit ratings or other factors that suggest that they have a reasonable chance of defaulting on the debt repayment.
Sub prime loans tend to have a higher interest rate than the prime rate offered on traditional loans. The additional percentage points of interest often translate to tens of thousands of dollars worth of additional interest payments over the life of a longer term loan.”
The same people who caused this problem are now writing the bill to “fix it”… Speaker Pelosi was blaming Bush for this, but if you notice since the Democrats have taken control of Congress gas and about everything else has gone up, and the stock market has gone to hell. My 401K is now worth less than what I’ve put into it. She also said Bush had squandered the surplus from the Clinton years. The only reason there was a surplus was because the Republicans were elected to stop them from passing national health care and other stupid ideas. The surplus was a lie anyway we still had a deficit and the only spending Clinton cut was defence which with his other policies was directly the cause of 9/11. Which wiped out any “surplus” we had. The economy was going into a recession at the end of the Clinton years because of the large tax increases he instituted took some time to take effect. The Democrats at the time accused Bush when he was running for his first term of “talking down the economy”. They have done nothing but talk down the economy the entire time he has been in office. If Bush has any failings it is he has gone along with too much of the Democrats agenda. He let Ted Kennedy write the Education bill and then they blamed Bush for it’s failings.. No matter what Bush has done the Democrats and their friends in the liberal media have criticized it.
The reason we are loosing all our companies is because thanks to the Democrats we have the highest corporate tax rate of any industrial country in the world. We are one of the few countries that has a Capital Gains tax.
Our energy costs are going though the roof because the Democrats have stopped every effort to develop the resources God blessed this country with for us to use. We have gone from importing 40% of our oil to 60% of our oil. For all of their complaining you’d think we get all of it from the middle east. We actually get most of our imported oil from Canada and Mexico. Most of our current problems are directly related to our rising energy costs and the devaluating of the dollar because of our ever growing debt.
If you don’t believe what I’m saying you need to watch Glenn Beck on CNN, he’s LDS and tells it like it is. I’d also recommend listening to Sean Hannidy’s radio show and maybe Rush. Get an education on the issues and don’t listen to the BS in the news papers, MSNBC, CBS, NBC, ABC ect..
We need to get back to the limited Constitution government we should have instead of the bloated vastly over grown increasingly socialist government we have now.