forwoodenboats

The Dummy's Guide to the U.S. Financial Crisis

Obviously this "deal" had to die. It was filled with pork, including the professional vote fraud machine (that Obama used to represent) ACORN getting up to 20% of the funds.
It would have subsidized mortgages for those who can't afford them for up to 40 years;
publicmarkup.org/bill/.../
And it's an unlimited line of revolving credit - 700 billion is just the start.
This is a full fledged attempt to turn this country into a socialist one under the guise of "bailing us out".
What are they bailing us out of? A disaster that started in 1977 - as quazzy1 noted, "It started with the Community Reinvestment Act in 1977, which was substantially strengthened in 1995 by Cuomo and Clinton."
Banks were required to lend money to people who couldn't afford to pay it back. Fannie & Freddie would bundle these worthless mortgages into equities and sell them on the stock market. They consistantly cooked the books, but got away with it with help from a steady stream of crooked dem CEOs such as Jamie Gorelick, of 911 fame for putting up the wall between the FBI and CIA
www.freerepublic.com/f...
virginiavirtucon.wordp.../
who made about 26 million, Obama advisors Frank Raines www.ofheo.gov/media/pd....
and Jim Johnson
Top Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008

Name Office Party/State Total

1. Dodd, Christopher J S D-CT $133,900

2. Kerry, John S D-MA $111,000

3. Obama, Barack S D-IL $105,849

4. Clinton, Hillary S D-NY $75,550

5. Kanjorski, Paul E H D-PA $65,500

Barney Frank had his hand on Fannies.....
Democratic House Financial Services Committee Chair promoted GSEs while former 'spouse' was Fannie Mae executive
www.businessandmedia.o...

And there's one question I have - if WAMU and the F team has been sold/confiscated, why are they still trading?