Thinking Americans Believe….. VOL. 1 -5

WALL STREET DEBOCCLE, PLENTY OF BLAME FOR EVERYONE

To listen to Speaker of the House, Nancy Pelosi, the blame for Wall Street’s woes is solely the Bush Administration, including President Bush and Vice President Chaney and their Wall Street friends.

The fact that Fannie Mae and Freddie Mac have been in trouble for at least the past two years when a whistle blower (inside accountant) notified House and Senate members that there was trouble in these two mortgage backers and the report was all but neglected. In fact, Senator McCain attempted to get the Senate interested in doing something about reports that Fannie and Freddie was a house of cards ready to collapse got no response. Reportedly, the Democrats in Congress voted against the bill to slow down Fannie and Freddie guaranteeing worthless loans. Maybe it was because many Congressmen and women received campaign donations from both these institutions and were fearful that an investigation might end the flow of funds. The excuse given is that every American should live the American dream of owning their own home, regardless of whether or not they can afford it. Why aren’t Barney Franck, Chairman of the House Banking Committee and Senator Dodd, Chairman of the Senate Banking Committee up to their eyebrows in trouble for ignoring the warning? Possibly part of the blame lies with the press for not making this a newsworthy item.

Also, one must consider this a major problem that could lead to the tumbling and crumbling of the American economy and that Fannie and Freddie’s leadership, two members of which are economic advisors to the Obama campaign should be held responsible for their mismanagement. These two were paid $10’s of millions of dollars in salary and bonus while creating an impending disaster. This is criminal. While we keep putting illegal aliens and minority minor gangsters in jail for petty crimes, we allow these major criminals to rape the American taxpayer. The taxpayers will pay the bill for their incompetence (being kind) or thievery.

Next to share some of the blame are the Wall Street investment houses including Merrill Lynch, Lehman Brothers, insurance giant AIG, and others who eventually will come to light. These companies had to be knowing players in this house of cards. Again, was it the greed at the top, or does one get so involved in the game that when one realizes the stakes, its too late to get out? Or was it the pressure from Congress to have every American live the American dream?

Banks and Mortgage companies also share some of the blame, for they were the ones approving loans to home buyers who had little or no money down, counting on appreciation of real estate to go on forever.

Finally, Congress, as noted above may be the prime culprit in the sub prime lending scheme. For several years Congress had a push on to encourage mortgage companies to provide loans to minorities and others with minimal down payment and minimum evidence that continued payments could be made. This was a recipe for failure, that few ever hear about. Congress certainly won’t stand up and say this was not a good plan.

The intertwining of how all of this works is a complicated process, difficult to understand and even more difficult to explain. Maybe that is why Senator Obama can only point one finger in one direction, as does Speaker Pelosi. As American voters, we must try to understand the facts and know that these things are not simple and they don’t happen over night. This fiasco was started years ago, but it took time to build until finally the house of cards collapses. Thinking Americans must explore the facts and determine which of our candidates for President of this great nation can provide the leadership to solve this problem. The one who has two of the creators of the problem as economic advisors or the one who tried to alert Congress to the problem. The choice is simple for me.

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