Thursday
18Sep2008
Zero Accountability, Social Engineering, and Corruption
Thursday, September 18, 2008 at 02:53AM
In other words Democrat and liberal Policy.
Social Security in debt, Medicare in debt, Medicaid in debt, all to the tune of 54Trillion Dollars.
Fannie Mae and Freddie mack two companies that violate the laws of what makes our country work. Both were the joining of a private company run by government rules and worst of all dealing in what else but the financial sector.
In Private Enterprise you run things ethically and soundly to make a profit. If you don't the consequences are failure and loss. Government on the other hand is you run a program to achieve a social goal that you deem fit no matter the cost. The cost of failure never facture's into it because if it fails it will still grow and be paid for by taxes.
In 1995 the social engineering project of house ownership for everyone got kicked on steroids by the Clinton administration. Through legislation and regulation they removed the rules as to who and what was a viable risk in the housing market. They also removed the rules that bar certain industries from cross investing in high risk loan capital.
Basically what this did was force lending institutions to loan money to people with proven records that they don't pay their debts. It also penalized banks that wouldn't invest in geographical areas proven to be failures. Mostly big Democrat cities. And they backed it up with Freddie and Fannie.
Now Freddie and Fannie have been cooking the books for years. By falsifying returns Franklin Raines paid himself in bonuses over 100 million dollars and well known Democrat Hack Jamie Gorelick (the author of the intelligence wall) also managed to skim over 20 million from these institutions during the same period.
Result complete collapse of the mortgage industry, and the government bailing it out to the tune of Trillions of tax payer dollars.
Each of these industries should be allowed to fail. It will strengthen the system and in the short and long run cost less.
It should also be noted that knowing of this corruption has resulted in not one congressional hearing and Franklin Rains is Obamas financial advisor for his campaign.
Government has proven again and again that it is corrupt, irresponsible and totally inept at running anything. Yet those that will vote for Obamma and any Democrats will be voting for expansion of such good business sense to take further control of our economy.
Social Security in debt, Medicare in debt, Medicaid in debt, all to the tune of 54Trillion Dollars.
Fannie Mae and Freddie mack two companies that violate the laws of what makes our country work. Both were the joining of a private company run by government rules and worst of all dealing in what else but the financial sector.
In Private Enterprise you run things ethically and soundly to make a profit. If you don't the consequences are failure and loss. Government on the other hand is you run a program to achieve a social goal that you deem fit no matter the cost. The cost of failure never facture's into it because if it fails it will still grow and be paid for by taxes.
In 1995 the social engineering project of house ownership for everyone got kicked on steroids by the Clinton administration. Through legislation and regulation they removed the rules as to who and what was a viable risk in the housing market. They also removed the rules that bar certain industries from cross investing in high risk loan capital.
Basically what this did was force lending institutions to loan money to people with proven records that they don't pay their debts. It also penalized banks that wouldn't invest in geographical areas proven to be failures. Mostly big Democrat cities. And they backed it up with Freddie and Fannie.
Now Freddie and Fannie have been cooking the books for years. By falsifying returns Franklin Raines paid himself in bonuses over 100 million dollars and well known Democrat Hack Jamie Gorelick (the author of the intelligence wall) also managed to skim over 20 million from these institutions during the same period.
Result complete collapse of the mortgage industry, and the government bailing it out to the tune of Trillions of tax payer dollars.
Each of these industries should be allowed to fail. It will strengthen the system and in the short and long run cost less.
It should also be noted that knowing of this corruption has resulted in not one congressional hearing and Franklin Rains is Obamas financial advisor for his campaign.
Government has proven again and again that it is corrupt, irresponsible and totally inept at running anything. Yet those that will vote for Obamma and any Democrats will be voting for expansion of such good business sense to take further control of our economy.
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Reader Comments (4)
Affirmative action in action. Marvelous. I don't suppose the MSM will be all over this story. It's been obvious for a long time that this was the underlying problem, but this is only the second time I've seen it written.
"Social Security in dept, Medicare in dept, Medicaid in dept, all to the tune of 54Trillion Dollars."
Two points GRIZZLY MAMA
1) lack of money is called being in debt
2) Don't mess with Social Security and Medicare cause thay're keeping this old man's and family's head above financial water.
social security has no money you are being paid by taxes be drawn from curently 3 working people. I'm not saying Social security should stop I am just saying it's 3 programs are in dept that means behind in money to the tune of 53trillion congress spent not only all of the income but 3 times the capital intake of it.
you think that's a good recomendation to allow them more control over our busnesses? Oh and by the way if you invested every dime they stole from your pay check to give you that check in the market you would have a million in the bank and be able to survive off the interest alone.
Doesn't that sound better?
Result complete collapse of the mortgage industry, and the government bailing it out to the tune of Trillions of tax payer dollars.
Troll, where stands capitalism now? The biggest capitalist system in the world bailing out companies and either nationalising or semi-nationalising them!