The Democrats caused the economic crisis!

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I'm glad Matt Drudge told me. He put this video on his website that explains what caused the economic crisis and long story short, it's the democrats. The housing bubble caused the meltdown and the democrats caused the housing bubble. Oh how could those democrats I'm so mad. And the end of the video urges you to vote for McCain/Palin.

  • Profile picture of the author Chaiwriter
    Thanks for posting this... very informative!

    I've heard about the real reasons but I've never seen it explained so simply and thoroughly.


    Chai
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    • Profile picture of the author TimPhelan
      What a joke. Yeh, blame it on Obama. :-) McCain tried that a few days ago. It won't fly. Half that stuff in the video is false. It looks like one of those videos a conspriacy theorist would make. In other words: BS.
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      • Profile picture of the author Chaiwriter
        Originally Posted by TimPhelan View Post

        What a joke. Yeh, blame it on Obama. :-) McCain tried that a few days ago. It won't fly. Half that stuff in the video is false. It looks like one of those videos a conspriacy theorist would make. In other words: BS.
        Ummmm, I hate politicians... all of them.

        But if you watched the video and then did the research yourself, you would see it's all very true.

        But... there are none so blind.... right?


        But go ahead... tell me what in that video is false? Seriously, I want to know the truth...


        Chai
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        • Profile picture of the author TimPhelan
          Originally Posted by Chaiwriter View Post

          But go ahead... tell me what in that video is false? Seriously, I want to know the truth...


          Chai
          Ok, first of all the video implies Obama had a big hand in setting this meltdown in motion. That's a huge lie.

          "his friends caused this" Really? It was Obama's friends who started this in motion back in.. uhmm when Jimmy Carter was President!! Huh? That's when this video starts placing the blame. Obama was only a teenager then. Wow, his friends in school were pretty powerful.

          Oh, and John McCain's friends are innocent bystanders of course. How about his campaign manager Smith who's company was still receiving $15,000 a month up until last month. How about Phil Gramm who was instrumental in deregulating the industry?

          "his political philosophy caused this" huh? That's absurd. Ridiculous and just a plain lie.

          It says because Obama talks about failed economic policies he is a hypocrite. In what way? Because he had a small role with a firm 14 years ago that tried to get loans for lower income citizens? Ridiculous. This is conspiracy theory stuff. Next thing you know the McCain camp will blaim him for 9-11.

          Franklin Raines doesn't advise Obama.

          Obama got his wish: "Lots of 'affordable mortgages' that people could not really afford." "while his friends got richer, and the rest of us got poorer" Just utter BS.

          The biggest lie is at the end when they say McCain and Palin will bring..........Change. Haha. After spending the whole primary saying he was Bush's biggest supporter and saying 22 times that the fundamentals of the economy were strong ( just last week in fact ) he did change one thing. He changed his slogan from experience to CHANGE. Brilliant John.
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          • Profile picture of the author HeySal
            No FED, no problem. Democrats, republicans -- it doesn't matter. It was the FED. Both Dems and Repubs have elite circle members in their ranks - and you can't get a real economy around them. They have to blame the Dems now because otherwise McCain looks like a complete idiot - and there goes the election. This has been cooking for 15 years or more - planned right down to the timing. It won't be long now before everyone understands that.
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            • Profile picture of the author ThomM
              So a Republican is blaming the Democrats?
              Gee I'm real surprised.
              Why not blame the real culprits the politicians from both parties.
              If the republicans where perfect then a Democrat would never be elected.
              If the Democrats where perfect, DO YOU SEE WHERE I'M GOING WITH THIS???

              After the mess GW got us into and remember there was a republican controlled congress for his first 4 years I'd be embarrassed to say I was a republican.
              And after the last 4 with a Democrat controlled congress I'd be embarrassed to call myself a Democrat.

              If you're one or the other and think your party is the answer, then your a bigger idiot then the yahoos you elect.
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            • Profile picture of the author Dave Patterson
              Originally Posted by HeySal View Post

              No FED, no problem. Democrats, republicans -- it doesn't matter. It was the FED. Both Dems and Repubs have elite circle members in their ranks - and you can't get a real economy around them. They have to blame the Dems now because otherwise McCain looks like a complete idiot - and there goes the election. This has been cooking for 15 years or more - planned right down to the timing. It won't be long now before everyone understands that.

              "If the American people ever allow private banks to control the issue of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered."

              ~Thomas Jefferson (1816)
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          • Profile picture of the author Chaiwriter
            Originally Posted by TimPhelan View Post

            Ok, first of all the video implies Obama had a big hand in setting this meltdown in motion. That's a huge lie.

            "his friends caused this" Really? It was Obama's friends who started this in motion back in.. uhmm when Jimmy Carter was President!! Huh? That's when this video starts placing the blame. Obama was only a teenager then. Wow, his friends in school were pretty powerful.

            Not to argue or anything but I think the video pointed out that the real trouble begain in 1995 with Clinton. And many of the people in Clinton's admin. are Obama's "friends".

            Oh, and John McCain's friends are innocent bystanders of course. How about his campaign manager Smith who's company was still receiving $15,000 a month up until last month. How about Phil Gramm who was instrumental in deregulating the industry?
            Ummm, I think they all have a hand in it including McCain. But this wasn't part of the video. So it's not part of the half of lies. Is it?

            "his political philosophy caused this" huh? That's absurd. Ridiculous and just a plain lie.
            I believe the point was that they wanted to put people in homes that the people couldn't afford. So how is it a plain lie?

            It says because Obama talks about failed economic policies he is a hypocrite. In what way? Because he had a small role with a firm 14 years ago that tried to get loans for lower income citizens? Ridiculous. This is conspiracy theory stuff. Next thing you know the McCain camp will blaim him for 9-11.
            You lost me here. Obama did sue banks for not giving loans.. these loans ended-up going bad and loans of this type are a major reason why we are in this fix, right? So how is this a conspiracy theory. Perhaps it's stretching the truth... I don't know. I wish someone would tell me... I mean prove it to me.

            But you go off the deep end and say it's a conspiracy theory? You lost me. It's backed by fact.

            Obama got his wish: "Lots of 'affordable mortgages' that people could not really afford." "while his friends got richer, and the rest of us got poorer" Just utter BS.
            Again, this is backed up by facts. So how it is BS? Obama sued banks and supported the "affordable mortgages", his friend got richer, and most Americans did get poorer. Where is the BS?

            See here's the problem... I don't trust anyone in gov't. That includes McCain and Obama.

            But when I ask people to tell me why I should vote for Obama and I give them something like this, they don't prove it wrong. They just say things like that's a lie or it can't be true or it's a right-wing conspiracy or they go on about how bad Bush is.

            I'm looking for real proof that contradicts this video. Because this video gives proof... as far as I can tell.

            You provided none. You just did what too many people always do... dismiss it as lies eventhough the facts state otherwise.

            And, then you go on a rant about McCain.

            Please, if you can prove half of this is lies, I'd love to hear it.

            BTW - The Republicans do the same thing too. They try to cover lies with lies (not that you're doing that but hopefully you get what I mean).

            It's like choosing between the frying pan or the fire.

            Chai
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            • Profile picture of the author TimPhelan
              First of all, this is obviously a campaign ad and is slanted like a campaign ad.

              Plus, I disagree with Pelosi. Democrats and Republicans share the blame. However, to somehow blame Obama, someone who has only been a US Senator for four years and has not been a part of Washington for 26 years like McCain has is laughable.

              Originally Posted by Chaiwriter View Post

              Not to argue or anything but I think the video pointed out that the real trouble begain in 1995 with Clinton. And many of the people in Clinton's admin. are Obama's "friends".
              Ok, the video starts out clearly by blaming the Democrats, Carter and the Community Reinvestment Act. Yes, they then blame Clinton's changes to CRA as the main reason for the crisis which is disputable. Either way, if you want to say 1977 or 1995 how are these Obamas friends? You say "many of the people in Clinton's admin are Obama's friends"? How do you come to this conclusion that "many of the people in Clinton's admin are Obama's friends"? The Clintons and Obama don't really get along that well. They certainly can't be called friends themselves. Sure, Obama has some advisors from the Clinton administration. That is only reasobable since it was the last Democratic Presidency and was a fairly successful presidency, economic wise. So, to get back to the video, saying Obama's friends caused this is false.

              I believe the point was that they wanted to put people in homes that the people couldn't afford. So how is it a plain lie?
              They didn't want to "put people in homes they couldn't afford". Can you show me where Obama or the law firm has ever said that? It must be somewhere, right?. If not, it's not true.

              What I said was wrong, and yes a lie, was when they stated his "politcal philosophy caused this". What exactly was Obama's political philosophy that caused the economic crisis we are now in? Can you answer this? This is another lie because there isn't a political philosophy by Obama that has caused this economic crisis and bailout.

              You lost me here. Obama did sue banks for not giving loans.. these loans ended-up going bad and loans of this type are a major reason why we are in this fix, right? So how is this a conspiracy theory. Perhaps it's stretching the truth... I don't know. I wish someone would tell me... I mean prove it to me.

              But you go off the deep end and say it's a conspiracy theory? You lost me. It's backed by fact.
              Ok, concentrate hard here. The video says he is a hypocrite. It implied he's a hypocite because he complained about failed economic policies. Why would this make him a hypocrite? Because he worked for a small twelve attorney law firm specializing in civil rights litigation and neighborhood economic development for three years? So let me get this right, because he worked for a law firm that maybe was trying to help the middle/lower class he can't criticize the government? He wasn't making economic policy decisions. The firm didn't concentrate on sueing banks either. Do you see why this is BS? I compare it to conspiracy theories because so many of them are just so far fetched. It's far fetched to say Obama was responsible for the bubble and is a hypocite if he crtisizes failed economic policies.

              You say "it's backed up by facts" and that "these loans ended-up going bad". Show me facts that what Obama did as a lawyer led to loans going bad. Prove that. You don't know that these loans went bad. You're just making stuff up like the video. You are jumping to conclusions which are false just as the video does.

              Again, this is backed up by facts. So how it is BS? Obama sued banks and supported the "affordable mortgages", his friend got richer, and most Americans did get poorer. Where is the BS?
              What facts? Please show me where Obama says he wants either "Lots of 'affordable mortgages' that people could not really afford." If you can't find him saying that, and you won't be able to, then it is false. Regarding the statement "while his friends got richer, and the rest of us got poorer" . What friends are they talking about? What do they have to do with the crisis?

              So the major reason that half the stuff in the video is false is because about half the video is spent trying to blame Obama for the housing bubble and current crisis, which is false.

              Plus, blaming the CRA for the housing bubble is very simplistic. There were many factors for the housing bubble. ( There was a worldwide increase in housing prices by the way ) Certainly people have put part of the blame on the CRA, but others have said that the CRA was not to blame. Some have even gone as far as to say the CRA had a mitigating effect on the subprime crisis.
              About half the loans were made by independant mortgages companies that were not regulated by the CRA. In the later part of the sub prime crisis these independant companies made sub prime loans at twice the rate as CRA banks. Another third of the major subprime lenders were regulated, but had very little CRA involvement.

              Ellen Seidman, the former director of the US Office of Thrift Supervision, has stated her belief that the CRA did not have an effect on the housing bubble.
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              • Profile picture of the author HeySal
                Thanks Kim - you just saved me a cut and paste.

                Ron Paul gets it right again - no wonder those in the press who are becoming scared to death for us are revolting their forced silence and allowing this man to be heard again.

                People are too distracted too easily. This is not about money - it is about the take over of a country - and the dissolution of a constitution. God help us if we can put it right in the masses faces and rub just to find they still don't get the point and still are worried merely about their precious little wallets. Still arguing about the two headed dragon and making no move to destroy it to save themselves. If people vote for either - if the election is not suspended - democrate or republican this time, we will not have to deal with any of this any more - our country will not exist. The fat lady is almost done tuning up.

                In all this squabble - does anyone even wonder what happened to the 2.5 trillion that the Pentagon lost? LOL.

                Don't worry - by the time you all figure it out and decide to defect - you won't have anything for them to seize on your way out. (It has been decreed by the Fuhrer that anyone deciding to renounce their citizenship and leave the country will have ALL of their assets seized. You can leave - but you do so with nothing. And you thought your stuff was yours. LOL
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  • Profile picture of the author CWreports
    I received this in an email today...a bit long.

    Carol



    545 PEOPLE
    By Charlie Reese

    Politicians are the only people in the world who create problems and then campaign against them.

    Have you ever wondered why, if both the Democrats and the Republicans are against deficits, WHY do we have deficits?

    Have you ever wondered why, if all the politicians are against inflation and high taxes, WHY do we have inflation and high taxes?

    You and I don't propose a federal budget. The president does.

    You and I don't have the Constitutional authority to vote on appropriations. The House of Representatives does.

    You and I don't write the tax code, Congress does.

    You and I don't set fiscal policy, Congress does.

    You and I don't control monetary policy, the Federal Reserve Bank does.

    One hundred senators, 435 congressmen, one president, and nine Supreme Court justices 545 human beings out of the 300 million are directly, legally, morally, and individually responsible for the domestic problems that plague this country.

    I excluded the members of the Federal Reserve Board because that problem was created by the Congress. In 1913, Congress delegated its Constitutional duty to provide a sound currency to a federally chartered, but private, central bank.

    I excluded all the special interests and lobbyists for a sound reason. They have no legal authority. They have no ability to coerce a senator, a congressman, or a president to do one cotton-picking thing. I don't care if they offer a politician $1 million dollars in cash. The politician has the power to accept or reject it. No matter what the lobbyist promises, it is the legislator's responsibility to determine how he votes.

    Those 545 human beings spend much of their energy convincing you that what they did is not their fault. They cooperate in this common con regardless of party.

    What separates a politician from a normal human being is an excessive amount of gall. No normal human being would have the gall of a Speaker, who stood up and criticized the President for creating deficits. The president can only propose a budget. He cannot force the Congress to accept it.

    The Constitution, which is the supreme law of the land, gives sole responsibility to the House of Representatives for originating and approving appropriations and taxes. Who is the speaker of the House? She is the leader of the majority party. She and fellow House members, not the president, can approve any budget they want. If the president vetoes it, they can pass it over his veto if they agree to.

    It seems inconceivable to me that a nation of 300 million cannot replace 545 people who stand convicted -- by present facts -- of incompetence and irresponsibility. I can't think of a single domestic problem that is not traceable directly to those 545 people. When you fully grasp the plain truth that 545 people exercise the power of the federal government, then it must follow that what exists is what they want to exist.

    If the tax code is unfair, it's because they want it unfair.

    If the budget is in the red, it's because they want it in the red.

    If the Army & Marines are in IRAQ, it's because they want them in IRAQ.

    If they do not receive social security but are on an elite retirement plan not available to the people, it's because they want it that way.
    There are no insoluble government problems.

    Do not let these 545 people shift the blame to bureaucrats, whom they hire and whose jobs they can abolish; to lobbyists, whose gifts and advice they can reject; to regulators, to whom they give the power to regulate and from whom they can take this power. Above all, do not let them con you into the belief that there exists disembodied mystical forces like 'the economy,' 'inflation,' or 'politics' that prevent them from doing what they take an oath to do.

    Those 545 people, and they alone, are responsible.

    They, and they alone, have the power.

    They, and they alone, should be held accountable by the people who are their bosses provided the voters have the gumption to manage their own employees.

    We should vote all of them out of office and clean up their mess!


    Charlie Reese is a former columnist of the Orlando Sentinel Newspaper.
    What you do with this article now that you have read it is up to you, though you appear to have several choices.
    1. You can send this to everyone in your address book, and hope they do something about it.
    2. You can agree to vote against everyone that is currently in office, knowing that the process will take several years.
    3. You can decide to run for office yourself and agree to do the job properly.
    4. Lastly, you can sit back and do nothing, or re-elect the current bunch.
    YOU DECIDE, BUT AT LEAST SEND IT TO EVERYONE IN YOUR ADDRESS BOOK, MAYBE SOMEONE IN THERE WILL DO SOMETHING ABOUT IT!
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    • Profile picture of the author KimW
      Well, if we are psoting emails:
      Dear Friends:
      The financial meltdown the economists of the Austrian School predicted has arrived.

      We are in this crisis because of an excess of artificially created credit at the hands of the Federal Reserve System. The solution being proposed? More artificial credit by the Federal Reserve. No liquidation of bad debt and malinvestment is to be allowed. By doing more of the same, we will only continue and intensify the distortions in our economy - all the capital misallocation, all the malinvestment - and prevent the market's attempt to re-establish rational pricing of houses and other assets.

      Last night the president addressed the nation about the financial crisis. There is no point in going through his remarks line by line, since I'd only be repeating what I've been saying over and over - not just for the past several days, but for years and even decades.

      Still, at least a few observations are necessary.

      The president assures us that his administration "is working with Congress to address the root cause behind much of the instability in our markets." Care to take a guess at whether the Federal Reserve and its money creation spree were even mentioned?

      We are told that "low interest rates" led to excessive borrowing, but we are not told how these low interest rates came about. They were a deliberate policy of the Federal Reserve. As always, artificially low interest rates distort the market. Entrepreneurs engage in malinvestments - investments that do not make sense in light of current resource availability, that occur in more temporally remote stages of the capital structure than the pattern of consumer demand can support, and that would not have been made at all if the interest rate had been permitted to tell the truth instead of being toyed with by the Fed.

      Not a word about any of that, of course, because Americans might then discover how the great wise men in Washington caused this great debacle. Better to keep scapegoating the mortgage industry or "wildcat capitalism" (as if we actually have a pure free market!).

      Speaking about Fannie Mae and Freddie Mac, the president said: "Because these companies were chartered by Congress, many believed they were guaranteed by the federal government. This allowed them to borrow enormous sums of money, fuel the market for questionable investments, and put our financial system at risk."

      Doesn't that prove the foolishness of chartering Fannie and Freddie in the first place? Doesn't that suggest that maybe, just maybe, government may have contributed to this mess? And of course, by bailing out Fannie and Freddie, hasn't the federal government shown that the "many" who "believed they were guaranteed by the federal government" were in fact correct?

      Then come the scare tactics. If we don't give dictatorial powers to the Treasury Secretary "the stock market would drop even more, which would reduce the value of your retirement account. The value of your home could plummet." Left unsaid, naturally, is that with the bailout and all the money and credit that must be produced out of thin air to fund it, the value of your retirement account will drop anyway, because the value of the dollar will suffer a precipitous decline. As for home prices, they are obviously much too high, and supply and demand cannot equilibrate if government insists on propping them up.

      It's the same destructive strategy that government tried during the Great Depression: prop up prices at all costs. The Depression went on for over a decade. On the other hand, when liquidation was allowed to occur in the equally devastating downturn of 1921, the economy recovered within less than a year.

      The president also tells us that Senators McCain and Obama will join him at the White House today in order to figure out how to get the bipartisan bailout passed. The two senators would do their country much more good if they stayed on the campaign trail debating who the bigger celebrity is, or whatever it is that occupies their attention these days.

      F.A. Hayek won the Nobel Prize for showing how central banks' manipulation of interest rates creates the boom-bust cycle with which we are sadly familiar. In 1932, in the depths of the Great Depression, he described the foolish policies being pursued in his day - and which are being proposed, just as destructively, in our own:

      Instead of furthering the inevitable liquidation of the maladjustments brought about by the boom during the last three years, all conceivable means have been used to prevent that readjustment from taking place; and one of these means, which has been repeatedly tried though without success, from the earliest to the most recent stages of depression, has been this deliberate policy of credit expansion.

      To combat the depression by a forced credit expansion is to attempt to cure the evil by the very means which brought it about; because we are suffering from a misdirection of production, we want to create further misdirection - a procedure that can only lead to a much more severe crisis as soon as the credit expansion comes to an end... It is probably to this experiment, together with the attempts to prevent liquidation once the crisis had come, that we owe the exceptional severity and duration of the depression.

      The only thing we learn from history, I am afraid, is that we do not learn from history.

      The very people who have spent the past several years assuring us that the economy is fundamentally sound, and who themselves foolishly cheered the extension of all these novel kinds of mortgages, are the ones who now claim to be the experts who will restore prosperity! Just how spectacularly wrong, how utterly without a clue, does someone have to be before his expert status is called into question?
      Oh, and did you notice that the bailout is now being called a "rescue plan"? I guess "bailout" wasn't sitting too well with the American people.
      The very people who with somber faces tell us of their deep concern for the spread of democracy around the world are the ones most insistent on forcing a bill through Congress that the American people overwhelmingly oppose. The very fact that some of you seem to think you're supposed to have a voice in all this actually seems to annoy them.
      I continue to urge you to contact your representatives and give them a piece of your mind. I myself am doing everything I can to promote the correct point of view on the crisis. Be sure also to educate yourselves on these subjects - the Campaign for Liberty blog is an excellent place to start. Read the posts, ask questions in the comment section, and learn.
      H.G. Wells once said that civilization was in a race between education and catastrophe. Let us learn the truth and spread it as far and wide as our circumstances allow. For the truth is the greatest weapon we have.
      In liberty,



      Ron Paul
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  • Profile picture of the author KimW
    By the way, good post Carol.
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  • Profile picture of the author bendiggs
    Yes, the Democrats are certainly to blame. Every last stinking one of those people are totally at fault and should be drug out into te streets and shot because had it not been for them things would be perfect and rosy. Oh...wait...no. None of that is true at all because it is impossible to lay the blame for this at the feet of any single group of people. There has been a lot going on by both parties and those who have no parties at all.
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    • Profile picture of the author myob
      I heard some Democrats and one Republican got shot at a gangland party last night in East Los Angeles, CA. The real culprits are still at large, though.
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