Socially Responsible Criminal Behavior
Two things have greatly influenced my Christian life. One is science and the other is economics.
Science says there are established rules of how things work, and if you do not follow the rules bad things happen.
Economics says there is Moral Hazard to bailing out/offering welfare, because there is no reason to stop bad behavior if there is a bailout or welfare.
Economics says Socially Responsible Criminal Behavior is still criminal behavior even if it is socially responsible.
A lot of people (mostly democrats) thought they were making very Socially Responsible decisions when they forced banks to make risky sub prime loans through the Community Reinvestment Act.
The banks knew they were violating good banking principles when they made loans to people who did not meet normal qualification requirements.
America is in a major recession/depression because of Socially Responsible Criminal Behavior.
Democrats like to think they are like Robin Hood, who robbed from the rich to give to the poor, but Robin Hood did have to rob the rich. I have always worried about how much really got to the poor with both Robin Hood and democrats.
This illogical thinking can lead to a priest saying it acceptable for a poor person to steal or can lead a person that calls them self a Christian to murder an abortion doctor.
The Bible has an established set of commandments/doctrines of what works for humans, and if you do not follow the commandments/doctrines bad things happen.
Accepting Jesus Christ as Lord/Savior and committing to following the commandments/doctrines of the Bible is the Christian Lifestyle that leads to the most environmentally friendly, socially responsible lifestyle that can exist on earth.
Thursday, February 18, 2010
Monday, February 1, 2010
Obama Involvement in Economic Disaster of 2008
Obama Involvement in Economic Disaster of 2008
For those people that don't know what you meant about Obama making the mess:
"ACORN showed its colors again in 1991, by taking over the House Banking Committee room for two days to protest efforts to scale back the CRA. Obama represented ACORN in the Buycks-Roberson v. Citibank Fed. Sav. Bank, 1994 suit against redlining. Most significant of all, ACORN was the driving force behind a 1995 regulatory revision pushed through by the Clinton Administration that greatly expanded the CRA (Community Reinvestment Act) and laid the groundwork for the Fannie Mae, Freddie Mac borne financial crisis we now confront. Barack Obama was the attorney representing ACORN in this effort. With this new authority, ACORN used its subsidiary, ACORN Housing, to promote subprime loans more aggressively. "
http://www.democracyforums.com/showthread.php?t=19599
So smart investors KNOWING that the Govt. was as this document states:
Oct. 23 (Bloomberg) -- Fannie Mae and Freddie Mac have an ``effective'' federal guarantee, not the ``full faith and credit'' of the U.S. government, Federal Housing Finance Agency Director James Lockhart said.
There are no policy changes with regard to Fannie and Freddie's debt, Lockhart told reporters, backing away from remarks about an ``explicit'' guarantee that he made in a written copy of his testimony to the Senate Banking Committee in Washington that was distributed to the media today.
``What we did say is an effective guarantee because there's $100 billion backing their equity provided by the U.S. Treasury,'' Lockhart said after the hearing. ``That does give them effectively a guarantee of the U.S. government.''
http://www.bloomberg.com/apps/news?pid=20601087&sid=ajIEoZCommlk
So the money trail to the ecomonic collapse is as follows:
1) Obama's lawsuit FORCED lenders to make unqualified, subprime loans.
2) Fully backed and guaranteed by Fannie/Freddie.
3) Investors seeing these securitized, fully guaranteed packages with HIGH yields??? Why not??
Yet "When warned about Fannie Mae in (House Financial Services Committee Chairman Barney Frank (D-MA), "these two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis.... The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." (New York Times, 9/11/03)
And then Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and called on him to "immediately reconsider his ill-advised" position. Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis... (New York Times, 9/11/03.
President BUSH WAS IGNORED... TOLD TO RECONSIDER HIS POSITION!
The economic "inherited Mess" Obama whines about....comes FULL CIRCLE BACK TO HIS FEET!
For those people that don't know what you meant about Obama making the mess:
"ACORN showed its colors again in 1991, by taking over the House Banking Committee room for two days to protest efforts to scale back the CRA. Obama represented ACORN in the Buycks-Roberson v. Citibank Fed. Sav. Bank, 1994 suit against redlining. Most significant of all, ACORN was the driving force behind a 1995 regulatory revision pushed through by the Clinton Administration that greatly expanded the CRA (Community Reinvestment Act) and laid the groundwork for the Fannie Mae, Freddie Mac borne financial crisis we now confront. Barack Obama was the attorney representing ACORN in this effort. With this new authority, ACORN used its subsidiary, ACORN Housing, to promote subprime loans more aggressively. "
http://www.democracyforums.com/showthread.php?t=19599
So smart investors KNOWING that the Govt. was as this document states:
Oct. 23 (Bloomberg) -- Fannie Mae and Freddie Mac have an ``effective'' federal guarantee, not the ``full faith and credit'' of the U.S. government, Federal Housing Finance Agency Director James Lockhart said.
There are no policy changes with regard to Fannie and Freddie's debt, Lockhart told reporters, backing away from remarks about an ``explicit'' guarantee that he made in a written copy of his testimony to the Senate Banking Committee in Washington that was distributed to the media today.
``What we did say is an effective guarantee because there's $100 billion backing their equity provided by the U.S. Treasury,'' Lockhart said after the hearing. ``That does give them effectively a guarantee of the U.S. government.''
http://www.bloomberg.com/apps/news?pid=20601087&sid=ajIEoZCommlk
So the money trail to the ecomonic collapse is as follows:
1) Obama's lawsuit FORCED lenders to make unqualified, subprime loans.
2) Fully backed and guaranteed by Fannie/Freddie.
3) Investors seeing these securitized, fully guaranteed packages with HIGH yields??? Why not??
Yet "When warned about Fannie Mae in (House Financial Services Committee Chairman Barney Frank (D-MA), "these two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis.... The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." (New York Times, 9/11/03)
And then Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and called on him to "immediately reconsider his ill-advised" position. Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis... (New York Times, 9/11/03.
President BUSH WAS IGNORED... TOLD TO RECONSIDER HIS POSITION!
The economic "inherited Mess" Obama whines about....comes FULL CIRCLE BACK TO HIS FEET!
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