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!