Comments on: Can Obama Really Fix Wall Street’s Financial Crisis?

By: Undecideds…Take note; there are simply hundreds of reasons to worry about comments and positions and associations held on the part of Barrack Obama and Joe Biden. « Counterbalance

Mon, 03 Nov 2008 17:05:15 +0000

[...] Barrack Obama has in effect tried to steal the issue surrounding the economic setbacks of the making of Democrats in Congress for the most part, through the pressuring the Freddie Mac and Sallie Mae to extend sub-prime and faulty loans to people that were not capable of paying back the loans, as well pressuring banks to make such loans. When as always happens in 8-12 year cycles in the real estate markets, the values of real estate values stop growing to adjust for supply and demand, and sometimes drops in value, which can create loan to value corrections which is the current fiscal dilemma that has overtaken our current economic health. Senator Obama has attempted and with extensive financial expenditure convinced many that this was all George Bush’s fault. This is a faulty argument but one that his campaign has pulled off to some degree, wrong as it is. Senator Obama is after all a plain political animal isn’t he, although he wants to have you believe otherwise. We are now being told by Obama his history of things, not based upon facts, that the whole of the mortgage mess is either John McCain’s mess or President George Bush’s mess. The mess was not created by George Bush or the current administration; in fact George Bush and John McCain had recommended corrections of the practices of the two mortgage agencies, while the Democrats did everything to avoid such needed corrections in Congress. We now know why, these two agencies paid out huge sums to mostly Democratic member of the House of Representatives and the US Senate. Obama’s blame of the mortgage mess is his attempt to rewrite the facts. President Bush has made errors in judgments in how he handles the flow of press coverage, in fact many in the Republican Party fault George Bush, as do many Conservatives that he has not done enough, in the past, to curb expenditures, that he should have used the power of his office and his veto power to curb serious overages in expenditures, but the economic policies were not that bad, in fact without the effect of the Fannie Mae and Sallie Mae unbridled wrong doing, the economic condition of the United States might well have remained strong and a case can be made that it is still intact and reasonably stable with little negative effect at all. This can be a negative if Obama takes office in that he does not have the plans to solve this mortgage mess. To listen to Senator Obama today, he rails that the last eight years have been terrible, which is not at all factual. http://www.jimbyrd.com/can-obama-really-fix-wall-streets-financial-crisis [...]

By: Kevin Jackson

Kevin Jackson — Fri, 19 Sep 2008 00:51:39 +0000

Jim, as usual, excellent job helping the layperson understand this mostly democrat-created issue! I was going to blog on this, however you pretty much said it all. What should really be highlighted [would love to see McCain running commercials on this] is that McCain essentially predicted this, and had a “fix”, when he sponsored the legislation that you mentioned. Obama, as usual just pointed at the “car wreck” and told us what, “…there’s a car wreck!” As usual, Mr. All Talk No Action didn’t disappoint.

As for the commercial, ‘…perhaps show Obama shaking hands with a woman, let’s call her Frannie, and a man, hmmm, let’s call him Freddie, and both are slipping Obama a campaign pledge?’ My curiosity is how do you get to be the #2 largest recipient of funds from these organizations, and have less than two years in Congress?

By: jimbyrd

jimbyrd — Thu, 18 Sep 2008 18:11:26 +0000

mc,

Here is what McCain said today in Iowa:

Senator Obama talks a tough game on the financial markets but the facts tell a different story. He took more money from Fannie and Freddie than any Senator but the Democratic chairman of the committee that regulates them. He put Fannie Mae’s CEO who helped create this disaster in charge of finding his Vice President. Fannie’s former General Counsel is a senior advisor to his campaign. Whose side do you think he is on? When I pushed legislation to reform Fannie Mae and Freddie Mac, Senator Obama was silent. He didn’t lift a hand to avert this crisis. While the leaders of Fannie and Freddie were lining the pockets of his campaign, they were sowing the seeds of the financial crisis we see today and enriching themselves with millions of dollars in payments. That’s not change, that’s what’s broken in Washington.

By: mc

mc — Thu, 18 Sep 2008 16:39:58 +0000

if this is so, then why doesn’t McCain discuss this outright in order to support his candidacy?
i don’t hear any outright ‘plan’ from McCain…. as yet and I find this worrisome. must we wait for the debates??