Published by Jack Everest on 28 Sep 2008 at 08:24 am
Easy-to-Understand Video Explanation of What and Who Caused the Financial Meltdown (video embed)
UPDATE 10/7/2008 5:00 PM: We just posted a video that casts new light on the financial meltdown. Is it possible that some proponents of the dramatic expansion of sub-prime mortgages knew it would cause a financial meltdown and, indeed, was that their goal? Here’s the link…Video Presentation of Marxist Ideological Subversion in U.S. (video embed–very interesting)
UPDATE 10/7/2008 11:00 AM: The Obama Truth Squads pulled it…but we found another copy!
UPDATE: Here are links to two other videos we have posted that will be most likely pulled by the Obama (Stamp out the) Truth Squads…The “Obama Youth” Video! (embed–scary!) and Obama, ACORN, and the Financial Meltdown (Stanley Kurtz on Fox–video embed)
This is an absolute must see for anyone who wants the truth about the financial meltdown. In a very straightforward way, this video traces the problem to its source (hint, hint…the Community Reinvestment Act plays a pivotal role). And guess who the major players were?
Here’s another interesting wrinkle to this story from Fox News (emphasis added)…
WASHINGTON — Unqualified home buyers were not the only ones who benefited from Massachusetts Rep. Barney Frank’s efforts to deregulate Fannie Mae throughout the 1990s.
So did Frank’s partner, a Fannie Mae executive at the forefront of the agency’s push to relax lending restrictions.
Now that Fannie Mae is at the epicenter of a financial meltdown that threatens the U.S. economy, some are raising new questions about Frank’s relationship with Herb Moses, who was Fannie’s assistant director for product initiatives. Moses worked at the government-sponsored enterprise from 1991 to 1998, while Frank was on the House Banking Committee, which had jurisdiction over Fannie.
Here are links to our previous posts on this matter of who is responsible…
Democrats prevented Bush overhaul of Fannie and Freddie back in 2003 (NY Times)
Who’s responsible for the Freddie/Fannie mess? The Democrats, of course! (FoxNews video embed)
Tags: barney frank, community reinvestment act, democrats, Fannie, financial meltdown, Freddie, Jim Johnson, NY Times, obama, subprime mortages, Wall St
goodtimepolitics on 28 Sep 2008 at 10:20 pm #
My computer is slow so have a long wait to see video! I also have a reason that the markets are melting down! I’m going to link to this!
Bin Laden “The next attack on America will come from within its own government” « Goodtimepolitics on 28 Sep 2008 at 10:25 pm #
[...] about Obama’s dual citizenship! Click: More information on the economic warfare Click: Another reason for the melt down of Wall Street Possibly related posts: (automatically generated)“Target USA”7 Years Later, No Closer [...]
The House defeats bailout bill 228-205--back to the drawing board | DARK SKIES BLOG on 29 Sep 2008 at 2:59 pm #
[...] Easy-to-Understand Video Explanation of What and Who Caused the Financial Meltdown (video embed) [...]
Community Reinvestment Act, Congressional Democrats, Fannie, Freddy, Obama, Barney Frank | DARK SKIES BLOG on 29 Sep 2008 at 4:27 pm #
[...] Easy-to-Understand Video Explanation of What and Who Caused the Financial Meltdown (video embed) [...]
mj on 29 Sep 2008 at 7:03 pm #
I have to say, i’m very impressed by the video. Very well researched and put together.
I. Willkare on 29 Sep 2008 at 9:24 pm #
Excellent, and on the money.
Everyone should see this!!!!
sumdad on 29 Sep 2008 at 11:20 pm #
Excellent information, however a lot of people consider anything from the Internet to be suspect. A trailer listing references and sources would be most impressive instead of leaving that action to the viewer as most will never take the time to investigate, especially if it means realigning their beliefs and/or thought processes.
I already knew that Obama is an imposter of an American citizen, or even of African-American heritage, who is totally intent on selling out our nation. He was born of a white-trash American female and a drunkard Kenyan father; not casting dispersions or being unkind but rather, calling a spade a spade as your video does.
Obama’s close cousin in Kenya is responsible for the murder and torture of thousands in the name of ‘free elections’ & cried foul when he wasn’t elected. He then went on another murder and torture rampage. Just ask anyone in the military about this relationship, they’ll confirm it.
Obama refuses to place his hand over his heart during the national anthem, doesn’t know the words, and has stated that the song is ‘oppressive’ to many people in the world. I wonder if he has ever given any thought to the countless millions of people in the global village that have given thanks for the freedom and liberation that so many of our nation’s finest have given their lives providing for them; or, to the families that lost their sons and daughters.
You know, I’m 55 years old but this is the first election in which I have been deathly afraid for the future of my country. I am of Cherokee and Irish heritage. My people were here before the slaves, and have suffered far more atrocities. Just research the ‘Trail of Tears’ if you have doubts.
If the yahoo is elected, you can kiss freedom goodbye as we know it today. The Democratic party has chosen a poor example to represent the black community, and I for one, would have voted unhesitantly for Colin Powell had he chosen to throw his hat in the circle. Color is not an issue with me, qualifications are; and this pompous fool of the Democrats does not deserve the attention that he has received. We can thank the liberal media machine for that.
My last thought on this is that anyone capable of lucid thought will not vote for Obama. Unfortunately, most of this country is more interested in American Idol.
Oakley on 30 Sep 2008 at 1:38 am #
EVERY likely voter should see this!!
Harry on 30 Sep 2008 at 5:10 am #
Outstanding. Even my dopey one-eyed liberal friends may be able to follow the pictures. Here’s hoping.
the HOUSE Rejects Bail Out Plan.... Stocks PLUGNE..... WOWWWW - Page 10 - Rapmusic.com on 30 Sep 2008 at 10:28 am #
Trackback
Amy on 30 Sep 2008 at 11:39 am #
If you are now hungry for more info about the mortgage crisis, there is an excellent book that just came out:
http://www.amazon.com/HouseTrap-Escape-Americas-Mortgage-Housing/dp/0595531466/ref=cm_ciu_custimg_item_1
Old Time Lifter on 30 Sep 2008 at 5:25 pm #
http://www.youtube.com/watch?v=TxgSubmiGt8
Here is the video again………… don’t let the gestapo stop you!!
Jack Everest on 30 Sep 2008 at 5:35 pm #
Thanks Old Time Lifter…we just plugged in your version!
Burning Down The House « Kevin’s Korner on 30 Sep 2008 at 6:56 pm #
[...] Alternate site to check is at Dark Skies Blog. [...]
Let Them Eat…Nothing « Rosemary’s News and Ideas on 30 Sep 2008 at 11:14 pm #
[...] Jack Everest has found a way to link it over at his site. Please rush over before the NObama squad finds [...]
Paul on 30 Sep 2008 at 11:54 pm #
Hmm.
From what I understand, over 65 percent of failed subprime mortgages come from middle class white families. Not to make it a race issue, but chew on that google search.
Also, bankers and brokers were offered large commisions if they were able to entice ANYONE — Not just the minority “beneficiaries” of the CRA. They hard sold low tearser rates with ARMs to people who should have qualified for Set APRs.
I am exactly the person who should not be able to finance a house with a set interest rate, and good terms. My income is low. My credit history is not perfect. I have a large, single income household (4 children). We live, literally, at the level of poverty.
But, by reseraching the market, sacrificing and saving for years, and paying all other debts to 0, my family made it. With a great, set interest rate. Oh, by the way, we are a minority family. So, blame us as much as you want. We actually pay our bills. Not like the 65 pct of middle class white families who got greedy and lived beyond their means.
Jack Everest on 01 Oct 2008 at 6:50 am #
Paul:
No one has blamed the borrowers.
The blame rests with those folks who designed and demanded the implementation this ill fated program. Some of them might have even meant well but failed to understand how it would go down in flames.
And even greater blame goes to those who are responsible but now that it has ended badly try to escape responsibility by shifting it for political gain to President Bush.
The President tried for years to stop this program and to bring oversight to Fannie and Freddie. But those Democrats responsible refused to cooperate.
This video merely clarifies these issues.
Those who are being blamed by this video (and appropriately so) are the liberal politicians and the community organizers.
Old Time Lifter on 01 Oct 2008 at 9:13 am #
Good Morning,
The inividual borrowers should have known better, but they were being sold on this program as a way to get into a home. It’s hard to look down on folks for wanting the American Dream, I’d like a bigger house, but I’ve always worried about what would happen if I lost my job, etc. many folks don’t worry about those things.
The burden of the blame lies on the democratic party and the community activist groups like ACORN that forced banks to make these awful loans. The democrats then ‘actively’ worked to conceal the looming problems that the regulators knew all about. Unfortunately, the regulators lacked the teeth to confront this situation head on, and the democrats were able to block timely intervention.
The people who should hang for this are those who lined their pockets all the while knowing this was going to blow up and who were in fact actively ‘cooking the books’ in order to hide the problem and insure a greater ‘bonus’ for themselves. These people need to go to jail! These people are scum!! Will they go to jail? Not likely if Obama wins, many of them are supporters and advisors to him. The rest of them will likely be spared because they could testify against Obama’s friends, and perhaps even against Obama.
I was in banking for 10 years, and I discussed this video with my old boss, a man who has been in banking for over 50 years (semi-retired now). He owns multiple banks, and was at one time the President of the ABA. He agreed with the major points of the video (I didn’t go into the minor details with him) and agreed these guys need to be in jail, and that the democrats were ultimately to blame. He like many of us is frustrated that the burden of blame is being hung (by the dem’s and the media) around the necks of the republican party and John McCain…… the very people who tried to stop this mess! Though both he and I agreed that they didn’t try nearly hard enough! That is the blame that the GOP has to shoulder, but that’s completely different than the active blame the Dem’s must carry.
I did send my old boss a link to the video, and will let you know his thoughts when I talk to him about it. I suspect he will acknowledge basically everything the same as I have.
God Bless,
Old Time Lifter
And you’re very welcome for the link, no recognition needed. Don’t let the gestapo stop you!! Just think what it will be like if Obama get’s in the White House…….. we’ll all be in jail…… unfortunately, that might not be an exaggeration…..
mee on 01 Oct 2008 at 10:25 am #
what is so evil is how OBAMA was a legal representive of Acorn who got most of these mortages for minorities and Obama represented ACORN on voter issues also but how he gets money from these mortage companies and knows they are going broke .there is a video called CEO OF FANNIE MAE calls black caucus :family” the CEO is tellimg the black caucus that FANNIE MAE is having $$$ troubles but will continue to “support the black caucus as they are “family” Obama is in the video and is hearing of $$$ troubles but still takes $$$ from them (2005 video you-tube) Obama gets rich off the angry and the poor and promises to help but only takes the $$$ goverment provides and runs with it..remember JARRET REZKO AND DAVIS all housing developers who let the poor of CHICAGO with “slums” but yet at one time Obama while senator wrote “letters” for REZKO AND DAVIS and got them 14 million for new kenwood llc and Jarrett is on obama camp ang her projects as Habitat V.P. were seizes by fed in 2006 due to many code violations..no Obama is no hope…
goodtimepolitics on 01 Oct 2008 at 10:58 pm #
Obama Sued Citibank Under CRA to Force it to Make Bad Loans
The parties voluntarily dismissed the case on May 12, 1998, pursuant to a settlement agreement.
Plaintiff’s Lawyers Alexis, Hilary I. (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Childers, Michael Allen (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Clayton, Fay (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Cummings, Jeffrey Irvine (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Love, Sara Norris (Virginia)
FH-IL-0011-9000
Miner, Judson Hirsch (Illinois)
FH-IL-0011-7500 | FH-IL-0011-9000
Obama, Barack H. (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Wickert, John Henry (Illinois)
FH-IL-0011-9000
http://iusbvision.wordpress.com/2008/09/30/obama-sued-citibank-under-cra-to-force-it-to-make-bad-loans/
Eat your heart out Khorum!!! - Fires of Heaven Guild Message Board on 02 Oct 2008 at 8:03 am #
trackback
Chris H on 02 Oct 2008 at 10:51 am #
And there are plenty who disagree and say that this video is a selectively political hack-job, based on some deliberate misinterpretations and some outright lies.
e.g.
http://womeninbusiness.about.com/od/womenspolitics/a/cra-lie-truths.htm
Paul on 02 Oct 2008 at 11:31 pm #
Again, I propose, that the anger is misdirected. Why hasnt anyone considered those who actually went beyond their means? Does it matter that a few minority families actually were able to buy homes? If not, then why am I constantly hearing about how its a racial issue? The only issues are that A) bankers and agents were raking in dough by leading borrowers to more lucrative loans, and B) this was allowed.
People who got themselves on the hook for more than they could handle messed up. Their bad. However — it wasnt completely of self direction. I will admit, that I dont want to bail out any subprime mortgage holders. There comes a point where common sense (if its too good to be true, it isnt) comes into play. However, I do want those selling dirty loans to be punished to the fullest. Once all that fall out finishes itself, the economy will begin to readjust. And finally those of us who sacrificed and stayed within our means, will begin to see returns.
Bail out no one. Or, if the bail out is going to happen, bail out equally. And give us hard nosed budgeters twice the benefit…because we did no one any harm — we simply got by with what we had, with out taking anything from anyone.
John on 04 Oct 2008 at 6:20 pm #
In many ways, the meltdown and bailout were predictable going back 7 years. BW Bush & Co. are deeply inbvolved with oil and other indistries that have been tapping our Government for “assistance” while making record profits.
We’re a small business and were in line for a low-interest Governmtn loan. Were told a week ago that this loan is “suspended” for an indefinite period.
Small businesses cannot get to their state or national reprensentatives in Congress or State Legilatures since they are largely “owned” by Lobbyists. Legislators that attempt to keep an open door for constituents, and help them, are one-termers because of this.
this election I will vote, have done so since the first time Eisenhower ran. Have voted straight party ticket only twice in that time. Have switched party affiliations several times. Wish there was a box on the ballot marked “Non of the above, go back and try again.”
goodtimepolitics on 07 Oct 2008 at 5:13 am #
Sometimes I think maybe its good that we go into a recession, cause I’m getting very tired having to carry a wheelbarrow full of paper money just to buy a small bag of food. Notice the oil prices per barrel has came down because of the market melt down! Below $90.00 a barrel today, now if only they would show it on the pump prices!
UPDATED: Bin Laden “The next attack on America will come from within its own government” « PlanetNetopia.com Freedom! on 23 Oct 2008 at 9:18 pm #
[...] about Obama’s dual citizenship! Click: More information on the economic warfare Click: Another reason for the melt down of Wall Street Possibly related posts: (automatically [...]