“Hey media, now do you get it?”
~ Governor Sarah Palin on Obama and the media’s continued dishonesty
By Gary P Jackson
Once again, Governor Sarah Palin has been proven right on something. It gets rather tiring laughing at liberals and their corrupt media partners, or as I like to call them, lying liars who lie!
Unless you’ve been on another planet for the last decade or so, you know the big financial meltdown that happened in 2007-2008 was all due to a law put in place by failed democrat president Jimmy Carter in the 1970s, and put on steroids by Bill Clinton.
Carter created something called the “Community Re-Investment Act” after pressure from the usual suspects in the race hustling industry. What the CRA did was force banks to abandon best practices, like making sure they were loaning money to people who could actually pay the loans back. As you can imagine, having a good credit history, and the ability to repay the loan as spelled out by a contract, was deemed “racist” by those who go around deeming things racist for their own gain.
What Clinton did, was not only put his blessing on this disaster-waiting-to-happen, but help investors monetize loans that should have never been made in the first place. Trillions of dollars worth of loans that should have never been made. Now Fannie and Freddie are the nation’s largest mortgage holders.
Though President George W Bush didn’t exactly stop this nonsense, he did want stronger controls put in place back in 2003, and the Republican controlled Congress tried to reform Fannie Mae and Freddie Mac, the two MASSIVELY CORRUPT government sponsored agencies behind all of these failed loans, on more than 30 occasions, with about the same luck the GOP controlled House is having repealing ObamaCare today.
Here’s video excerpts from hearings in 2004:
You see, financial responsibility is RACIST.
In the middle of all of this, Franklin Raines, the CEO of Fannie Mae, was under investigation by the Securities and Exchange Commission for massive fraud.
In 2005 Fortune magazine had a lengthy article talking about all the risky loans and the multi-billion dollar accounting fraud that rivaled Enron, WorldCom, and other scams of the day. It’s a solid read.
In 2009 John Carney wrote an extensive history of Carter’s CRA and how it caused the financial meltdown. This is another must read.
During all of this, John McCain had sponsored legislation that would have greatly reformed Fannie/Freddie, and possibly averted the pending financial collapse. Of course, it failed, because democrats fought it with every ounce of their beings.
From Mary Katharine Ham:
First off, I welcome President Barack Obama’s call to shutter mortgage giants (and giant pains in the public arse) Fannie Mae and Freddie Mac. Many conservatives and libertarians have been beating that drum since 2008 and before, back when Obama was voting present on regulation of Fannie/Freddie and taking more in donations from them than all but one lawmaker.
Now, it seems, we can work together on this project, as Obama pushed a Senate plan to close Fannie and Freddie during an economic address in Arizona:
But as home prices rise, we can’t just re-inflate a housing bubble. That’s the second thing I’m here to talk about today: laying a rock-solid foundation to make sure the kind of crisis we just went through never happens again.
That begins with winding down the companies known as Fannie Mae and Freddie Mac. For too long, these companies were allowed to make big profits buying mortgages, knowing that if their bets went bad, taxpayers would be left holding the bag. It was “heads we win, tails you lose.” And it was wrong.
The good news is that there’s a bipartisan group of Senators working to end Fannie and Freddie as we know them. I support these kinds of efforts, and today I want to lay out four core principles for what I believe this reform should look like.
First, private capital should take a bigger role in the mortgage market. I know that must sound confusing to the folks who call me a raging socialist every day. But just like the health care law that set clear rules for insurance companies to protect consumers and make it more affordable for millions to buy coverage on the private market, I believe that while our housing system must have a limited government role, private lending should be the backbone of the housing market, including community-based lenders who view their borrowers not as a number, but as a neighbor.
Second, no more leaving taxpayers on the hook for irresponsibility or bad decisions. We encourage the pursuit of profit – but the era of expecting a bailout after your pursuit of profit puts the whole country at risk is over.
A Senate bill co-sponsored by Sen. Bob Corker (R-Tenn.) and Sen. Mark Warner (D-Va.) “would end Fannie and Freddie as government-sponsored enterprises,” though a Rep. Jeb Hensarling companion bill in the House is more ambitious, cutting down government participation in the mortgage market to about 20 percent, according to an AEI evaluation
MKH goes on to say:
I also welcome the inevitable change of heart from the press and fact-checkers who called this exact sentiment a “gaffe” when newly named vice presidential candidate Sarah Palin said it in 2008. Here’s Palin in Colorado Springs in September of 2008:
“John McCain has been calling for years to reform things and cut bureaucracy, even at the lending agencies that our government supports. The fact is Fannie Mae and Freddie Mac have gotten too big and too expensive to the taxpayers. The McCain-Palin administration will make them smaller and smarter and more effective for homeowners who need help.”
Fact-checkers, reporters, and critics preserved the ridiculous fiction that government-sponsored entities don’t cost taxpayers anything in order to lambaste the political newcomer.
MKH goes on to list all of the corrupt “journalists” [and their statements] who called Governor Palin’s statement a “gaffe” back in 2008. So far none of them have called Obama’s speech a “gaffe” though.
On Facebook, Governor Palin simply responded to Obama and the media’s hypocrisy with: “Hey media, now do you get it?”
Not a mea culpa, but in 2012 the far left Salon attacked Obama for being asleep at the wheel on Fannie and Freddie, and reminded it’s readers that both were, for all intents and purposes, government agencies:
And here’s the rub. The Obama administration wants — or says it wants — principal reduction. And for all intents and purposes, the government owns Fannie Mae. Originally a quasi public-private entity referred to with the weasel words “government-sponsored enterprise,” Fannie Mae was essentially nationalized during the housing crisis in a bailout that cost taxpayers hundreds of billions of dollars.
You buy it, you own it, right? So how is it possible that the new CEO of an institution that is basically a fully taxpayer-funded government agency can be directly at odds with White House policy?
Of course, Fannie and Freddie were GOVERNMENT SPONSORED “quasi-public-private” enterprises BEFORE the housing crisis, as history tells us.
We’ve known Carter’s failed policies have been destroying America, little by little, for decades. Just look at the state of primary education since Carter nationalized it. We’ve also known that Fannie and Freddie were the cause of the financial crisis. What this episode really serves to remind us though, is that the media is as corrupt and untrustworthy as it could possibly be, and that in fact, Sarah Palin is always proven right on these things.
Unlike M-Kat, I won’t hold my breath waiting for the “journalists” to apologize or admit they lied. We still haven’t heard an apology on “death panels“, Libya, Quantitative Easing, or any of the other dozens of things the media lied about, concerning Governor Palin, in which she has proven to be spot on.