All Americans have stock in America, whether or not they own stock certificates from Wall Street. The startling drop in the stock market should be of concern to everyone. This is a financial time of our lives driven by uncertainty and fear. The financial losses the American people have suffered in these last few days are deeply unsettling as we worry about our retirement accounts, investments, and our economic well-being.
For the first time in U.S. history, the voter has demonstrated his great love and regard for the U.S. Congress by assuring that one of its members will be rewarded with the U.S. Presidency. As we march to the polls, we Americans are seeing our hard-earned investments swirl down the drain of Congressional oversight. In this election we “wise” voters have chosen three candidates for the Presidency from the very branch of government that is directly responsible for this destruction of the American banking system – the United States Congress.
How did the U.S. Congress cause this financial meltdown? The American banking system was forced and browbeat by Democrats, and a few Republicans in Congress to lend mortgage money to people who had not financial wherewithal to repay the loans. To not allow indigent people to buy homes was considered unfair by the overseer of the U.S. House Financial Services Committee, Barney Frank and the powerful “Community Organizer” group A.C.O.R.N. With the congressional mandated sub-prime mortgages came unprecidented surges in home values. President George Bush in 2003, Allen Greenspan in 2005, Senator John McCain in 2006, and other Republicans repeatedly warned of the grave financial dangers of this tack and demanded new regulations, but Americans liked having their homes increase in value because of all the new “unqualified” buyers in the housing market. Homeowners signed on for second mortgages and home equity loans on their more valuable homes, so voters sided with the Democrats to let the housing market run wild. Former President Bill Clinton even specifically condemned the Congressional Democrats for this behavior, but no one listened. These sub-prime mortgages were bundled and sold for tremendous profits and investors worried little about them because they were insured by the U.S. taxpayer’s Fannie Mae and Freddie Mac. The editor of the Wall Street Journal warned the Congress how dangerous and corrupt were the practices of the CEO of Countrywide Home Loans and others, and was slapped down as a know-nothing.
Congressional Republicans tried to regulate Fannie Mae and Freddie Mac in 2004, but were silenced by shouts of “RACISTS” for their efforts. Even Republicans like to get reelected:
Very soon, it was realized that the unqualified holders of sub-prime housing mortgages had no assets to make their monthly mortgage payments and housing values started sinking like a lead balloon. Homeowners who had paid nothing down to purchase their houses, found they now owed more than their house was worth, so they defaulted and walked away. Banks ended up owning houses that were worth far less than they had loaned on them and the banks suffered serious losses.
Fannie Mae and Freddie Mac were required to cover the banks losses which caused those quasi-government institutions to run out of funds. While these institutions were being overseen by the United States Congress, select elected representatives were being lobbied by Fannie Mae and Freddie Mac with tremendous sums of money. Senator Christopher Dodd received the most, $140,000 and Senator Barack Obama who had only been in the Senate for two years recieved the third highest largess to look the other way, $106,000. Republicans had their hands in the till also – Robert Bennett, Chrisopher Bond, Richard Shelby behaved almost as badly as the Democrat’s Barney Frank. (OpenSecrets.org) Democrat Charles Schumer was Fannie Mae and Freddie Mac’s most vocal defender in the Congress.
Democrat Senators Christopher Dodd, chairman of the Banking Committee, and Kent Conrad, chairman of the Budget Committee and a member of the Finance Committee, refinanced personal properties through Countrywide’s “V.I.P.” program, unavailable to ordinary voters and taxpayers like you and me. In addition, Senator Dodd received a sweetheart loan from Countrywide for all of his good works on their behalf; a home mortage that no other American taxpayer would ever qualify for.
This financial oversight by the United States Congress led directly to the financial meltdown we are experiencing. Members of Congress benefited financially and were able to get reelected by giving such goodies as “no money, no job, no credit, no problema” mortgages to their constituents. But you, American taxpayer, are footing the bill. The first installment has already been paid and deducted from your account – $700 billion dollars. If this doesn’t work, there will be a second installment automatically deducted, until the governement learns how to run the financial markets or until you, their piggy bank, runs out of money. Meanwhile, you the taxpayer will also pay for the soon to begin phony Congressional investigation by the Congress for the Congress to find someone else to blame for their own malfeasance and criminal activities.
It is immensely troubling that the American voters have decided to give $700 billion of their taxpayer dollars to the same people who caused the crisis in the first place, in hopes that they will now get us out of this crisis. HELLO? Even worse, they are about to reward one of these miscreants with the American presidency. Our only hope to avoid financial ruin lays with the American people, not the United States Congress. We are a prosperous nation with abundant resources and an innovative and hardworking people, and that is our economic hope, not government bureaucrats and elected representatives.
So go to the polls and vote for the next President and the next Congress and try and help America. Try and put a stop to this abuse of power before this Congress undermines the very foundations of our Constitutional Republic.