Obama and the financial crisis

This morning, the financial crisis seems to be worsening, with the stock markets becoming crazy and plunging again. Now the prospect of a new Great Depression is looming, in America and all over the world.

 

As a consequence, American voters seem to be interested in one thing only : the economy, to the point that the famous 1992 slogan “It’s the economy, stupid ! “ that inspired the Clinton team and led them to victory, has become relevant again in this 2008 campaign.

For the moment, logically, Obama is taking advantage of this situation. People are more likely to vote for the other camp, when one Party has failed. John McCain is associated with George Bush’s disastrous economic policies, and Americans hope that a Democrat will be able to make them hope again. So they are ready to support any Democrat, whatever his credibility, whatever his past, whatever his record.

The problem is that this Democrat is Barack Obama.

And Barack Obama is certainly more responsible for the financial mess than John McCain.

Here is why :

In April 1995, an article was published in the Chicago Sun Times, which started like this :

“You’ve got only a couple thousand bucks in the bank. Your job pays you dog-food wages. Your credit history has been bent, stapled, and mutilated. You declared bankruptcy in 1989. Don’t despair : You can still buy a house.”

 

That article then suggested that people wanting to buy homes who fit this profile should go and see a group called ACORN.

 

In fact, ACORN (Association of Community Organization for Reform) exerted a strong pressure on banks to make them give loans to minorities. For example, ACORN began pressuring Fannie Mae and Freddie Mae to lower their standards for assuming mortgage debt.  So ACORN incited Fannie Mae to grant high risks loans.

Everybody knows what happened afterwards...

Fannie Mae, a mortgage finance giant was in such difficulties that the US government came to its rescue. It happened a few days ago : the money of all American taxpayers will now be used to help unscrupulous bankers... It happened in the USA, a country which has always believed in economic laissez-faire !

And it is because banks like Fannie Mae was on the verge of bankruptcy (because they encouraged people to get into debts, and now these people cannot pay them back) that the financial world is today facing a crisis which threatens the whole planet.

What about Obama ?

Obama served as a lawyer for the ACORN group. He has supported them from the start.

It means he was one of those who encouraged people to borrow money that they could not pay back. He was one of those who told people to buy a house, whereas they knew they could not afford this purchase.

And now, Obama is criticizing those who are responsible for this situation.

How cheeky !

Has he forgotten his personal involvement in the whole mess ?

Moreover, he accepted contributions from Fannie and Freddie. And Jim Johnson, who is the former chief executive of Fannie Mae is one of his friends : he worked for his campaign, and helped him select a candidate for vice-president.

James A. Johnson, vice chairman of Perseus LLC and former chief executive officer of Fannie Mae, speaks at an editorial meeting in Washington, June 4, 2008. Johnson is part of a small group of advisers helping to vet potential vice presidential candidates for Barack Obama. (Bloomberg News)

 

Finally, ACORN is also implicated in a vast electoral fraud : they are a group which also aims at encouraging people (to register to vote, as they are "community organizers" : remember, Obama also worked as a community organizer in Chicago !) and it seems they are at the origin of a fraud in voters’registration. In states like Indiana, in Indianapolis, there are more registered voters than are actually eligible to vote (the figure is sometimes 105 % !).
Very exciting, indeed ! Officials are rejoicing over this new enthusiasm, but they are failing to explain the strange figures... And the MSM is mute about it...
 

So, this morning, I am really wondering why the McCain campaign is staying mute about the whole thing...