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Title: Obama Commencement Speech Displays Failure to Comprehend Founding Documents
Source:
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URL Source: http://nicholas-whatthe.blogspot.co ... cement-speech-displays_03.html
Published: May 10, 2010
Author: whatthe.blogspot.
Post Date: 2010-05-10 14:46:17 by no gnu taxes
Keywords: None
Views: 357
Comments: 3
One would hope that the man that has risen to head this great nation, the beacon of freedom for the world, would have a rudimentary understanding of the nation's history and the significance of its founding documents. In the case of Barrack Obama, Ivy league educated and law degree not withstanding, one's hopes fail. After recently deriding the people of the entire state of Arizona, the president dashed off to Michigan to sell the massive programs that have crushed the nation in debt. First up the president minimized concerns over his trillion dollar expenditures by saying that debates about the size and role of government are as old as the republic itself. It wasn't at first clear if this was intended as a laugh line. "But what troubles me is when I hear people say that all of government is inherently bad," said Obama, who received an honorary doctor of laws degree. "When our government is spoken of as some menacing, threatening foreign entity, it ignores the fact that in our democracy, government is us." Holy cripes! What does this guy think the American revolution was about? What was worth risking life and fortune over? Though they largely considered themselves to be English gentlemen, the colonists found English rule unbearable. Why was that so, and what was it the young republic was set up to keep in check? Why the separation of powers? Why the Bill of Rights? Did any of that come up in the education of one Barrack Hussein Obama? Well, the president has answered that question in resounding fashion, and the answer is...No. "Government, he said, is the roads we drive on and the speed limits that keep us safe. It's the men and women in the military, the inspectors in our mines, the pioneering researchers in public universities." It is also the IRS, the massive bureaucracies, the incredible inefficiencies, the inside dealing, the corruption, and of course, the prisons, all of which stink worse than Barney Frank's basement apartment. The financial meltdown dramatically showed the dangers of too little government, he said, "when a lack of accountability on Wall Street nearly led to the collapse of our entire economy." Exactly wrong, professor. What financial melt down would have occurred if it were not for Fannie Mae and Freddie Mac? None. What melt down would have occurred if the federal government had not pushed unsafe lending practices under President Clinton and pushed further by the hapless Barney Frank and the greedy Christopher Dodd? None. The world economy owes the entire financial crisis that we are currently dealing with to the corrupt practices of liberals in governmental positions of power. "Throwing around phrases like 'socialists' and 'Soviet-style takeover,"fascists' and 'right-wing nut' - that may grab headlines," he said. But it also "closes the door to the possibility of compromise..." Is this guy for real? What the hell has he been saying the past week about the people of Arizona? "At its worst, it can send signals to the most extreme elements of our society that perhaps violence is a justifiable response." A president of the people? "Your mind may not be changed. But the practice of listening to opposing views is essential for effective citizenship" When has he ever done that? Where can he point? What, his cut off remark to republicans "We won"? Anyways, sanity could be found just a few miles down the road, where forty-five minutes away Sarah Palin was speaking at an audience sponsored by the anti-tax Americans for Prosperity Foundation. She stated unequivocally that President Obama was overreaching: "The fundamental transformation of America is not what we all bargained for" Well... exactly.
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#1. To: no gnu taxes (#0)
The one that happened.
#67. To: war (#48) Keep hiding behind the bozo, bozo. (laughing) You've always been a world class pussy. Badeye posted on 2010-01-14 16:12:48 ET Reply Trace
The one that happened. The GSEs' purchases of subprime and Alt-A loans affected the rest of the market for these mortgages in two ways. First, it increased the competition for these loans with private-label issuers. Before 2004, private-label issuers--generally investment and commercial banks--specialized in subprime and Alt-A loans because GSEs' financial advantages, especially their access to cheaper financing, enabled them to box private-label competition out of the conventional market. When the GSEs decided to ramp up their purchases of subprime and Alt-A loans to fulfill their affordable housing mission, they began to take market share from the private-label issuers while simultaneously creating greater demand for subprime and Alt-A loans among members of the originator community. Second, the increased demand from the GSEs and the competition with private-label issuers drove up the value of subprime and Alt-A mortgages, reducing the risk premium that had previously suppressed originations. As a result, many more marginally qualified or unqualified applicants for mortgages were accepted. From 2003 to late 2006, conventional loans (including jumbo loans) declined from 78.8 percent to 50.1 percent of all mortgages, while subprime and Alt-A loans increased from 10.1 percent to 32.7 percent. Because GSE purchases are not included in these numbers, in the years just before the collapse of home prices began, about half of all home loans being made in the United States were nonprime loans. Since these mortgages aggregate more than $2 trillion, this accounts for the weakness in bank assets that is the principal underlying cause of the current financial crisis. In a very real sense, the competition from Fannie and Freddie that began in late 2004 caused both the GSEs and the private-label issuers to scrape the bottom of the mortgage barrel. Fannie and Freddie did so in order to demonstrate to Congress their ability to increase support for affordable housing. The private-label issuers did so to maintain their market share against the GSEs' increased demand for subprime and Alt-A products. Thus, the gradual decline in lending standards--beginning with the revised CRA regulations in 1993 and continuing with the GSEs' attempts to show Congress that they were meeting their affordable housing mission--came to dominate mortgage lending in the United States.
What I found interesting is Owe-bama admitted for the first time, after a year of absurd claims to the contrary, the economic implosion isn't over. Outside of that, it was just same old mindless rhetoric thats become boring to the average American.
I can see NOVEMBER from my House....
What financial melt down would have occurred if it were not for Fannie Mae and Freddie Mac?
#2. To: war (#1)
What financial melt down would have occurred if it were not for Fannie Mae and Freddie Mac?
#3. To: no gnu taxes (#2)
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