We posted this video these videos this weekend, but you need to see them again. Barack Obama in Friday night’s debate continued the lie that this financial crisis was caused by George Bush and Republican deregulation. Not True. Even Bill Clinton admits (end of the first video) that Republicans tried to stop this but were blocked by Democrats (Barney Frank, Chris Dodd… that means you). This crisis was caused by the race-tactics of groups like ACORN and the Democrats putting pressure on Fannie, Freddie and other banks to loosen credit standards and give out more loans (at the same time the Democrats received hundreds of thousands of dollars in campaign contributions). When this very collapse was mentioned as a possibility in late 2004, the Democrats who were pimping Fannie Mae’s pathetic credit “standards” called criticisms of it a “lynching” and attacked the questioner. It was Republicans who tried to get this under control, who warned of the dangers and pleaded with Democrats in Congress to take action. Instead they turned a blind eye and accepted campaign contributions in lieu of doing their jobs. Just watch.
Listen for Barney Frank to utter these words “…and even if there were a problem the Federal Government doesn’t bail them out”. And while Obama tries to tell you he warned everyone about these problems, there seems to be no proof that he did anything of the kind. When John McCain co-sponsored legislation to fix this in 2006, where was Barack Obama? “Senator Obama did not weigh in on that bill.”
John McCain tried to stop this. George Bush tried to stop this. What did Barack Obama do? NOTHING, but cash in with over $126,000 in contributions from Fannie Mae and Freddie Mac (two companies who have now been bailed out by your tax dollars).
[...] Hill for his help crafting the bailout bill. The very bill that would not have been necessary if Barney Frank had listened to the warnings about Fannie and Freddie in recent [...]