by Fred Marshall Jr.
October 8, 2008
For want of a nail rhyme
In the movie 'The Hunt For Red October,' Alec Baldwin is seen wondering out loud to himself while shaving aboard the USS Enterprise, 'What would make a crew WANT to get off a nuclear submarine?'
In similar fashion, one might wonder 'What events could destroy the economy and currency of the United States, and were such events accidental or contrived?' Many Americans have certainly given those questions some deep thought.
We know the flawed mechanism which provided the setting is the debt ponzi scheme that is our unconstitutional monetary system. The first major chink in the armor of the lending market came with Jimmy Carter's 1977 'Community Reinvestment Act (CRA)' which forced banks to make loans to borrowers who didn't meet normal minimum standards of creditworthiness, but who were classified as belonging to 'communities of color.'
The Act was structured to give enforcement authority to four bureaucracies (the Federal Reserve, the Comptroller of the Currency, the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation) at least two of which are not legal agencies of the federal government. The law provided that any one of these agencies can prohibit or postpone any bank merger, bank expansion, or even opening of a new branch if the Act's "quotas" have not been met, based upon complaints from any community group. That allowed "community groups," such as ACORN, to extort banks and blackmail the government into bestowing federal grants upon them.
Chink number two provided the landscape. Despite the knowledge (gained from years of administering the destructive loan programs) that such massive, irresponsible lending to unqualified borrowers would eventually collapse the system, Bill Clinton nevertheless forced the parameters to be expanded and the lending to be stepped up. What we are seeing now could have been seen coming from a mile away way back then, by anyone willing to take even a cursory look at the numbers; and we know at least four bureaucracies and a three presidents WERE looking at those figures all along.
In late 1999, knowing full well where the program was heading, Fannie Mae (under the stewardship of "friend of Obama" Franklin Raines) moved to loosen credit rules even further than they already had been relaxed. This opened the floodgates for more bad, or I should say worse, loans to be made not only to unqualified American borrowers but to unqualified ILLEGAL ALIENS as well.
Meanwhile, Alfonso Johnson (head of HUD and "friend of Obama") joined Fannie Mae and the Congressional Black Caucus by pushing legislation that reduced, and in some cases eliminated, the requirement for down payments, and also pushed rule changes that made it much harder for enforcement to detect and pursue perpetrators of fraud in lending.
Fannie Mae CEO calling Obama and the Dems the "Family" and "Conscience" of Fannie Mae
Do you believe that any soundly-managed bank would, absent government interference, make mortgage loans to borrowers they know going in cannot possibly repay them? Of course not.
Well, that's precisely what the privately-owned, non-government Federal Reserve and the United States Government have conspired, for more than 20 years, to do and they have done it. More than ONE TRILLION DOLLARS in bad loans, backed by Mac and Mae, have been made, including 5ive million loans to illegal aliens. If one believes government figures on the number of illegal aliens in the U.S. (12 to 20 million), then not only has the government encouraged illegals to flock here, it has looked the other way as they were coming in but, once they are here and established, the government has sought them out and given one in four of them government-backed loans (government-backed means the government promises that you and I will pay for the defaults). That's like Archie lending Bill's lawn mower to Charles.
If you were a woman who had gone to a beauty shop which put the wrong chemicals on your hair, chemicals so strong they burned the roots so badly that your hair fell out and could never grow back, would you then send your 16-year-old daughter to the same beauty shop the following week?
Well, that's precisely what the American people will be doing if they elect Barack Obama in November. Electing John McCain doesn't hold much promise either.
Why do we send people to Congress in the first place? Isn't a little oversight one of the things we expect of them? Don't we expect a little oversight from the mainstream media? Are they telling us that it's likely Obama isn't even a U.S. Citizen? No. Are they telling us of his close connections with many of the key players who helped create the conditions which brought this crisis about? Are they telling us of McCain's Keating 5ive swindles?
No, they're telling us that everything bad happened under the current president's "watch" when it is clear that the pot was put on the stove during Jimmy Carter's watch and has been boiling steadily through the presidencies of Ronald Reagan, Bush the Elder, Bill Clinton and, now, Bush Junior. We need to start seeing reality and calling spades spades. We don't have a qualified candidate for President in either the Democratic or Republican Parties.
Politicians and government officials, parroted by the media, changed "bailout" to "rescue." Now they are carefully shifting from "depression" to "recession." Every time Bush, Bernanke or Paulson speaks, the stock market drops. Today it dropped 200 points within 15 minutes after Paulson stammered and fumbled with questions he was asked.
Unemployment is rising like baking dough. Home burglaries and robberies of small businesses are already on the upswing. The government is promising to bail everybody out, everybody but us, the poor working stiffs they're robbing. Thousands of us have been predicting this for years. Millions haven't heard a word we've said.
For want of a little conscientious oversight by the people, a nation is lost. I hope at least some of you are ready. I, for one, am not thrilled at the possibility of going down the tubes with the lazy, apathetic masses who've laid on their fat azzes and stuffed their faces while our nation has been burning.
Copyright October 2008
Fred Marshall Jr.
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