Some people don't care to Learn their History... They seem to prefer to reLive it.
On Oct 10, 9:46 am, Matt Council <[EMAIL PROTECTED]> wrote: > Your welcome. Its always nice to debate with people who live in the now. > Please read below. > > Written by Jerry Teasley of Pine Mountain , GA, former Banker. > > Most of my friends know, I have tried to stop thinking about it, but I can't > help it in the wake of all the recent economic news. > > My banking career started in 1970 and ended in 1993, but I still > keep close ties to the industry. During my banking years I did > learn one or two things along the way. The problem with our > economy today is from a liberal-thinking congress, senators, and > presidents, as well as greed and dishonesty. When you put these > together, it spells disaster in any area of our life. > > Ask any banker (just walk in and ask one who has been there for 15 years > or more) > > * Under Jimmy Carter we received the Community Reinvestment act. > This law says banks have to make loans in low income areas and it > has forced many lending institutions to seek to make loans to > people in areas that lenders would not normally go because of the > risk and low property values. (SubPrime Loans). This was in 1977. > > In 1980 president Carter and a Democratic controlled congress > passed the Depository Institutions Deregulation and Monetary > Control Act-- The law also removed the power of the Federal Reserve > Board of Governors under the Glass-Steagall Act and Regulation to > set the interest rates of savings accounts. A sad fact is we are > all still feeling the effects of his policies and decisions 30 > years later. > > <http://en.wikipedia.org/wiki/Glass-Steagall_Act > <http://en.wikipedia.org/wiki/Regulation_Q > > * Then in 1995, Bill Clinton, (in between interns) made changes to the > Community Reinvestment Act, that forced an increase in the number > of loans to these people and the aggregate dollar amounts loaned.-- > Larger loans to people with less income in areas where the > collateral value would go down instead of up. ( Clinton should have > had his mind on the long range effects of this instead of Monica > and a good cigar.) This was in response to pressure from 'community > organizers.' Can you think of a former community organizer running > for president? Hint - he's a Democrat > > * In 1999 Mr. Clinton signed to repeal the Glass-Steagall act which > had protected taxpayers since the Great Depression. > > * In 2003 President Bush tried to propose a change in regulatory > control over Freddie Mac and Fannie Mae and place both companies > under the control of the Department of the Treasury, but was voted > down by the liberal democrats led by Barney Frank. Remember the > name Barney Frank, he is one of Obama's top two economic advisors. > The other is Jim Johnson who was the head of Freddie Mac and walked > away with $24,000,000. > > * Now, Mr. Obama and his liberal cronies are spinning the facts so > you will believe that all our financial problems are because of > Bush's failed economic policy. However, OBAMA'S two MOST TRUSTED > ECONOMIC ADVISERS TO HIS CAMPAIGN are the very people that were in > control of Freddie Mac- Jim Johnson $24,000,000 and Fannie Mae - > Franklin Raines $90,000,000 in 6 years). > > In addition, since 1989 there have been several politicians who > have received campaign donations and kick backs from these two > failed institutions. The #1 recipient is Senator Chris Dodd-D RI > and the runner up is none other than Senator Barrack Obama who > received the second largest amount of donations (over $500,000) > which is phenomenal because he has only been in the Senate for 3 > years. > > When Enron went belly up, we demanded Senate hearings and investigations. > Why aren't the Democrats demanding the same with these companies? > But, oh yeah, I forgot. It is Bush's fault! (Yeah, Right, Sure it is). > > Just ask a banker. > I am Jerry Teasley, banker, and I approved this email. > > > > -----Original Message----- > >From: Democrat <[EMAIL PROTECTED]> > >Sent: Oct 10, 2008 11:37 AM > >To: PoliticalForum <[email protected]> > >Subject: Re: Obama, Ayers, and ACORN at root of economic crisis > > >Wow, thank you for informing us that the root of the problem were not > >those who: > > >1. Promoted deregulation. > >2. Who let the corporate greed go up to the Mars > >3. Who created the biggest budget deficit in the US history. > >4. Who promoted spending and shopping with no restraint. > >5. Who catered to the oil companies, allowing them to make record > >profits. > >6. Who spent HUNDEDS of BILLIONS on a lost war that was waged to feed > >the beast called "military industrial complex" and to serve the > >ambitions of a fascist little ally in the Middle East. > > >American people have been conned for eight straigth years, and now > >they are paying dearly for electing cons. With the exception of End- > >timer Christian freaks, flag-waving drunk jingoists and filthy rich, > >none will vote for McCain (flag and gun) and Palin (religion and sex)! > > >Peace, > >Edip > > >On Oct 10, 6:38 am, Philobealo <[EMAIL PROTECTED]> wrote: > >> Stanley Kurtz has uncovered the root of the economic meltdown we are > >> experiencing. > > >>http://www.eppc.org/publications/pubID.3566/pub_detail.asp- Hide quoted > >>text - > > - Show quoted text - --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. 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