I am tired of hearing some particular dishonest claims purported by Barack Hussein Obama regarding the economy. So let’s set the record straight.
His first claim accuses John McCain as being responsible for American jobs being shipped off to China. After making this specious claim, he then rallies the crowd by saying “we need to get those jobs back”. It is true that a lot of our manufacturing jobs have been shipped to China. What is false about his claim is who is really responsible. A number of years ago China was granted MFN (Most Favored Nation) trading status. This status was not merely allowed, it was brokered, lobbied for, and pushed. This was done by a President prior to the current Whitehouse Administraion. In fact, it was done by none other than William Jefferson Clinton.
The second claim that Barack Hussein Obama makes is that the credit crisis was caused by the “Bush economic policies” and he ties John McCain to those policies. The fact is that these bad loans were forced by governmental policy in the “Community Reinvestment Act”. This act was not merely allowed, it was brokered, lobbied for, and pushed by none other than William Jefferson Clinton. Banks were told that they must give out these loans to people who could not afford to make the payments. Their goal was to artificially boost up minorities in key areas, and they claimed that if banks did not provide these loans, they were racist. The fact is, giving out a loan has nothing to do with race, and has everything to do with risk. Color of skin does not matter, cash flow does. Now that things in the economy have gotten tight, people who could not or barely could pay these mortgages are now defaulting, and banks are suffering. To add insult to injury banking industry accounting regulation came out that made it so that banks can not list houses that they have repossessed as assets if houses aren’t selling in the area. This is called “mark to market”. It makes no sense, and these two problems together have put financial institutions in an artificial credit crisis. This account regulation was perpetrated on us by none other than William Jefferson Clinton.
On this subject, some have claimed that many lenders made loans that were “predatory” in nature with high interest rates, and irregular payment plans. In some cases this is true. Many were, and bear an ethical responsibility. However, it should be considered in the abstract it is common practice to evaluate the risk of a loan applicant, and based on credit risk assign varying rates. Higher rates are given to those of higher risk. This is sound fiscal practice on the part of any lending institution. But even with this consideration, gouging is flat wrong. Unfortunately because of regulatory pressure, banks were forced to take on risky loans and had to deal with them in some way.
Couple all this with the fact that for the past 3 years, liberal democrats have chaired the congressional committees that have oversight on the banking industries. They are the oes who effect regulatory law. They are the ones who stood by and did nothing but watch the snake keep eating its tail.
By understanding these facts, one should realize that it is the failed liberal economic policies that have gotten us to where they are. Many people thought that Bill Clinton was just great with economic policy, and aside from his obvious ethical flaws, he was a great president. But when you examine what he did with the economy was spread out our debt payments. Coupling this with China MFN and the CRA, this mean he first refinance us, then sold us out. Oh yeah, he also raised taxes. In a word, he “cooked the books”. As the CEO of our country he set a bad example to other CEO’s who did the same, and we had many companies like Enron exposed only after better accountability policies were implemented by the Bush administration. We can’t afford to have more of the same liberal economic philosophy in Washington. Not only do we not want Barack Hussein Obama in the Whitehouse, we don’t want anyone else supporting liberal economics anywhere in Washington leadership.
Vote smart folks. “We the People” are the ones who have the power to save the economy by getting people in leadership who will get their hands out of our pockets so that we are free the work and prosper. The only aspect in which they should be involved is to establish rule of law to make sure that no one gets taken advantage of. We need to elect people that do not tax and redistribute. That’s called socialism. It is not the governement’s place to guarantee happiness, just to ensure that we are free to pursue it.
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