Ramblings of a Jackhole

I’m not sure if I buy what they are saying, but it is interesting.

I guess the “Bilderberg Group” = “The Illuminate” = “Trilateral Commission” according to the video.  I have to admit that I think they hate Obama as much as they hated Bush.

It’s a very long video (nearly TWO hours) by Alex Jones, a talk show host, on how this Bilderberg Group and the Trilateral Commission is setting up a “One World Order.” Reminds me a bit of what Mel Gibson’s character Jerry Fletcher would make in the movie “Conspiracy Theory”.

Of course Jerry turned out to be right about at least ONE thing…

The following is a condensation of a series from the Investor’s Business Daily explaining “What Caused the Loan Crisis”:

1977:  Pres. Jimmy Carter signs the Community Reinvestment Act into Law.  The law pressured financial institutions to extend home loans to those who would otherwise not qualify.
The Premise:  Home ownership would improve poor and crime-ridden communities and neighborhoods in terms of crime, investment, jobs, etc.

Results: Statistics bear out that it did not help.

How did the government get so deeply involved in the housing market?

Answer: Bill Clinton wanted it that way.

1992:  Republican representative Jim Leach (IA) warned of the danger that Fannie and Freddie were changing from being agencies of the public at large to money machines for the principals and the stock-holding few.

1993:  Clinton extensively rewrote Fannie Mae and Freddie Mac’s rules turning the quasi-private mortgage-funding firms into semi-nationalized monopolies dispensing cash and loans to large Democratic voting blocks and handing favors, jobs and contributions to political allies.  This potent mix led inevitably to corruption and now the collapse of Freddie and Fannie.

1994:  Despite warnings, Clinton unveiled his National Home-Ownership Strategy which broadened  the CRA in ways congress never intended.

1995:  Congress, about to change from a Democrat majority to Republican, Clinton orders Robert Rubin’s Treasury Dept to rewrite the rules.  Robt. Rubin’s Treasury reworked rules, forcing banks to satisfy quotas for sub-prime and minority loans to get a satisfactory CRA rating.  The rating was key to expansion or mergers for banks.  Loans began to be made on the basis of race and little else.

1997 – 1999:  Clinton , bypassing Republicans, enlisted Andrew Cuomo, then Secretary of Housing and Urban Development, allowing Freddie and Fannie to get into the sub-prime market in a BIG way.  Led by Rep. Barney Frank and Sen. Chris Dodd, congress doubled down on the risk by easing capital limits and allowing them to hold just 2.5% of capital to back their investments vs. 10% for banks.  Since they could borrow at lower rates than banks their enterprises boomed.

With incentives in place, banks poured billions in loans into poor communities, often “no doc”, “no income”, requiring no money down and no verification of income.   Worse still was the cronyism:  Fannie and Freddie became home to out-of work-politicians, mostly Clinton Democrats.  384 politicians got big campaign donations from Fannie and Freddie.  Over $200 million had been spent on lobbying and political activities.  During the 1990’s Fannie and Freddie enjoyed a subsidy of as musch as $182 Billion, most of it going to principals and shareholders, not poor borrowers as claimed.

Did it work?  Minorities made up 49% of the 12.5 million new homeowners but many of those loans have gone bad and the minority home-ownership rates are shrinking fast.

1999: New Treasury Secretary, Lawrence Summers, became alarmed at Fannie and Freddie’s excesses.  Congress held hearings the ensuing year but nothing was done because Fannie and Freddie had donated millions to key congressmen and radical groups, ensuring no meaningful changes would take place.  ”We manage our political risk with the same intensity that we manage our credit and interest rate risks,” Fannie CEO Franklin Raines, a former Clinton official and current Barack Obama adviser, bragged to investors in 1999.

2000:   Secretary Summers sent Undersecretary Gary Gensler to Congress seeking an end to the “special status”.  Democrats raised a ruckus as did Fannie and Freddie, headed by politically connected CEO’s who knew how to reward and punish.  ”We think that the statements evidence a contempt for the nation’s housing and mortgage markets” Freddie spokesperson Sharon McHale said.  It was the last chance during the Clinton era for reform.

2001:   Republicans try repeatedly to bring fiscal sanity to Fannie and Freddie but Democrats blocked any attempt at reform; especially Rep. Barney Frank and Sen.Chris Dodd who now run key banking committees and were huge beneficiaries of campaign contributions from the mortgage giants.

2003:  Bush proposes what the NY Times called “the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago”.  Even after discovering a scheme by Fannie and Freddie to overstate earnings by $10.6 billion to boost their bonuses, the Democrats killed reform.

2005:  Then Fed chairman Alan Greenspan warns Congress:  ”We are placing the total financial system at substantial risk”.  Sen. McCain, with two others, sponsored a Fannie/Freddie reform bill and said, “If congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system and the economy as a whole”.  Sen. Harry Reid accused the GOP ;of trying to “cripple the ability of Fannie and Freddie to carry out their mission of expanding home-ownership”  The bill went nowhere.

2007:  By now Fannie and Freddie own or guarantee over HALF of the $12 trillion US mortgage market.  The mortgage giants, whose executive suites were top-heavy with former Democratic officials, had been working with Wall St. to repackage the bad loans and sell them to investors.  As the housing market fell in ‘07, sub-prime mortgage portfolios suffered major losses.  The crisis was on,  though it was 15 years in the making.

2008:  McCain has repeatedly called for reforming the behemoths, Bush urged reform 17 times.  Still the media have repeated Democrats’ talking points about this being a “Republican” disaster.  A few Republicans are complicit but Fannie and Freddie were created by Democrats, regulated by Democrats, largely run by Democrats and protected by Democrats.  That’s why taxpayers are now being asked for $700 billion!!

If you doubt any of this, just click the links below and listen to your lawmakers own words.  They are condeming!

http://www.youtube.com/watch?v=68D9XrqyrWo&feature=related

http://www.youtube.com/watch?v=pIgqfM5C8lY

http://www.youtube.com/watch?v=H9juJr8CSY4&feature=related

And you’ll find a bunch of others devoted to the same topic – just look.

Postscript:  ACORN is one of the principle beneficiaries of Fannie/ Freddie’s slush funds.  They are currently under indictment or investigation in many states.  Barack Obama served as their legal counsel, defending their activities for several years.

…The third thing I want to talk about very briefly is the genuine danger of terrorism, in particular terrorists using weapons of mass destruction and weapons of mass murder, nuclear and biological weapons. And I want to suggest to you that right now we should be impaneling people to look seriously at a level of supervision that we would never dream of if it weren’t for the scale of threat. Let me give you two examples.

When the British this summer arrested people who were planning to blow up ten airliners in one day, they arrested a couple who were going to use their six month old baby in order to hide the bomb as baby milk.

Now, if I come to you tonight and say that there are people on the planet who hate you, and they are 15-25 year old males who are willing to die as long as they get to kill you, I’ve simply described the warrior culture which has been true historically for 6 or 7 thousand years. But, if I come to you and say that there is a couple that hates you so much that they will kill their six month old baby in order to kill you, I am describing a level of ferocity, and a level of savagery beyond anything we have tried to deal with. And, what is truly frightening about the British experience is they are arresting British citizens, born in Britain, speaking English, who went to British schools, live in British housing, and have good jobs.

This is a serious long term war, and it will inevitably lead us to want to know what is said in every suspect place in the country, that will lead us to learn how to close down every website that is dangerous, and it will lead us to a very severe approach to people who advocate the killing of Americans and advocate the use of nuclear or biological weapons. And, my prediction to you is that either before we lose a city, or if we are truly stupid, after we lose a city, we will adopt rules of engagement that use every technology we can find to break up their capacity to use the Internet, to break up their capacity to use free speech, and to go after people who want to kill us to stop them from recruiting people before they get to reach out and convince young people to destroy their lives while destroying us.

This is a serious problem that will lead to a serious debate about the first amendment, but I think that the national security threat of losing an American city to a nuclear weapon, or losing several million Americans to a biological attack is so real that we need to proactively, now, develop the appropriate rules of engagement. And, I further think that we should propose a Geneva convention for fighting terrorism which makes very clear that those who would fight outside the rules of law, those who would use weapons of mass destruction, and those who would target civilians are in fact subject to a totally different set of rules that allow us to protect civilization by defeating barbarism before it gains so much strength that it is truly horrendous.

This is a sober topic, but I think it is a topic we need a national dialogue about, and we need to get ahead of the curve rather than wait until actually we literary lose a city which could literally happen within the next decade if we are unfortunate.

This is a very sober description of the Islamic terrorist threat we are faced with. We are NOW at war with a culture that wants, not to take over our land, but to KILL us.