Posted by Tina
The series of events, manipulations and intimidations that led up to and then broke the financial system recently is recorded in a successive timeline posted by M. Jay Wells at American Thinker. Using quotes and gathered statistical information from news clippings and documents Wells provides the most comprehensive study of the problem Ive yet seen. Read it and learn, its an eye opener. The article begins by placing the truth about this crisis within the context of the current presidential race where its significance becomes all too apparent:
Why the Mortgage Crisis Happened, by M. Jay Wells – American Thinker
* Obama’s economic narrative of the mortgage crisis ignores the facts. He has put free-market capitalism at the root of the current mortgage industry debacle, denying the real history of government interference in that market. *** On September 15, with banking giant Lehman Brothers filing for bankruptcy protection, Obama was given the opening to begin weaving his anti-capitalist storyline. *
* And that he did. Artfully blurring the mortgage industry crisis with generalized tax policy, Obama declared, “I certainly don’t fault Senator McCain for these problems, but I do fault the economic philosophy he subscribes to. It’s a philosophy we’ve had for the last eight years, one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else.” *** The words were carefully chosen. That day in Colorado marked his return to the teleprompter and a strictly refocused campaign message intent on surreptitiously fusing the mortgage industry woes and free-market capitalism in general. Confident the American people are primed for his socialist brand of “change,” Obama maintained his anti-capitalist theme, “What we have seen in the last few days is nothing less than the final verdict on an economic philosophy that has completely failed.” According to Obama, capitalism has been “rendered . . . a colossal failure.” * (emphasis mine)
The timeline that follows totally refutes Obamas claim that free market capitalism has failed and demonstrates how even he played a significant roll in causing the housing financial crisis as this excerpt cleary shows:
* With the mechanisms in place, the community organizing groups began developing directed strategies to exert more and more pressure on the lending industry in the cloak of complicity with CRA. Community organizer Barack Obama worked closely with ACORN activists. Employing the radical Alinsky intimidation tactics Obama had learned and was teaching — “direct action” — activists crowded bank lobbies, blocked drive-up teller lanes and demonstrated at the homes of bankers to browbeat risky lending in poor and minority communities. Those who resisted were accused of racism to the media and government officials. *** The agitators could now stall or hijack bank mergers by filing complaints of non-compliance against the institutions. Lawsuits alleging redlining and racism began flooding the court system. With the prospect of expansions and mergers threatened, banks settled cases and, significantly, increasingly made loans they would not have normally made. The net effect, as ACORN litigation increased, was that credit standards lowered. *
Remember, follow the link above and scroll down to see the entire timeline of events.