Thursday, September 18, 2008

Democrat Culpability for Wall Street Debacle-The Truth that Obama dare not speak

Barack Obama and his apologists Goebbels like have spun the fable that the John McCain is largely responsible for the Wall Street debacle. This is another in a series of vicious smears emanating from the Obama camp. In truth major responsibility rests with the Democrats. This problem had its genesis in policies pursued by the Clinton administration.

Michael Reagan in a brilliant article titled "Democrats Own the Wall Street Debacle" in spells out the unvarnished truth. Here is an appetiser.

".....Obama brazenly blames John McCain and the GOP for the current Wall Street mess when it’s clear none of it was due to Republican policies. The truth of the matter is that it was McCain and three GOP colleagues who sought to reform the government’s lending policies three long years ago after the Bush administration had failed two years earlier. On May 25, 2006, McCain spoke on behalf of the Federal Housing Enterprise Regulatory Reform Act of 2005, and warned against the debacle we are now facing if it failed to pass........."

.."McCain warned, “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.”
McCain predicted the entire collapse we now are suffering through. He stressed the falsification of financial records to benefit executives, including Obama advisers Franklin Raines and Jim Johnson"

Make sure to read the full article here

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