Friday, September 19, 2008

The Full Truth About Our Current Economic Crisis

Barack Obama is digging a hole for himself that will assuredly give the Republicans not only the White House for four more years, but could bring the Republicans back into power in the Senate.

The more he tries to blame George Bush, the Republicans and John McCain as the culprits behind our current credit crisis the more vulnerable he becomes. He is betting the election that the majority of Americans will emotionally believe him when he rants about Phil Gramm and the deregulatory legislation of 1999.

Was Phil Gramm one the key architects behind that legislation? Yes. Is he one of the key architects of McCain's economic plan? Yes...though he has been off the payroll since July.

However, as is the custom of the liberal media who wish for Obama to win this election, they fail to report that two of Obama's key supporters, Jim Leash and James Johnson, were also key architects of that legislation. Obama claims that's irrelevent, that Leash and Johnson are not key advisors for him. And yet, if Johnson is not a key advisor on Obama's economic poliy, why is he in Florida right now with the advance Obama team advising him on how to respond to this economic crisis.

Did McCain vote in favor of the 1999 deregulatory legislation? Yes. But so did the majority of the Democrats, including Biden. Who's administration signed the bill? Bill Clinton's. In fact, the Clinton administration pushed for the advancement of the Carter Administration's Community Redevelopment Act. Some have described Clinton as having put this Act onto steroids. The Clinton administration helped create the current market of high-risk sub prime loans which is now wreaking havoc on Wall Street.

Obama is also claiming that McCain is in the pockets of the lending institution lobbyists. Yet, Obama has received the third most amount of money from these lobbyists of anyone. Only Dodd and Kerry have received more money from the Fannie Mae/Freddie Mac lobbyists. McCain took NO money from them.

Lastly, what might Obama's roll be in this crisis? Well, McCain, in 2005, helped write legislation that would have reformed Fannie Mae and Freddie Mac from "...[exposure] 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."

The legislation was defeated in the Senate when the Democrats blocked the bill. Barack Obama voted with his colleagues to block to bill. So who, in hindsight, would like for that bill to have been passed? So who is to blame that it didn't? Certainly NOT McCain.

Obama has dug himself a big hole. The latest polls show the public, at present, is believing him. Yet, the hole is dug, nonetheless. And perhaps the polls are giving Obama a false sense of security. It would serve McCain well if he would give Obama the tiniest of pushes right about now...or at the Debate on September 26th.

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