"David E. Powell" wrote in message
...
On Oct 8, 3:28 pm, "Neil Gould" wrote:
wrote:
On Oct 7, 5:23 pm, Deadmoney Walking wrote:

Can they gain entry due to the skin color of their fathers?

actually, obama didn't fill out the race portion of his application to
Harvard. So he got in based on his qualifications alone. Unlike
McCain...

Who not only didn't get into Havard, but finished 5th from last at the
Naval
Academy.

"And unlike Obama we know this. Notice that with McCain they find
people going back to grade school who talk freely about him, people
know where he has stood since he was a kid. With Obama his career
seems to start when he got elected Senator and started running for
President. So does his whole biography. We hear "Community Organizer."
OK. Organizing a community for what? Working with who? To what ends?"

Obama was an arm twister for ACORN, one of the crookedest community
shake-down groups in the country. They are currently under investigation
for voter registration fraud in more than half a dozen states. In 1977
Jimmy Carter passed the Community Reinvestment Act to force banks to make
home mortgage loans to financially unqualified miniorities in inner city
neighborhoods. They fined any bank that did not comply. ACORN was funded
by the Democrat party and helped them use "entitlement" subprime mortgage
loans to buy minority votes. ACORN harrassed, intimidated and played the
race card on any bank or finanace company that refused to make these unsound
subprime mortgage loans. Obama helped ACORN file a law suit against an
Illinois finance company to block their desired merger with another finance
compay. ACORN succressfully argued that the finance company had not made
enough subprime mortgage loans to minorities. Obama won the law suit and
banks and finance companies all across the country began lowering their
standards for subprime loans to minorities. Plus, the Democrats were
pressuring F-MAE and F-MAC to buy up more and more of these subprime home
mortgages. Then, in 1999, Bill Clinton required that F-MAE and F-MAC have
up to 50% of their investment portfolios made up of subprime mortgages.
This sent a clear message to Wall Street. And that message was that F-MAE
and F-MAC would buy up all the high risk subprimes mortgages for minorities
and low income people that the banks could write. Well the banks loved it.
They were making money from up-front mortgage processing fees from mortgages
to unqualified buyers that they would have never given a loan to in a
hundred years if F-MAE and F-MAC weren't there to buy them. Then the banks
got greedy and started bundling and reselling these subprime mortgages to
investment banks, pension funds, insurance companies and private investors.
In 2001 Bush tried to warn the country of the dangers of F-MAE and F-MAC but
no one listened and Bush didn't push the warning as hard as he should have.
John McCain wrote a warning letter, which was also ignored. In 2004, the
Republicans introduced legislation that would have prevented, or at least
greatly reduced, the impact of the subprime mortgage disaster but it was
defeated by the Democrats and never passed. Eventually the housing market
over heated from the influx of all this subprime mortgage cash and home
prices were artifically inflated. Then the market corrected itself and home
prices plunged. And what happened to all these unqualified buyers who
bought houses they couldn't afford with mortgages they were too stupid to
read?

They found themselves paying on a $250K mortgage for a house that was now
only worth $200K. What did they do? They just stopped making the mortgage
payments. They weren't worried about ruining their credit because their
credit was **** to begin with and they knew they never should have qualified
for the home mortgage in the first place. They didn't put any money down,
so they had no skin in the game. And the Democrats were telling them
theywere "victims" any way. So when the subprime mortgages began to fail,
it affected all of the other companies that had bought up these bundled and
re-sold subprime mortgages. Because they had been used as collateral for
even more loans. And then F-MAE and F-MAC, which they had thought was their
"safety-net' went bankrupt for all practical purposes and the whole
house-of-cards collapsed. The Democrats have controlled congress and
chaired all of the banking and finance committees for the past two years.
Between 8/07 and 8/08, under the "leadership" of Democrats and Barney Frank,
F-MAE and F-MAC lost 90% of their stock value.

The sad thing is that this financial disaster, which was caused by the
predatory political tactics of Obama and the Democrats, is actually going to
put them in the White House.

Irish Mike