"Mike" nospam @ microsoft.com wrote in message
news
"Irish Mike" wrote in message
...

"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.

Fortunately most people don't subscribe to the wingnut BS that you cut and
paste without bothering to fact check the validity.

I didn't cut and paste any thing. But, please, point out any thing that I
said in my post that was not accurate, true and factual.

Irish Mike