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

Hmmm, so let me see how your game works. You feel free to post the most
ridiculous BS without one single reference and then you think the burden of
proving your BS wrong rests with the reader? I don't really feel the
obligation to prove it's BS, but since I enjoy showing how some people are
clueless, I'll be happy to take you up on your challenge.

Here's a few instances of BS in your long winded rant that you seem
insistent on taking full credit for:

1) CRA doesn't issue fines and never has from the first day Carter signed it
through its many changes and up to today. From this alone, one can conclude
that you don't have the slightest idea what you're talking about.

2) 80% of subprime mortgages were issued by financial institutions that
weren't covered by CRA.

3) In 2004, Republicans controlled both the executive and legislative
branches of government, yet you blame the Democrats for defeat of subprime
mortgage legislation.

4) The Democrats passed legislation increasing regulation on GSEs not long
after they took charge (after many years of Republicans failing to do so),
yet you blame Barney Frank's leadership for their losing 90% of their value
due to a problem that took many years to develop.

5) The warning letter you claim McCain "wrote", was actually written by
someone else and was signed by numerous senators, including McCain. It was
written to the Republican leadership in the US Senate urging more floor time
to debate GSE reform and it was ignored by Bill Frist (R).

6) As far as McCain "warning" anyone about anything, all you have to do is
listen to his own words:
"I don't really know of hardly anybody who, with the exception of a handful,
that said, wait a minute this thing is getting completely out of hand and is
overheating. So, I'd like to tell you I did anticipate it, but I have to
give you straight talk. I did not."
http://www.nhelects.com/NHPrimaryVid...HTitle=VLTitle