AviationBanter - View Single Post - Demand that Obama release his college records! Where is the media?

**Bertie the Bunyip[_28_]**

"Irish Mike" wrote in
:

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

"David E. Powell" wrote in message
news:bbb71dc6-3fff-4cda-ac8d-

m... 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.

Pretty much the whole thing..

BTW, if you're actually irish, why would you care anyhow?

Bertie