Cross-posted by Gary Fouse
"Oh yee suckers"
Today, President Obama announced a 75 billion dollar plan to bail out homeowners who have been unable to make payments on homes they purchased. As is his wont, Obama laid the blame for the mortgage mess squarely on the lenders.
Under the plan, there will be tons of money for the home owners and tons of money for Fannie Mae and Freddie Mac. And where will all these tons of money come from? From us-the tax-payers, the home-owners who bought homes they could afford and always made the payments.
What Obama didn't mention in his announcement today was the real culprit in the mortgage collapse-the Government. Obama didn't say anything about Barney Frank. You remember Barney Frank, don't you? You should because he is still around as Chairman of the Financial Services Committee. He is the guy who pressured lenders to give out to home mortgage borrowers from lower economic segments of the population under threat of discrimination suits. He is the guy who was involved in a romantic relationship with former Fannie Mae executive, Herb Moses, to whom he brought home the bacon. He is the guy who assured us all that Fannie Mae and Freddie Mac were doing fine when the White House and Republicans were raising red flags and calling for greater scrutiny.
Obama never mentioned the name of Chris Dodd, another defender of the two above entities, who received the most money from them of any member of Congress.
Obama never mentioned the name of Maxine Waters, who also defended Fannie and Freddie, in Fannie's case adding, ".....under the outstanding leadership of Franklin Raines."
Follow the money, folks.
Even more alarming is the inescapable fact that what we are witnessing is a massive and rapid move toward socialism. The sound you hear is the massive transfer of wealth from the people who produce to those who do not.
"From each according to his abilities to each according to his needs."
This is the change that candidate Barack Obama was talking about. Not a change in the openness and transparency of government. Not a change toward less corruption. Not a change in reforming our rotten political system. It is a change toward socialism.