But the Economy!

Don't worry I will get back to the topic of abortion but for now I will move on to another topic. A topic of great interest to everyone these days, the economy. One thing I find completely comical is the fact that according to the polls Obama appears to be benefiting from the economical meltdown. Why I think that's funny (well actually more like scary) is because all Obama has done it criticize what John McCain's said about the economy and the trickle down effects of Bush and that John McCain has been in the Senate for 26 years and watched this happen. No Obama, he didn't watch this happen he tried to help but YOU wouldn't listen to him. But we'll get back to that in a minute. First let's take a look at history. When in office Clinton repealed the Glass-Steagall Act which allowed creation of the subprime market and created no document loans all in an attempt to make home ownership a reality for more people of all races and all incomes. Sounds good in concept. But in reality this doesn't work. Now don't get me wrong I want everyone to have a chance at home ownership but making a way through the government to do this just doesn't work. The money has to come from somewhere and as we are finding out now, we (the US) doesn't have the money to buy houses for everyone. This was a socialistic type idea and as we should be learning from other countries and from history that socialism does not work (or at least not for long) . So back to the point Obama last week started claiming that it was a lack of regulations that caused this to happen and that's it's all John McCains fault because he called for deregulation. But in reality it was having the wrong regulations in place that caused this to happen. If we had "deregulated" those like John McCain wanted to than this whole mess wouldn't have happened. You see I think where Obama is confused is that he thinks all regulations work for good and John McCain doesn't want any regulations. That is not what John McCain is saying. You need to have the right kind of regulations in place in order to protect these things from happening. It's like laws if you have a million different laws, it's hard to enforce them all so laws get broken and people get hurt but if you have the right laws and less laws in place than it is easier to enforce. That's what John McCain and others are saying. So anyway back to the Clinton days, regulations were put into place that forced lending practices that lowered standards in order to allow people to "buy" homes regardless of whether or not they could afford it. Clinton came up with a plan that argued for "creative measures" to promote home ownership. Well he got what he wished for, lenders got creative. These regulations were put into place, not to protect us from questionable lending practices but instead to force them. That coupled with greed by ordinary people, Wall St and Washington led to housing market crisis. Ok now let's talk about Fannie Mae and Freddie Mac, the main culprits in this whole meltdown. I found a really good article discussing the history of Fannie and Freddie better than i could. http://www.time.com/time/business/article/0,8599,1822766,00.html. Basically Fannie and Freddie had one leg in private sector, one leg in government. That is asking for corruption and corruption answered. Senator Obama was the 2nd largest recipient of money ( close to $200,000) from Fannie and Freddie in only 2 years in the Senate. And Senator Obama opposed legislation which was proposed in 2005 which was cosigned by John McCain that would have helped to prevent this current financial crisis from happening http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190. I wonder why Obama and other democrats ( and some republicans) opposed this legislation warning that if something wasn't done it would create enormous financial ramifications? It couldn't possibly be because Obama and others had vested interest could it? Now don't get me wrong, I am not saying that the current administration is blameless when it comes to the current crisis. Bush tried to do somethings in 2003 as well but he wasn't forceful enough and so nothing was done. But what I am saying is that it has a lot more to do with Obama and the Democratic Party than he would ever admit to. And it shows me he doesn't have the judgement needed to run the economy of our country which was founded on free market principles.