Andreas Whittam Smith: Banks must clean up their mess
For financial markets, it has again been an extraordinary weekend, one of a series since the vicious credit squeeze began just over a year ago.
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#1 Sep 20, 2008
Interesting that people blame the current problem on McCain.
Bill Clinton was the man who created the monster of Fannie Mae by forcing the reduction of lending standards. Congressional Democrats thereafter
protected Fannie from Bush administration and McCain attempts to reign in Fannie Mae. The top two individuals in the Senate with ties to Fannie Mae were Senators Dodd and Obama. Chris Dodd was the man in charge of regulating Fannie. He resisted all attempts to tighten regulation on Fannie Mae, killing McCain's proposed legislation. He received the most in campaign donations from Fannie and got sweetheart mortgage deals from Fannie related Countrywide. Number two on the list for taking money from Fannie is Obama. He also has as his senior advisor the former head of Fannie, Franklin Raines - the same guy who oversaw a multibillion dollar accounting scam at Fannie.
Take a look at what some say about Obama's tax plan:
Obama says he is going to delay his economic plan if he gets in as president because he admits it will hurt the economy now. Duh. That is like saying he'll wait until the economy recovers before he hits it some more and sends it reeling again.
Wake up folks...we don't have enough rich men to pay for all his programs...you and I will have to take up the slack, and it will be a big one!
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