Obama presidency won’t change U.S.

Published 2:54 pm Saturday, October 18, 2008

The recent stunning credit and financial crisis has put savings and retirements in jeopardy for many Americans. This entire situation was avoidable. While our entire government and much of Wall Street can take credit for this debacle, a little digging turns up some important facts.

We are now hearing of Barack Obama being connected with a group called ACORN — Association of Community Organizations for Reform Now. In his early years with ACORN, Obama trained others to pressure bankers into making sub-prime loans, which, of course, were the genesis of this crisis. As a senator, Obama did nothing to “change” the Fannie/Freddie situation. It should be noted that Obama is the No. 2 recipient of money from those institutions behind Democrat Chris Dodd (yes, Republicans also took money). It is reported that “Jimmy Carter created the Community Reinvestment Act, and Bill Clinton gave it teeth by forcing banks to give sub-prime loans.”

Democrat Barney Frank, in hearings, said that there was no problem with Fannie/Freddie, but even if there were a problem “the federal government wouldn’t bail them out.” Frank was 100 percent wrong, yet he points the finger of blame at Wall Street and Republicans.

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From 2002 to 2006 Bush and the Republicans tried to put more regulations on Fannie/Freddie to stop the growing crisis. Allan Greenspan even testified that if Fannie/Freddie went bad taxpayers would probably be left holding the bag.

In 2006 John McCain co-sponsored legislation to tighten Fannie/Freddie regulations. All Republicans were for it, all Democrats against it. It is reported that Obama didn’t even weigh in on the subject. Analysts have stated that if regulations on Fannie/Freddie had been put in place, this crisis might never have happened.

In retrospect, Obama was a contributor to this financial crisis from the ground up; he helped pressure banks to give out risky loans and later did nothing to stop the financial crisis.

Even Democrat Bill Clinton has noted the Democrats complicity in this matter. He said that some of the responsibility for this financial crisis “may rest with the democrats in resisting efforts of Republicans to tighten regulations.”

On another issue, it should also be noted that Obama defended ACORN members in cases involving voter fraud. Indeed, ACORN has been implicated and even found guilty of some of the largest cases of voter fraud ever. ACORN has been implicated in voter fraud in over 14 states.

It should be no surprise that ACORN is a proud (financial) supporter of Obama.

Obama may be for change, but I think it is more likely that an Obama presidency will merely prove the addage, “The more things change, the more they stay the same.”

Tom Jacobson

Albert Lea