Hypocrite-in-Chief
At almost every chance, Barack Obama loves to castigate "Greedy Wall Streeters" and "Fat Cat Bankers" for causing the Financial Crisis. He always goes on to say that "they changed the rules" and "they play by a different set of rules" (than the rest of us?)
Those statements are so disingenuous and full of hypocrisy that it is galling each time I hear him say this.
Why? As a young attorney in Chicago, Barack Obama was one of the FIRST people to use the race card and hold a gun to the heads of the banks for not making enough mortgage loans to people with bad credit. The banks' computer modeling showed that people with low credit scores, small downpayments and spotty job history would default on those loans in significantly higher numbers than the historical 2% default rate as far back as records were kept. Selma Buycks-Roberson was a black woman declined for a loan and she retained the law firm Obama was part of and sued Citi, alleging racial discrimination even though she had a subprime borrowers trademark issues as mentioned above. The details of this and how that landmark lawsuit opened the floodgates for enormous numbers of subprime loans to Blacks and Hispanics in the Chicago area are detailed in my book, Skullduggery! True Causes of the Financial Crisis. Buy the book. Spread the word. Obama needs to face the demons of his own making!
http://dailycaller.com/2012/09/03/with-landmark-lawsuit-barack-obama-pushed-banks-to-give-subprime-loans-to-chicagos-african-americans/ (this link is repeated below)
This "movement" of forcing banks to lower their credit standards from Fannie Mae / Freddie Mac (prime mortgage) guidelines to subprime mortgage "standards" was that proverbial first pebble in the pond and started the ripples that from 1998 to 2007 injected toxic, ticking time bomb subprime mortgages into the financial arteries of the global economic system, finally imploding in the Fall of 2007.
You might say that Obama, as a young attorney, was like the fable of the Little Dutch Boy who pulled his finger from the dike and this subprime trickle turned into a tsunami of subprime mortgages that destroyed capitalism. Bill Clinton was president from 1992-2000. After Obama's landmark lawsuit settled, Clinton had his Treasury Secretary, Robert Rubin, re-write the charters (the rules if you will) of Fannie Mae and Freddie Mac, allowing them for the first time ever to purchase subprime loans from the banks. This ended the final excuse the banks proffered as to why they could only do a few subprime loans and the demand for home loans surged about 30% from 1999 to 2007, culminating in a classic financial bubble that burst.
So, Obama is as guilty as anyone, perhaps more so, in "changing the rules" and "gaming the system" that FORCED those Fat Cat Bankers and Greedy Wall Streeters into making subprime loans. In the process, Obama was instrumental in devastating the Black and Hispanic communities who have seen in excess of 50% foreclosures on the homes that Obama paved the way for them buy... homes they could not afford. He hurt worst the very people he purports to be helping and yet to this day he vigorously tries to make us believe it was the banks that wrought this disaster on the economy!
The article at this link has significant detail on Obama's roles in causing The Financial Crisis. Rest assured that the Mainstream Media isn't reporting this. It is up to YOU, citizens that want / demand that the fault for this current Financial Crisis falls on the people like Obama and Clinton, squarely where it belongs.
http://dailycaller.com/2012/09/03/with-landmark-lawsuit-barack-obama-pushed-banks-to-give-subprime-loans-to-chicagos-african-americans/
I encourage everyone to share this link with everyone so that the voters can determine for themselves who "gamed the system" and "changed the rules" that took down the global economy. And you wonder why Obama and Clinton are now in lockstep with their messaging on the campaign trail. It's all an effort to deflect attention away from their own VERY significant roles in orchestrating the takedown of the economy. That, my friends is classic projection!
Ted Krager
author of the big new book: Skullduggery! True Causes of the Financial Crisis - a devastating insider's / whistleblower book with over 450 pages of revelations about the real people who are responsible for the destruction of the economy.
You can reach me at:
tkrager@gmail.com and on Twitter @homeowneriq
Just 57 days to the most important election of our lifetimes
http://www.skullduggerybook.com/
http://www.youtube.com/watch?v=WRGKbgmU94A&feature=plcp (1 minute video about the book)
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