The talking heads are doing major lip moving on the economy. What has caused all of these huge institutions to fail? Why now? Was it the big Wall Street fat cats looking to gold-plate yet another bathroom fixture? Just one more Ferrari and I’ll be happy?
And what happened to my favorite house flipping shows?
The catalyst for the economic woes is the subprime lending mess. Did you know Obama’s national finance chairwoman, Penny Pritzker, helped run a Chicago bank, Superior Bank, which preyed upon minorities with subprime lending?
Did you know the bank went out of business after falling 1 billion in debt?
And this from the same article:
As an owner and board chair of Superior, Penny Pritzker also was named in a RICO class action suit on behalf of the more than 1,400 depositors at Superior, who initially lost over $50 million of their life savings.
Remember, this is the woman who is Obama’s national finance chairwoman!
That’s just the tip of the iceberg.
Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.
Here are a few links to articles which are tying bad policies back to Obama:
THE REAL SCANDAL- HOW FEDS INVITED THE MORTGAGE MESS
The Best Congress Fannie Could Buy
McCain’s attempt to fix Fannie Mae, Freddie Mac in 2005; Update: Obama can’t get AIG right
More to come…
Above My Pay Grade! 