posted September 15, 2008 05:58 PM            

quote:

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Some of the liberals on these boards claim that the "right wing free market extremism" was the reason behind these failures.

The truth, however, is the reverse - Democrats created, championed, and ruined these "Government Enterprises".

I challenge any liberal to refute the facts below:

- The Dumocrats created both entities - FDR created Fannie Mae and LBJ created Freddie Mac

- Both of these are "government sponsored enterprises" (GSE) - regulated by another Govt entity (HUD) and without any real free enterprise controls. "Fannie Mae and Freddie Mac are the only two Fortune 500 companies that are not required to inform the public about any financial difficulties that they may be having. "

- As any other GSE without true shareholder accountability, they are more prone to go astray particularly with incompetent leaders like Andrew Cuomo (see next paragraph)

For more detail: http://hnn.us/articles/1849.html

In recent history, HUD Director, Cuomo (during the Clinton years) pushed both funds into the risky sub-prime markets - the begining of the end:

"[Andrew Cuomo] turned the Federal Housing Administration mortgage program into a sweetheart lender with sky-high loan ceilings and no money down, and he legalized what a federal judge has branded "kickbacks" to brokers that have fueled the sale of overpriced and unsupportable loans. "
http://www.villagevoice.com/2008-08-05/news/how-andrew-cuo mo-gave-birth-to-the-crisis-at-fannie-mae-and-freddie-mac/

If you elect Obama, more of these Govt ventures will happen including the "Govt Health Care Enterprise". Frank Marshall Davis taught Obama that a Marxist/Socialist economy can really work - the Soviets simply did not execute it properly.

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posted September 15, 2008 09:56 PM            

(Your lines are ...)

Dems: [Improvise along the standard lines; evade and deny, evade and deny ....]