Obama’s hand in the meltdown
A quick summary of Barack Obama’s complicity in the financial sector meltdown (as revealed so far):
1. He was the attorney for a far-left agitation group called ACORN when it lobbied the Clinton administration to change rules so that banks would be forced to make more home loans to low-income people.
2. His campaign finance chairman was one of the people who had a hand in repacking these toxic loans into investment vehicles that have decimated the financial sector in the US and abroad.
3. He has received more donations from Fannie Mae and Freddie Mac than all but one other Senator (Democrat Chris Dodd). These two organizations, besides their illegal activities, exacerbated the meltdown by guaranteeing bad loans and selling them as investment vehicles to Wall St. with that guarantee.
4. He has received advice and had on his staff two corrupt Fannie/Freddie officials.
5. His party resisted regulation of Fannie and Freddie – regulation advocated by George W. Bush and John McCain, among other Republicans.