For all Republicans, anybody with half a brain, and 2% of Democrats, it is evident that the Democrats were the genesis of the financial meltdown that Obama has so skillfully heaped on the tortured shoulders of Senator John McCain. The two ironies are that McCain is the person who rang the warning bell on the crisis and the corruption associated with it to begin with, while Obama was one of the corruptors, receiving lots of mula to help Fannie and Freddie! I promise this will not be yet another blog about the financial crisis or the bailout, but I do want to put it in a bit of context, then we will focus on the Obama ’09 Job Report.
So the crisis began under Jimmy Carter, the 2nd worst president in US history, next to Clinton. Carter engendered the Community Redevelopment Act, a well-intended law designed to encourage minority homeownership. Democrats have good ideas, as they are idealists. However they rarely look beyond their noses, and then play “Who’s on first”, when the cake hits the fan. So Carter got it started, then Clinton entered stage “left”, pardon the pun.
Now I won’t give Clinton all the blame since it was two Republicans who sponsored this bill. The Gramm-Leach-Bliley Act, enacted November 12, 1999, is an Act of the United States Congress which repealed part of the Glass-Steagall Act of 1933, opening up competition among banks, securities companies and insurance companies. The Glass-Steagall Act prohibited a bank from offering investment, commercial banking, and insurance services. Clinton should have vetoed this bill, and he knows it.
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He knows what the truth can do to his legacy, or what legacy he believes he as. So in an effort not to torpedo his legacy, Clinton actually “Obamaed” his party, throwing them under the proverbial bus [Hey Grandma and Reverend Wright, it’s Barack!].
In a statement to ABC’s Chris Cuomo, Clinton said that Democrats for years have been “…resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac.”
Obama and his advisors have released their ’09 Jobs Plan, in a bold and pre-emptive move, and I was privy to the advanced report. Please review the video posted, as the report is a testament to Obama’s and his staff’s bold new ideas for America.
Be sure to know where to go to get your next job under President Obama.