McCain, Obama, and the "Credit Crisis"

OK. Let's review the bidding.
1977 - Jimmuh Cahtuh and the Community Reinvestment Act (CRA) - Encourage banks to make loans to risky clients.
Enter ACORN

ACORN is a non-profit, non-partisan social justice organization with national
headquarters in New York, New Orleans and Washington, D.C. To maintain
independence, ACORN does not accept government funding and is not tax exempt.

Since 1970 ACORN ( Association of [originally Arkansas] Community Organizations for Reform Now) has been pressuring banks to make loans to high-risk clients. In 1990, they launched the first challenge to block a merger based on non-compliance with CRA.

2004 - Republicans want to investigate Freddie Mac and Fannie Mae. Democrats oppose.

2008 - The bad loans begin to default. Freddie and Fannie hold a huge portfolio of bad paper.

2008 - President Bush, Pelosi, Reid, etc (including both McCain and Obama) push for a $700 billion bailout which is widely opposed by Main Street America. It fails in the House and the finger-pointing begins. McCain calls it a failure to act. Congress did act. They REJECTED the bailout, as the majority of Americans wanted them to. It was Bi-Partisan, with nearly 100 Democrats voting against it. Even ACORN opposed the bailout, even though a staggering amount of the funds would have gone to ACORN (in direct opposition to their statement above).

2008-Sep 29 - The market (Dow Jones Average) falls over 770 points in one day, the largest single point loss in history. As a percentage of the Dow, however, it is about 6.5% and would not make the list of the ten largest drops.

2008-Sep-30 - The market rebounds with the Dow gaining 485 points. Meanwhile, the media and the political talking heads decry the tragedy of not getting the bailout pushed through.

Let's see what happens tomorrow. And visit here for more information.

Hil(l)ar(y)ious Sarah

Joe Biden on McCain's speech

Imagine, Joe Biden took the time to send me an eMail. Wow. My comments are next to his.

From: Joe Biden [mailto:info@barackobama.com]
Sent: Friday, September 05, 2008 5:01 AM
To: Pat'sRick
Subject: McCain's speech

Richard -- John McCain just accepted the Republican nomination and adopted the most conservative platform in the history of his party. And I say, right on. It’s about time! After days of negative attacks -- and no mention of real proposals to fix our economy, get more people health care, or make America safer -- the party that brought you eight years of disastrous policies is asking for four more. Yes, I know you have spent a week attacking Sarah Palin, but beyond that, it isn’t the government’s job to “fix” the economy. They tried that for years in the Soviet Union and it never works. Besides, unemployment is lower now than during the Clinton years. As for health care – nobody is denied health care. You are confusing health INSURANCE with health CARE. Republicans make America safer by taking the fight to the terrorists. Well, not if we have anything to say about it. And that’s what is scary. Across this nation, people like you (you wish) have joined this movement because you believe that we are better than the past eight years. And now that we are entering the final stretch, it's going to take all of us to bring the change we need. Step up at this crucial moment and make a donation of $5 or more to change our country. I will, to McCain-Palin. After the last eight years, it's up to you to keep America's promise alive. How can John McCain pull us out of the deep hole we're in when he voted with George Bush more than 90% of the time? See, here is my question: what hole? The American people deserve more than a 10% chance at change. And they deserve better than Chicago thug politics. No matter what McCain says, we can't bring about change by relying on the same ideas that have failed us for the last eight years. Obviously, you haven’t been listening. Show the McCain campaign that people coming together, giving what they can afford, and working toward a common purpose will transform this country. I will, I ‘ll double my McCain contribution. Change begins with you. Please make a donation of $5 or more now: Thanks for everything you're doing, Joe