DU Help............viral e-mail blaming the Dems for meltdown

Written by Jerry Teasley of Pine Mountain , GA., a former
> Banker
>
>
> Most of my friends know, I have tried to stop thinking, but
> I can't help it
> in the wake of all the recent economic news.
>
>
> My banking career started in 1970 and ended in 1993, but I
> still keep close
> ties to the industry. During my banking years I did learn
> one or two things
> along the way. The problem with our economy today is from
> a liberal
> thinking congress, senators, and presidents, as well as
> greed and
> dishonesty. When you put these together it spells disaster
> in any area of
> our life.
>
>
> Ask any banker (just walk in and ask one that has been
> there for 15 or 20
> years) and they will tell you these are the FACTS:
>
>
> * Under Jimmy Carter we received the Community Reinvestment
> act. This
> law says banks have to make loans in low income areas and
> it has forced many
> lending institutions to seek to make loans to people in
> areas that lenders
> would not normally go because of the risk and low property
> values. (Sub
> Prime Loans). This was in 1977. In 1980 president Carter
> and a Democratic
> controlled congress passed the Depository Institutions
> Deregulation and
> Monetary Control Act-- The law also removed the power of
> the Federal Reserve
> Board of Governors under the Glass-Steagall Act and
> Regulation to set the interest rates of
> savings accounts. A Sad fact is we are all still feeling
> the effects of his
> policies and decisions 30 years later.
> <http://en.wikipedia.org/wiki/Glass-Steagall_Act
> <http://en.wikipedia.org/wiki/Regulation_Q
>
>
> * Then in 1995, Bill Clinton made changes to the
> Community Reinvestment Act, that forced an increase in the
> number of loans
>
> to these people and the aggregate dollar amounts loaned.--
> Larger loans to
> people with less income in areas where the collateral value
> would go down
> instead of up. ( Clinton should have had his mind on the
> long range effects
> of this instead of Monica and a good cigar.) This was in
> response to
> pressure from 'community organizer.' Can you think
> of a former Community
> organizer running for president? Hint - he's a
> Democrat
>
>
> * In 1999 Mr. Clinton signed to repeal the Glass-Steagall
> act which
> had protected taxpayers since the Great Depression.
>
>
> * In 2003 President Bush tried to propose a change in
> regulatory
> control over Freddie Mac and Fannie Mae and place both
> companies under the
> control of the Department of the Treasury, but was voted
> down by the liberal
> democrats led by Barney Frank. Remember the name Barney
> Frank, he is one of
> Obama's top two economic advisors the other is Jim
> Johnson who was the head of Freddie Mac and walked away with
> $24,000,000.
>
>
> * Now, Mr. Obama and his liberal cronies are spinning the
> facts so you will believe that all our financial problems
> are because of Bush's failed economic policy. However,
> OBAMA'S two MOST TRUSTED ECONOMIC ADVISERS TO HIS
> CAMPAIGN are the very people that were in control of Freddie
> Mac- Jim Johnson $24,000,000 and Fannie Mae - Franklin
> Raines $90,000,000 in 6 years).
>
> In addition, since 1989 their have been several politicians
> who have received campaign donations and kick backs from
> these two failed institutions. The #1 recipient is Senator
> Chris Dodd-D RI and the runner up is none other than Senator
> Barrack Obama who received the second largest amount of
> donations (over $500,000) which is phenomenal because he has
> only been in the Senate for 3 years.
>
>
> When Enron went belly up, we demanded Senate hearings and
> investigations.
> Why aren't the Democrats demanding the same with these
> companies?
>
> But, oh yeah, I forgot. It is Bush's fault! (Yeah,
> Right, Sure it is).
> Just ask a Banker.
>
>
> I am Jerry Teasley, banker, and I approved this email.