Media spin on financial mess

Today on 60 Minutes they discussed the unregulated practice of selling default swaps. These insurance policies were sold to buyers of batches of junk mortgages as an inducement so the paper could be sold easily. The CBS program rightfully explained the practice where these "swaps" could be sold without regulation because if they were called insurance, they would be regulated by requiring money reserves to cover the insurance policies. You see, it was Bear Stearns, AIG, and all the rest of the big groups now in trouble that did this. I suppose that if I have a bag full of dog crap and I want to sell it, if I also offer insurance that it has value, it helps. Well, 60 Minutes is trying to say these groups got in trouble because of this. That there were trillions of dollars in losses in these default swaps. There were.

The truth of the matter is that Fannie and Freddie manipulated the ratings of these junk sub-prime mortgages which caused these Wall St. finance companies to try to insure these pieces of toilet paper so they could sell them. As I said before if a bag of dog crap is insured and the insurance company can't pay, what was the problem? Obviously the bag of crap was in the first place.

The media can rally around their Democrat cronies in all kind of ways, but the problem is that Freddie and Fannie scammed the system and the overseers in Congress knew it and let it go on because these two groups were giving money to their campaigns and funding affordable housing projects. You see the Democrats thing the ends justify the means no matter what.

Now we have been fleeced for 700 Billion dollars. We will never see half of that despite what they are telling us. Obama stepped into this mess with both feet. He helped Acorn forcefully push these no money down plans to financial institutes. The mortgage companies were pushed to do it or face the unspoken consequences. They all did it. No different then how Jesse Jackson got a Coca-Cola bottling distributorship for his sons. Intimidation! Obama trained the Acorn directors on how to do it and acted as General Council (head lawyer) to protect them. Oh by the way, did I say that Obama was third in most money received from Freddie and Fannie and he voted against the Republican effort to increase oversight on Freddie and Fannie in 2005?

Obama is dangerous and his anti-establishment efforts over the years should be proof. America needs to wake up. If you need to show the world that you are not against blacks, do it another way. Electing this man is the wrong way.