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ANN KENEVAN on September 4, 2024

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ANN KENEVAN

HOW THE ECONOMY COLLAPSED FOR DUMMIES 1. 1977: Jimmy Carter (D) signs the Community Reinvestment Act, guaranteeing home loans to low-income families. 2. September 14, 1993 Bill Clinton (Democrat) signs NAFTA bill, killing US jobs... View MoreHOW THE ECONOMY COLLAPSED FOR DUMMIES 1. 1977: Jimmy Carter (D) signs the Community Reinvestment Act, guaranteeing home loans to low-income families. 2. September 14, 1993 Bill Clinton (Democrat) signs NAFTA bill, killing US jobs 3. In 1994, Barack Obama was one of the plaintiffs in a class action lawsuit, alleging that Citibank had engaged in practices that discriminated against minorities. The lawsuit forced the bank to ease its lending practices. 4. December 08, 1994 Bill Clinton (Democrat) signs GATT, killing US jobs 5. September 03, 1998, HUD publishes report damning FREDDIE MAC and FANNIE MAE for not lending home loans to unqualified blacks and Mexicans. EEOC charges that FREDDIE MAC and FANNIE MAE create "hostile" work environment toward blacks. 6. 1999: Bill Clinton (D) puts the CRA on steroids, pushing Fannie Mae and Freddie Mac to increase the number of sub-prime loans. 7. March 02, 2000, Franklin D. Raines (Democrat) chairman of FANNIE MAE pledges to open lending to unqualified blacks and Mexicans. 8. October 10, 2000 Bill Clinton (Democrat) signs U.S.-China Relations Act of 2000, killing US jobs 9. April 2001, Bush administration raised red flags over massive low-documentation loans by FNMA 10. September 30, 2002, African-American Safiyyah Rahmaan, (Democrat) sues FANNIE MAE for not lending to enough unqualified blacks. 11. September 10, 2003, Treasury Secretary John Snow (Republican) recommends to the House Financial Services Committee to impose controls on FANNIE MAE and FREDDIE MAC. Barney Frank (Democrat) and Maxine Waters (Democrat) object to controls. 12. October 2003, less than a month later, Fannie Mae disclosed 1.2 billion dollars in "accounting errors". 13. November 2003, Bush Administration increases warnings of toxic loans made by FANNIE MAE. 14. December 21, 2004, Franklin Raines (Democrat) resigns from FANNIE MAE. 15. February 2005, Bush budget plan exposes potential disaster from FANNIE MAE loans. 16. February 17, 2005, Alan Greenspan recommends limits on FANNIE MAE lending. 17. April 6, 2005, Senator Chuck Schumer (Democrat) refutes placing limits on FANNIE MAE. 18. June 2005, Deputy Secretary of Treasury, Samuel Bodman (Republican) warns of risks caused by FANNIE MAE lending to unqualified lenders. 19. April 2006, Goldman Sachs sold $494 million of securities on toxic FANNIE MAE loans. 20. May 25, 2006, Senator John McCain (Republican) warns of risks of slack limits on FANNIE MAE lending. 21. August 2007, Bush (Republican) asks Congress to put through limits on FANNIE MAE lending. 22. December 2007, Bush (Republican) warns Congress to hurry limits on FANNIE MAE lending. 23. March 2008, Bush (Republican) warns Congress again. 24. April 2008, Bush (Republican) warns Congress again. 25. April 2008, Goldman Sachs donates $1,000,000 to Obama campaign. 26. April 2008, AIG donates $630,000 to Obama campaign. 27. April 2008, Morgan Stanley donates $485,823 to Obama campaign. 28. May 03, 2008, Bush (Republican) warns Congress again. 29. May 19,2008, Bush (Republican) warns Congress again. 30. May 31, 2008, Bush (Republican) makes radio address warning Congress to pass limits on FANNIE MAE. 31. June 2008, Bush (Republican) warns Congress again. 32. July 2008, Congress finally passes a reform bill on FANNIE MAE lending. 33. November 4, 2008, Barack Hussein Obama elected president. 34. December 18, 2008 House Oversight and Government Reform Committee conducts further hearings into FANNIE MAE and FREDDIE MAC. 35. February 17, 2009, Hussein Obama (Democrat) signs bailout program. 36. March, 2009, AIG reports $62,000,000,000 loss. 37. April 2009, Goldman Sachs reports $780,000,000 loss. 38. April, 2009, Morgan Stanley reports $1,300,000,000 loss. 39. American taxpayers get stuck with over $787,000,000,000 in bailouts

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September 4, 2024