This whole ‘uprising’ against Wall Street can be debunked easily. It is nothing more than a fake Democrat and socialist and communist movement against capitalism.
The socialist left has caused the world economic crisis and now wants to put the blame elsewhere. No matter what anyone tries to argue, the following are 20 established facts:
*The current American crisis was set off by a huge infusion of bad paper into the financial system from government agencies Fannie Mae and Freddie Mac. It was called “the subprime crisis” before the media nixed the term because it made Democrats look bad. It referred to trillions in loans that banks were forced to make to poor people by Democrat policy makers. If banks had been allowed to make loans on their own terms, the crisis never would have happened.
Now after Democrat policies ruined the system, even Obama has said that poor people might be “better off renting”. Which is what conservatives have said all along.
*George Bush and John McCain warned for years that Fannie Mae would collapse. But Democrats propped it up and fought legislative reform. Democrat congressman Barney Frank of Massachusetts, as chairman of the House banking committee, said over and over that Fannie was in great shape. Frank said it publicly as late as July 2008. Fannie collapsed in September 2008.
*The biggest fish on Wall Street today are Democrats, and so any anger should be directed at the Democrat party. Lloyd Blankfein, chairman of Goldman Sachs, is a 100% Obama supporter. The former chairman of Goldman was left-wing Democrat Jon Corzine who went on to become Democrat governor of New Jersey. Jamie Dimon, CEO of JPMorgan Chase, is a huge Democrat donor. You can go down the list.
*Bernie Madoff, the biggest Ponzi-scheme swindler of all time, gave virtually all his campaign contributions to Democrats. The ‘Bernie Madoff of Texas’, R. Allen Stanford, was a big-time Democrat party operative who was close to Bill Clinton.
*The biggest swindler of the 1920s was Joseph P. Kennedy of the liberal Kennedy family who made a fortune off of stock market manipulations that left thousands of small investors broke.
*The most recent Wall Street bigwig to go to jail was Indian-born Raj Rajartnam, who is a 98% Democrat donor. He got 11 years for insider trading.
*New York bank Citigroup virtually collapsed after it was run for eight critical years (2001-2009) by one of the most prominent Democrats in recent history, Robert Rubin, who was Treasury secretary under Bill Clinton.
So if there is anger at the banks and at Wall Street, look at who is running the banks and Wall Street, and ripping them off – Democrats and leftists and socialists…
But wait! There’s more!
*The housing ‘bubble’ that burst was caused by “easy credit” policies at American banks. In the old days, banks demanded 20% down or more and a proven work history. But the liberals attacked the banks for that policy. Liberals said that ‘poor people’ couldn’t save up the 20% and didn’t have good work histories. Yet those requirements were rational because they required people to have their own equity in the game. “Easy credit” absolved them of that responsibility. And with easy credit and without equity in their homes, many borrowers, including non-poor people, walked away and gave the houses back to the banks.
*The housing ‘bubble’ also was caused largely by one man in the government – Alan Greenspan, chairman of the Federal Reserve. Greenspan set interest rates too low. There is universal agreement on this. Yet conservatives and capitalists always warn never, ever to let government set wages or prices, no matter who is setting the wages or prices and no matter what his past record or his outlook or his philosophy may be. And Greenspan guessed wrong and set the “price” of loan money way too low.
*Obama and his wife are using taxpayer money to live a lavish lifestyle with parties and travel and expensive clothes and jewelry. We conservatives have always warned that leaders like this are showing us who the real socialist oligarchs are.
*Warren Buffett is one of the wealthiest men in America and is a huge Obama supporter. The reason? Because he does not want to pay up to $1 billion in taxes his company is said to owe to the federal government. Democrat cronyism anyone?
*Europeans now are marching against “corporate greed” and “rich people” and against crucial austerity measures. Yet we conservatives have warned for decades that their heavily-taxed, big-spending cradle-to-grave socialist economies would eventually collapse. Government debt is the root of the world economic crisis. What Euros really want is the good old days when they could retire at 55 and live off the government for decades and have 35-hour work weeks and have the whole month of August for vacation. But you can’t… And now they are looking for scapegoats, i.e, anyone but themselves and their own slacker habits.
*One Wall Street protester said that he was angry because he had large college loans to pay off. Yet he pointed no fingers at the radical leftists who control our universities and who have been known for gouging the families of America for exorbitant tuition costs for decades. No, it must be Wall Street who gave him all that debt!
*Poor people in America have been coddled by the Democrat welfare state for decades. So tens of millions have become dependent and are taking money out of the economy while contributing zero to our economy. This formula cannot endure. We conservatives warned about it.
*The economy could be recovering from this Democrat-made mess if Democrats would allow it. But they will not. Go into rural America where jobs are being thwarted by environmentalist policies and have been for decades. Go see the handiwork of no-growth activists and enviro activists on the political left killing jobs and economic development projects (logging, power plant construction, mining, oil drilling, quarrying, ranching, factory construction etc.) everywhere they can in rural and small-town areas where people have little political power to resist these well-financed enviro assaults.
*Urban economies, where millions are suffering in the cities, are under 100% Democrat control. You cannot start businesses in many urban and inner-city areas because of massive corruption and bureaucracy. So the people living there cannot become self-reliant.
*Democrat policies of excessive taxation and regulation, inefficient ‘green’ energy, and lawsuits have been driving prosperity from our shores for decades. This is one of the big stories that need not be re-told here. The chickens now have come home to roost.
*Labor unions, allied with the Democrat party, have been destroying millions of jobs, trillions in wealth and entire industries (railroads, steel, General Motors, Chrysler etc.) with outrageous wage demands and ridiculous work rules.
*Look at the American states with hard-core Democrat ruling majorities like California, Vermont, Massachusetts and Illinois, and you will see struggling economies, with productive, educated people leaving for lack of opportunity. These people are moving to conservative states where jobs exist. Ultra-lib New York state is reported to have has lost 10% of its population in the last 10 years. Shouldn’t a high-tax welfare state like New York be utopia?
*Obama spent $800 billion in government ‘stimulus’ money and produced zero. Isn’t he supposed to be on the “caring” Democrat left where government fixes everything?
But, oh, no, it must be George Bush and Wall Street and capitalism that is causing this crisis.
And oh, yes, here’s #21.
*Communist China, Iran and the American Communist and Nazi parties support the Wall Street protests.
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