Tag Archives: Freddie Mac

The Glenn Beck ACORN Story: Big Point That Was Missed

The Glenn Beck – ACORN Story: The Big Point that Was Missed 

by John Galt

September 10, 2009

Glenn, God Bless ya Buddy!

I mean that my friend via radio and television. You have done many great things and this current story first broken on the mainstream by your radio show and the fine folks at Breitbart via www.biggovernment.com (Link to story here ) has exposed the fine people at ACORN to be just what they are: Poverty Pimps. It is a good thing they are “helping” with the census because I would hate for underage illegal prostitutes from El Salvador to not be counted and insured they get all the benefits and numerous voting rights for Democrats that they deserve.

As I listened to the program today and then watched the television show, read the link above from Breitbart and thought about all of the news surrounding this and the silence from the state media organs, it hit me that the big story was not that this has happened; hell I think most Americans are desensitized by this now and expect this type of behavior from any organization affiliated with either political party or receiving government aid be it ACORN or Citigroup. The big difference is that all the whores are in the board room at Citi and not seeking shelter in a Federally funded home loan in Baltimore. In fact the big story is not the risk to the lives of those involved in this story but folks, I agree with Glenn: PRAY HARD for all of them as when the dollars get this large, the rules are not exactly the same. The big point thus far is not even the silence from the mainstream media and the various liberal elite proxies acting to promote any activities that further Marxist causes, the Constitution be damned.

The big point is simple:

We have a banking crisis because of what you saw on this video and the activities of the subjects in this story.

The undercover reporters exposed what happened in bank offices, mortgage lenders of every size, and “community assistance” offices nationwide for years now. The price we are paying is just now being realized and the death of companies like Wachovia, Washington Mutual, Indymac, Bank United, Bear Stearns, and Lehman (etc..) can all be related to the story you have heard and watched from Mr. Beck and the crisis expanded upon from that.

So what “that” am I referring to?

The largest credit crisis in American, perhaps capitalist history. It can all be traced back to a series of blunders starting with the New Deal of FDR, expanding in the greed and avarice of the 1999 Gramm-Leach-Bliley Act consummated in an orgy of mercantile swine money-flu with the signature of President William Jefferson Clinton, and culminating with the “Ownership Society” nonsense of President George W. Bush. The failure of all of these Presidents, whether by design or a National Education Association mental impairment, is that government can not create capital without consequences nor expand the perceived right to own a home without defrauding the taxpayer at some point in the process. Alas, here we are with an imitation 19 year old hooker sitting in front of the very pigs that have helped to expand the government trough on behalf of the Republicans and Democrats in a sick, perverted and grossly misguided attempt to prove that capitalism can not survive without the power of the people or influence of the elitists who know better.

The stories started to circulate with the expansion of the housing boom in 2005 where illegal aliens were obtaining financing for home mortgages (See: Illegal Aliens and the Mortgage Mess by Michelle Malkin, NY Post 9/24/08 & Mortgages for Illegal Immigrants Business Week July 30, 2007), credit was extended to anyone with a credit score above 12, and home equity loans were handed out like, well, government grants to community organizers. The problem is that once subprime, or substandard mortgages, were issued to normally unqualified applicants, banksters realized that thanks to securitization of those loans they could dump the problem on willing investors (aka “dupes”) overseas who were convinced that because a rating agency or mega-bankster said “our AAA is as good as the government” then loaning money borrowed at 1% from the Fed at 5% to Speedy Gonzalez or the local 7-11 bag boy making $6.37 per hour was a win-win situation.

Then of course February of 2007 hit and I won’t rehash that again because God forbid we recite history, facts or anything else that might upset WALNUT, CASHEW, ACORN, or some other agency that comes out of the wood work to call me racist because I do not agree home ownership is a “right” (where in the Constitution again?). After the collapse accelerated and all these banksters started to fail, the very same people who created the mess elected to find a perfectly logical solution to the issue by attacking it head on:

Dump it on the taxpayer and go back to the very same ‘Community Organizers’ that determined these people deserved and were qualified for a mortgage to fix the mess.

Thus we see organizations like ACORN and many others, plus subsidiaries and “debt negotiation” companies (owned by the very same banksters who started this mess) creating programs and attempting to help the same people who should never have received a loan in the first place, to renegotiate a 50 year refinancing agreement that they can fail on next year after the election and thus force more taxpayers to fund more programs to insure they don’t lose a home, car, credit card or pet turtle named Wally they bought with credit they were not qualified for.


Thus once everyone realizes the futility in telling people they have to have kids to pay for their parents financing agreements hits home and the parents realize that Socialism really cures it all, the banksters get to keep their profits, the community organizers get to enforce pograms and the taxpayers are told to shut up and support the ‘less fortunate’ because it is their duty to help the state and keep the peace within our new happy hyperinflationary society.

So Glenn, with all do respect, all your ACORN story did was open up an old wound.

If anyone in their right mind thinks the actors who were in the video are not symptoms of a larger problem, well, bleat on and enjoy your cud. The reality is that ACORN and numerous other groups receiving taxpayer funding plus banksters given incentives to do so loaned out hundreds of billions of dollars that will never be paid back. Then the same banksters leveraged that up in the grand world derivatives casino knowing that by making it so large, so complex and so deadly all the parties involved knew they would pocket the gains and dump the risk and ultimate losses on the American people.

The lesson of this is simple:

Get government out of our capitalist system or face the consequences when the hybrid system collapses.

Too bad the lesson is missed on those in power and the problems will be endured by the people for over a decade or more.


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America Is Become The Congregation of the Dead

The indictment stands as written.

The Congregation of the Dead

The man that wandereth out of the way of understanding shall remain in the congregation of the dead.  Proverbs 21:16


America is a dying country.  I hate to be the one to break the news to you, but America is a dead man walking.


The once great “shining city on a hill” is gasping for breath.  Everywhere you turn you are faced with the harsh truth that the death rattle has begun.  We are a dying people controlled by a dying government, infected with the dead leadership of dead men, who chew on a dead gospel served-up in dead churches, by dead pastors living out a dead faith.


The stench of death is permeating our society.  How could this possibly be? America, has wandered “out of the way of understanding.”  Make no mistake about it; America is dying of spiritual starvation.  We are the victims of spiritualbulimia, willingly vomiting out all that would nourish us. 


America is a congregation of the dead. 


We have no one to blame but the Church.  I know that makes many of you nervous as you cling to your “dead faith full of dead works” believing that God is pleased with your apathy towards the spiritual condition of this nation.  You, my Christian friends, are complicit in the spiritual coup that has swept over America.  Compromise is the birthing ground of sin.  Savorless salt producing good-for-nothing Christianity.


It is easy to blame the sinner as he proudly gallivants his debauchery for all to see.  But it is the “compromise of the converted” that has paved the way for our national suicide.  It is not the bold sinner that has destroyed our nation, but the “Silent Saint” ashamed to speak the Truth.  And make no mistake about it…we have only ourselves to blame.  We have willingly “wandered out of the way ofunderstanding.”  We followed folly, “changed the truth of God into a lie and are reaping the whirlwind from our unwillingness to contend for the Truth. Silence isn’t golden, it’s yellow.


We are a nation of liars, following liars, believing liars, and celebrating liars. Jesus said “The words that I speak unto you, they are spirit, and they are life.  We have rejected His words, and we have rejected His life.   Sanctify them through thy truth: thy word is truth.”


Freddie Mae and Freddie Mac are the vomit of America’s bulimia.  For they have sown the wind, and they shall reap the whirlwind: it hath no stalk; the bud shall yield no meal: if so be it yield, the strangers shall swallow it up.  Hosea 8:7.


Strangers are swallowing us up.  How else can you explain the impotence of the American Church?   Only a fool would deny the cause of our malnutrition.  We have belched out the bread of life.  Professing ourselves to be wise we became fools.


No wonder our nation is the congregation of the dead. 

As is our custom, my wife and I were doing our daily devotions this morning and our Scripture reading was II Thessalonians 2.   And with all deceivableness of unrighteousness in them that perish; because they received not the love of the truth, that they might be saved. And for this cause God shall send them strong delusion, that they should believe a lie:  That they all might be damned who believed not the truth, but had pleasure in unrighteousness.”Much of America is Christian in Name Only. (CHINO)  We wear Jesus like a merit badge from the Boy Scouts.   But for most Americans church membership is no different than membership in the local Moose Lodge or the American Legion.  It is a social structure where like-minded folks get together for fellowship.   Like the Shriners, the Church is a club for do-gooders who want to shine their “Christian Medals” for their friends to see. 

Almighty God warned us.  See, I have set before thee this day life and good, and death and evil; In that I command thee this day to love the LORD thy God, to walk in his ways, and to keep his commandments and his statutes and his judgments, that thou mayest live and multiply: and the LORD thy God shall bless thee in the land whither thou goest to possess it.  But if thine heart turn away, so that thou wilt not hear, but shalt be drawn away, and worship other gods, and serve them; I denounce unto you this day, that ye shall surely perish, and that ye shall not prolong your days upon the land, whither thou passest over Jordan to go to possess it. I call heaven and earth to record this day against you, that I have set before you life and death, blessing and cursing: therefore choose life, that both thou and thy seed may live:” Deuteronomy 30

For the wages of sin is death; but the gift of God is eternal life through Jesus Christ our Lord.

We have rejected God, rejected His Truth, and rejected His Son.  We have embraced death, celebrate death, and subsidize death. 

We are a congregation of the dead.

Our government is corrupt because our people are corrupt.  Our people are corrupt because our churches are corrupt.  Most serve mammon and give lip-service to God.  Pastors beg the government to permit them to preach what God has commanded them to say.  No man can serve two masters.  

“Come now, and let us reason together, saith the LORD: though your sins be as scarlet, they shall be as white as snow; though they be red like crimson, they shall be as wool.  If ye be willing and obedient, ye shall eat the good of the land: But if ye refuse and rebel, ye shall be devoured with the sword: for the mouth of the LORD hath spoken it. How is the faithful city become an harlot! it was full of judgment; righteousness lodged in it; but now murderers. Isaiah 1.

Our faithful city has become a harlot.

II Chronicles 7:14 is a popular verse,  IF MY PEOPLE…it seems so easy and simple.  But rarely do I hear the companion to that verse quoted…the IF NOT of God’s conditional promise.  How many of you are familiar with the IF NOT of II Chronicles 7:19?

But if ye turn away, and forsake my statutes and my commandments, which I have set before you, and shall go and serve other gods, and worship them; Then will I pluck them up by the roots out of my land which I have given them; and this house, which I have sanctified for my name, will I cast out of my sight, and will make it to be a proverb and a byword among all nations. And this house, which is high, shall be an astonishment to every one that passeth by it; so that he shall say, Why hath the LORD done thus unto this land, and unto this house? And it shall be answered, Because they forsook the LORD God of their fathers, which brought them forth out of the land of Egypt, and laid hold on other gods, and worshipped them, and served them: therefore hath he brought all this evil upon them.”

Read it closely.  It is God doing the plucking, God doing the casting out, and God making it a byword among all the nations.  But the “elected officials” and the men of God called to hold them accountable will ask “Why has the Lord done this to our nation?”

And it shall be answered “because they forsook the LORD God of their fathers…therefore HATH HE brought all of this evil upon them.” 

God is judging America my friends.  Fifty million babies, sodomy in the streets, and the purging of His name….

I tremble for my country when I reflect that God is just, that His justice cannot sleep forever.”  Thomas Jefferson.

The alleged-deist Thomas Jefferson was ten-times the Christian most evangelicals are today and the Baptists wanted to run him out of office. 

“…therefore hath he brought all this evil upon them.”

America is the congregation of the dead.

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Obama and ACORN Behind Efforts That Forced Banks to Make Bad Loans That Led To Current Financial Meltdown

Video of the Affirmative Action Plan for Banks – admitted by Cuomo and Obama that the “remedy” they just passed (1998) would result in defaults but continued to charge racism and intimidate bank officers that did not grant risky loans.

Obama and his Socialist/Liberal pals all behind the trigger that set off this financial collapse.  Ultimately, they hope that by having cause this collapse – they will be elected to “change” America into something never intended: a CommuFascist nation run by Elite Socialists like Obama.

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Video of Democrats Covering Up For Fannie Mae, Freddie Mac in 2004 That Led To Econ Crisis

You know, Nancy Pelosi called the House Republicans “Unpatriotic” because they will not go along with the Democrat-proposed 700 Billion bailout of their rich banking scam artist pals and welfare class home-foreclosed constituents – and it’s DAMN INSULTING to watch these slimey vermin in Congress smear and castigate those who TRIED to stop this financial catastrophe that THEY WARNED ABOUT back in 2004!!

Watch this C-Span video of the House GOP trying to get regulators to obtain oversight of Fanie Mae and Freddie Mac – and WATCH what the Democrats did to them and what they had to say.

These Democrats are demons, pure and simple.



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So What Caused This Economic Banking Crisis???

While I’m not a big fan of John McCain – and am certainly not openly campaigning for him – the following 9 minute video does an excellent job of illustrating how and WHY we are in this banking crisis that the very people that caused this mess are now are in charge of ramming a quick-fix solution down our throats.    700 Billion to tens of TRILLIONS of dollars in bailouts that they are going to sack you and I and our children with and replacing our republic with a fascist Socialism that owns and runs every industry in the country.

 UPDATE: 9-29 – YouTube pulled the following video due to what they claim are “copyright” violations.



Filed under Economy, News

America Goes Fascist As Government Bails Out The Banks and Nationalizes The Economy

It’s a new day, here in Amerika.  

For the last several weeks, as the mortgage, credit and financial crisis began to spiral out of control due to government meddling, mismanagement and greed – the government stooges who helped grease the playing field for this fiscal collapse in the first place, began to take over failed industries in a not-too-subtle nationalization of the banking, mortgage and credit industries.

With Lehman Bros going broke, in the wake of wreckage from Fannie Mae and Freddie Mac, the government takeover of AIG and the fact the FDIC is going broke faster than a wino in Vegas, it was apparently determined that the greed, sloth and criminality should be rewarded by making the you and I, the U.S. taxpayer and our children PAY for the HUNDREDS OF TRILLIONS OF DOLLARS in debt these institutions at behest of the government, have incurred.

It began with Morgan Stanley, and yesterday culminated in the government announcing it will MONETIZE ALL BAD BANK DEBT.  So in one fell swoop, the U.S. government with the Fed has trashed Free Market Capitalism, Socialized the Debt and are willfully ignoring the moral hazard they have created.

As my friend and fellow contributor John Galt said in response to this:

I said they would monetize and they are.

I said they would commit un-Constitutional acts, and they are.

I said that hyperinflation would occur before deflation, and it is.

I said that somewhere close to 40,000,000 retirees just became wards of the state because their retirements were wiped out and they did; they just don’t know it yet.

I said this disaster would alter our nation forever and it will.

Equities will be destroyed.     

Bonds will become worthless.

Money Market funds will be obliterated.

There is no incentive to save money.

The retirees who trusted the government to keep their money safe and earn a meager 4-5% annual return will be turned upside down by either destruction of their mutual funds or hyperinflation. A 5% return does nothing in the face of annualized inflation in excess of 20,30 or 50%.

Plus the entire tax structure of the U.S. will have to be redesigned.


John also warns that the action taken here signals the official end to the Right to Private Property in the United States.  Ultimately, he is correct, because the government will now own everything; your mortgage, your loan, your insurance, your bank.

In short order, America has gone pure fascist.  Not in the manner the Liberal Left had tried to redefine fascism in terms of Religious Conservatism, but TRUE Mussolini-style fascism – where the government runs industry, banking and commerce.

We shouldn’t be too surprised, we’ve been on this course for years, in fact during the 1930’s, the Collectivists at the NY Times and even FDR were enamored of Mussolini’s fascism – and sought to find a way to emulate it here.

Of course the media makes it sound like the greatest thing since Welfare was created by FDR.  Contrary to the headline, THIS IS NOT A RESCUE – it is a TAKEOVER that will be hung on your neck and mine and that of our children to cover:

Citing Grave Financial Threats, Officials Ready Massive Rescue

Lawmakers Work With Fed, Treasury To Try to Restore The Flow of Money

By Binyamin Appelbaum and Lori Montgomery
Washington Post Staff Writers
Friday, September 19, 2008; A01

The Bush administration is urgently preparing a massive intervention to revive the U.S. financial system, including a plan to sweep away the unpaid loans that are choking banks and blocking the flow of money to borrowers.

Congressional leaders gave bipartisan support to the administration’s efforts after a meeting last night with Treasury Secretary Henry M. Paulson Jr. and Federal Reserve Chairman Ben S. Bernanke.

Paulson and Bernanke presented a “chilling” picture of the state of the financial system, according to a participant in the meeting who spoke on condition of anonymity. Lawmakers were told that the consequences would be grave if they failed to pass legislation by the end of next week. Sen. Harry Reid (D-Nev.) and Rep. Nancy Pelosi (D-Calif.) committed to meeting that deadline.

The plan involves using hundreds of billions of dollars in government funding to buy bad loans, leaving banks with more money and fewer problems, according to two sources familiar with what was said at the meeting.

After the meeting, Paulson told reporters the proposal was “an expeditious solution that is aimed right at the heart of this problem.”

Also last night, the Fed was considering offering backing for money-market mutual funds, which have had massive withdrawals in recent days, said a source familiar with the discussions.

And the Securities and Exchange Commission is considering further limits on short-selling, a practice that allows investors to bet on a decline in a company’s stock price, according to a person familiar with the matter. Critics of the practice say short sellers are driving down the share prices of financial companies, thereby contributing to their destruction.

The government has already tried three times this month to keep money flowing through the financial system. It took over the two largest providers of funding for mortgage loans, Fannie Mae and Freddie Mac. It created a new source of funding for investment banks. And it took over the insurance giant American International Group.

Now the government is contemplating its broadest — and perhaps most expensive — intervention to date.

The urgency has only grown with each successive intervention because the first three tries have not worked. People are withdrawing money from money-market mutual funds. Banks are refusing to lend to one another. Several large financial companies need money to stay in business, including the bank Washington Mutual, which is seeking a buyer.

Regulators and the banking industry are increasingly concerned about customer withdrawals from money-market funds. Crane Data, which tracks the industry, said total deposits in money-market funds fell Wednesday by at least $79 billion, or about 2.6 percent. Financial executives have told government officials in recent conversations that the rising pace of withdrawals is the equivalent of a bank run and that if it continues, it will drain a massive and critical source of funding.

Money-market funds are particularly important because they buy short-term debt, which is used by financial companies and other corporations to finance day-to-day activities.

According to legislative aides, yesterday’s meeting was arranged after Pelosi called Paulson’s office mid-afternoon to discuss the state of the markets. During that call, Paulson asked to meet with Pelosi, Reid and key lawmakers from the banking committees. That meeting took place at 7 p.m. in Pelosi’s office on the second floor of the Capitol.

Paulson and Bernanke did not present lawmakers with a written proposal but are expected to do so by tonight, congressional aides said.

During the meeting, one lawmaker worried aloud that Paulson was asking for “a blank check,” according to a participant. There was also a “healthy debate” about whether this action would finally stabilize the markets.

“They couldn’t answer yes to that question,” the participant said.

Paulson and Bernanke generally have kept Congress at arm’s length as they have sought to deal with the financial crisis. Yesterday, however, after meeting with congressional leaders, they exchanged awkward compliments with the lawmakers at a news conference. Lawmakers had been increasingly critical of the Fed and Treasury leaders for failing to consult with Capitol Hill. The administration will need congressional approval to commit taxpayer money to its new plan.

“We’ll do this as quickly as we can. We’re not talking about a month,” said Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, which would probably review the plan before it went to the House floor.

A hearing on the topic that Frank had scheduled for next Wednesday could now become a legislative drafting session, he said.

Also yesterday, Sen. Charles E. Schumer (D-N.Y.), chairman of the Joint Economic Committee, suggested that the government create an entity that would operate much like the Depression-era Reconstruction Finance Corp. — it would buy “equity and possibly secured debt,” providing desperately needed cash to companies while permitting the government to share in any profit.

“The government would get repaid before the others in the financial chain,” Schumer said.

If a plan does move forward, Democrats may try to demand concessions from the suddenly humbled industry, Schumer said, including support for a proposal to permit bankruptcy judges to modify mortgages for distressed borrowers. Currently, judges may set new terms for mortgages on second homes but not on primary residences.

That idea is contentious and has been fiercely opposed by the banking industry. Frank said he would instead demand that banks reduce the number of foreclosures.

Still, it’s not clear that Democrats would insist on such concessions at the expense of passing the plan quickly.

“The costs of doing nothing are enormous,” Frank said. He added that with the recent deterioration in the financial markets, “I think the timetable for something has been greatly sped up.”

Is it not amazing and utterly infuriating that one of the MAIN CULPRITS that caused Fannie Mae and Freddie Mac to collapse by making laws that they give risky loans to their political constituents is the point man on bailing out and nationalizing the economy???

Hugo Chavez could learn a thing or two on how to Nationalize an entire economy from observing our idiots at the Fed and the criminals in Congress.


More on this story:

Capitalism Dying by the Hour

The Skylab Economy

The Rescue Mission


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