Just Passing Time
President Obama is at it again
By: Todd Kinsey
Wednesday - September 1, 2010
Last night, President Obama again tried to revise history by blaming our current financial crisis on the
war in Iraq stating “We have spent over a trillion dollars at war, often financed by borrowing from
overseas. This, in turn, has short-changed investments in our own people, and contributed to record
deficits.” Of course he and his brethren on the left continue to ignore Fannie Mae and Freddie Mac’s
contribution to the current crisis.
Between the two institutions they have secured nearly sixty percent of the $12 Trillion in mortgages in
the United States, a large portion of which were subprime mortgages . The president and his willing
accomplices in the media have been blaming George W. Bush for the financial crisis in America;
however, the current economic crisis is directly tied to the Democrats dating back to the Clinton
After being elected, the Bush administration warned both in 2001 and 2003 of the impending financial
disaster and attempted to regulate Fannie Mae and Freddie Mac. It was Democrat Barney Frank, then
the Ranking Member of the House Financial Services Committee who defended Fannie Mae and
Freddie Mac. Representative Frank said that “Fannie Mae and Freddie Mac are not in a crisis.” He went
on to say that they were “financially sound and that we should be doing more to get low income people
In 2006 John McCain introduced legislation to regulate the two institutions and again it was blocked in
a straight party line vote. Now because of the actions directly attributable to the Democrats, Fannie and
Freddie have fallen so far that they have been delisted from the New York Stock Exchange.
In my opinion the Department of Justice should investigate Representative Barney Frank, Senator
Chris Dodd for deliberately misleading the Congress and the American people about the financial
status of these two institutions. We should also investigate Fannie Mae executives Franklin Raines,
Daniel Mudd, Herbert Allison, Michael Wilson, and Jamie Gorelick, as well as Freddie Mac CEO’s Dick
Syron and David Moffett. These are the real culprits of the financial meltdown not “unbridled capitalism
and companies making their own rules” as president Obama stated.
I don’t recall the left being up in arms over Franklin Raines raking in his $90 million in bonuses while
he ran Fannie Mae into the ground. How about Jamie Gorelick and her $26 million bonus? Why didn't
the SEIU thugs show up on her front lawn in protest?
The left likes to talk about Bush’s deficit when he left office, which was admittedly atrocious and most
conservatives around the country were up in arms over this. Bush’s deficit in 2007 was $370 Billion but
since the Democrats took control of Congress in 2006 and Obama’s coronation in 2008, the deficit has
skyrocketed to $1.36 Trillion with nearly $5 Trillion in new debt that our kids and grandkids will have to
foot the bill for.
Todd Kinsey is leading the conservative revolution to defend the Constitution, protect liberty, and defeat liberalism.
He is a proud veteran of the US Army, serves as the President of the Galveston County Young Republicans, is
active in the Republican Network, the Galveston County Republican Party, and the Clear Lake Republicans. He is
also contributing writer to The GOP Journal, The Examiner.com and The Coastal Conservative. Todd has
appeared on several radio talk shows and publishes his own website: www.toddkinsey.com. He is also an active
member of the community where he has coached several championship baseball teams but most importantly,
Todd is a devoted husband and the proud father of two teenage sons.
To arrange guest appearances or speaking engagements, you can contact him by email: email@example.com
1. Obama Speech 8/31/10
2. Fannie 12 trillion
3. Barney Frank Quotes
4. Fannie & Freddie Delisted
5. 2007 Debt
6. Debt Clock