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Plumber Joe and Barack Obama: The Full Video

h/t New York Post

This is an excellent video showing the full conversation between “Joe the Plumber” and Barack Obama.  Obama is clearly off script here, because he lets it slip that his tax plan is really to “spread the wealth around” (translation: income redistribution).

Close to 40% of Americans pay no income tax!  So how can someone who pays nothing, get a tax cut?  Answer: They can’t!  It’s really pretty simple.  If you don’t pay taxes, you can’t get a tax cut!

The Wall Street Journal published a fine article this week explaining how Barack Obama plans to give a “tax cut” to 95% of Americans.  It has to do with redefining what a “tax cut” is.  A Barack Obama “tax cut” to someone who doesn’t pay any taxes turns out to be a check from the government.  Call it what you want….welfare, income redistribution, etcetera….but it’s no tax cut.

When you take money from one group and give it to another, it’s called income redistribution and it isn’t American.  Where is the federal government given power to redistribute income?  How do they get to determine how much each person is entitled to?  Why does Barack Obama get to decide what is enough? “$250,000 a year is enough for you, so I’m going to take it from you and give it to someone else.”  I guess the American dream only goes up to $250,000 a year now.

Barack Obama plans to redistribute income and wealth in this country via the tax code and has no business becoming our next president.

The Democrat Housing Crisis

Here is an area that John McCain can put his money where his mouth is.  He was one of a number of Republican Senators who called for reform of Government Sponsored Enterprises (GSEs), such as Fannie Mae and Freddie Mac, back in May of 2006.  Notice that the letter is calling for reform and regulatory oversight of these agencies.

The failure of Fannie Mae and Freddie Mac is a Democrat scandal. Here is a brief time line of the developments over the years:

1977:  Pres. Jimmy Carter signs the Community Reinvestment Act into Law.  The law pressured financial institutions to extend home loans to those who would otherwise not qualify.   The Premise:  Home ownership would improve poor and crime-ridden communities and neighborhoods in terms of crime, investment, jobs, etc.   Despite this act, statistics show that it did not help.

1992:  Republican representative Jim Leach (IO) warned of the danger that Fannie and Freddie were changing from being agencies of the public at large to money machines for the principals and the stockholding few.

1993:  Clinton extensively rewrote Fannie Mae and Freddie Mac’s rules turning the quasi-private mortgage-funding firms into semi-nationalized monopolies dispensing cash and loans to large Democratic voting blocks and handing favors, jobs and contributions to political allies.  This potent mix led inevitably to corruption and now the collapse of Freddie and Fannie.

1994:  Despite warnings, Clinton unveiled his National Home-Ownership Strategy which broadened the CRA in ways congress never intended.

1995:  Congress, about to change from a Democrat majority to Republican, Clinton orders Robert Rubin’s Treasury Dept to rewrite the rules.  Robt. Rubin’s Treasury reworked rules, forcing banks to satisfy quotas for sub-prime and minority loans to get a satisfactory CRA rating.  The rating was key to expansion or mergers for banks.  Loans began to be made on the basis of race and little else.

1997 – 1999:  Clinton, bypassing Republicans, enlisted Andrew Cuomo, then Secretary of Housing and Urban Development, allowing Freddie and Fannie to get into the sub-prime market in a big way.  Led by Rep. Barney Frank and Sen. Chris Dodd, congress doubled down on the risk by easing capital limits and allowing them to hold just 2.5% of capital to back their investments vs. 10% for banks.  Since they could borrow at lower rates than banks their enterprises boomed.

With incentives in place, banks poured billions in loans into poor communities requiring no money down and no verification of income.   Worse still was the cronyism:  Fannie and Freddie became home to out-of work-politicians, mostly Clinton Democrats.  384 politicians got big campaign donations from Fannie and Freddie.  Over $200 million had been spent on lobbying and political activities.  During the 1990’s Fannie and Freddie enjoyed a subsidy of as much as $182 Billion, most of it going to principals and shareholders, not poor borrowers as claimed.

Did it work?  Minorities made up 49% of the 12.5 million new homeowners but many of those loans have gone bad and the minority home ownership rates are shrinking fast.

1999: New Treasury Secretary, Lawrence Summers, became alarmed at Fannie and Freddie’s excesses.  Congress held hearings the ensuing year but nothing was done because Fannie and Freddie had donated millions to key congressmen and radical groups, ensuring no meaningful changes would take place.  “We manage our political risk with the same intensity that we manage our credit and interest rate risks,” Fannie CEO Franklin Raines, a former Clinton official and current Barack Obama adviser (according to the Washington Post), bragged to investors in 1999.

2000:   Secretary Summers sent Undersecretary Gary Gensler to Congress seeking an end to the “special status”.  Democrats raised a ruckus as did Fannie and Freddie, headed by politically connected CEO’s who knew how to reward and punish.  “We think that the statements evidence a contempt for the nation’s housing and mortgage markets” Freddie spokesperson Sharon McHale said.  It was the last chance during the Clinton era for reform.

2001:   Republicans try repeatedly to bring fiscal sanity to Fannie and Freddie but Democrats blocked any attempt at reform; especially Rep. Barney Frank and Sen.Chris Dodd who now run key banking committees and were huge beneficiaries of campaign contributions from the mortgage giants.

2003:  Bush proposes what the NY Times called “the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago”.  Even after discovering a scheme by Fannie and Freddie to overstate earnings by $10.6 billion to boost their bonuses, the Democrats killed reform.

2005:  Then Fed chairman Alan Greenspan warns Congress:  “We are placing the total financial system at substantial risk”.  Sen. McCain, with two others, sponsored a Fannie/Freddie reform bill and said, “If congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system and the economy as a whole”.  Sen. Harry Reid accused the GOP of trying to “cripple the ability of Fannie and Freddie to carry out their mission of expanding home ownership”  The bill went nowhere.

2006: Republican Senators, including John McCain, call for Fannie Mae/Freddie Mac reform yet again in the above letter from May 2006.

2007:  By now Fannie and Freddie own or guarantee over HALF of the $12 trillion US mortgage market.  The mortgage giants, whose executive suites were top-heavy with former Democratic officials, had been working with Wall St. to repackage the bad loans and sell them to investors.  As the housing market fell in ’07, subprime mortgage portfolios suffered major losses.  The crisis was on,  though it was 15 years in the making.

2008:  McCain has repeatedly called for reforming the behemoths, Bush urged reform 17 times.  Still the media have repeated Democrats’ talking points about this being a “Republican” disaster.  A few Republicans are complicit but Fannie and Freddie were created by Democrats, regulated by Democrats, largely run by Democrats and protected by Democrats.

A video from the hearings.

Another fairly well done video summarizing the crisis from beginning to end.

The fact that the Democrats and their willing accomplices in the media are attempting to hang this stinking albatross around the necks of Republicans is just dishonest.  Could 2008 be the year known as the “death of the objective media?”

Sing for Change – Obama’s Youth

Coming to a government run school near you after November 4th, 2008.

This is eerily similar to Hitler’s youth and many of the other communist regime’s when children sang to their dear leader.  The original video has been pulled from YouTube.  It’s only a matter of time before this one will be gone too.

Reportedly, one of the “community leaders” behind this video is none other than Jeff Zucker, the President and CEO of NBC.  It’s obvious this was well organized with professionally made T-shirts and a professional camera crew.

This is really disgusting…the exploitation and indoctrination of children for a political leader.

Dear Mr. Obama

The liberal media have attacked this as made by the McCain campaign.  It wasn’t.  This was made by one individual and it expresses the sentiments of the majority of military personnel.

John McCain Picks Sarah Palin for VP

This is a simple ad, but the best part of this has Governor Palin shooting an assault rifle with the military.    Very cool.  I’m looking forward to her debate with Joe Biden.  Biden is likely to come off like the true blow-hard that he is.

MoveOn.org Wants $10 Per Gallon Gasoline

I couldn’t quite believe it when I had a friend of mine tell me that he really believed that $10 per gallon gasoline would be a good thing.  He actually wanted the U.S. to face a recession similar to the one that Japan faced in the 1990’s.  Apparently my friend’s sentiments weren’t all that unusual.

In this video, Barack Obama supporters at a MoveOn.org rally readily admit that they want gasoline to cost $10, $20, even $30 per gallon.  When asked how this would affect a single mom with a minivan, their response was, “she shouldn’t be driving a minivan”.

These are the types of people that will be in an Obama administration.  For those of you on the fence, keep this in mind!  Don’t think that the “progressive” agenda won’t amount to outrageous energy costs.

They just want you to sit there and sweat in your hot, dark house all in the name of global warming.