Anyone who takes bailout money for a $729,000 house should be required to set aside one bedroom and one bathroom for public use. I should be able to sign up somewhere to use that bedroom and bathroom if I am vacationing in that area.

I still think one day per week of indentured servitude should also be a requirement. Joseph set aside the harvests of the plenteous years against the seven years of famine. But they didn't give it away. As payment they took money, they took cattle, then land, and at the last people became servants in exchange for food.

Who To Blame For Economy Meltdown

http://www.youtube.com/watch?v=63siCHvuGFg&feature=channel_page

Above is an excellent summary and timeline of this issue and 1 tape does include Barney Frank rejecting the need for Fannie and Freddie regulations because he felt Fannie and Freddie had no safety or soundness problems.

http://www.c-spanarchives.org/library/includes/templates/library/flash_popup.php?pID=178357-1&clipStart=&clipStop=

Note: Since I first watched the above clip C-Span has removed 29 minutes of (2:55 – 3:24) that included Barney Frank saying that there is no safety or soundness problem with Freddie Mack or Fannie Mae.

http://www.youtube.com/watch?v=y4A0RuXhnQA

The above link has a number of informative quotes by Obama, Clinton, and Frank proving they are the primary causes of the current economic meltdown.

In 1995 the Clinton administration changed the Community Reinvestment Act to permit sub-prime loans to be resold by the nominally private Fannie and Freddie to global banks and investment institutions. The government made trillions of dollars available to Fannie and Freddie at sub-prime loan rates. ACORN and the government then pushed Fannie and Freddie hard to boost the lending to low income households. Fannie and Freddie used this new government leverage and “encouragement” to buy these trillions of dollars of sub-prime money from the government, packaged them as low interest adjustable loans for low income households, and resold them on the market to global banks and investment institutions. Ironically, the banks and financial institutions that are being targeted today with nearly $1 trillion in government bailout money were “pressured” by Acorn and Washington to boost their lending to high risk low income households.

In 2001, sub-prime loans totaled $330 billion, or about 15% of all loans. By 2006, they had reached $1.4 trillion, or 48%. Fannie and Freddie owned or guaranteed more than half of the nations $12 trillion in home mortgages. They were near monopolies.

For 35 years, the home ownership rate had hovered around 64% which is about where it stood in 1995. By 2005 it reached near 70% - a record. But it came at a price. When the Fed raised the rates from 2004 to 2006, adjustable mortgage rates increased exponentially, low income homeowners couldn't make their adjustable mortgage payments, the housing industry fell apart, and many banks were left holding billions in underwater mortgages. Home prices fell, and homeowners suddenly found themselves with no equity to borrow on. The low income homeowners that paid “little to nothing down” had no downside risk to walking and the resulting foreclosure.

Lack of effective regulatory requirements by the government with Fannie and Freddie are the cause and major reason why we are in the recession we're in. Understand that with receipt of these trillions of dollars from the government Fannie and Freddie are now government owned institutions. The governments failure to implement adequate Fannie and Freddie regulatory requirements led to home foreclosures, which led to bank cash flow problems, which led to banks freezing all loans, which led to business cash flow problems, which led to layoffs, which led to more foreclosures, which led to more banks freezing loans, which led to more business cash flow problems, which led to more layoffs, which will lead to more foreclosures, etc………

Who is responsible for causing the worldwide economic meltdown? The US government is mostly to blame. Many of the same politicians, Barney Frank (rejecting Freddie and Fannie regulatory changes), Bill Clinton (changing Community Reinvestment Act) and Barack Obama (ACORN/President) are the politicians responsible for empowering themselves to make new laws, exert pressure on Fannie, Freddie and private industry, and covering-up their mess with depression producing bailouts.

As for solutions; replace income tax system with spending tax system, eliminate adjustable mortgage/loans, require at minimum 10% down to qualify for home loans, tax cuts for small businesses, more severe penalties for white collar crimes, eliminate spending earmarks, eliminate the Federal Reserve practice of printing non-secured money, all spending must be accompanied by a work plan that includes justification/payback/accountability.

There is a consequence to everything we do. It's not just unqualified home buyers. The decision to repeal the Glass Steagall Act is now being debated as the root cause of the current recession. I believe that the repeal resulted in the unintended consequences that have brought the world to the brink of depression. Mr. Sowell's free market views were the same as those who pushed the repeal of laws that control banks, insurance companies, and Wall Street.

Fed Chairman, Ben Bernanke, stated and I'm quoting ‘We really had no choice in bailout of
AIG!' Yes, Mr. Bernanke, you did have a choice! When AIG received first bailout, why
weren't strict guidelines imposed on them; such as, NO MORE BONUSES, cut ‘CEO fat cat'
salaries, freebies, and retirements to maximum $25,000.00 year. Older employees, offer
them an early retirement package! All other salaries to be cut by at least one-quarter, as a
slice of the pie is better than no slice at all! Mr. Bernanke this includes you and the rest of
politicians! The other option would have been to let AIG file bankruptcy so they could start
over, and maybe this time they would be more concerned and knowledgeable of what it
takes to run a company by tightening their pocketbooks! You see, Mr. Bernanke, bad
choices is what's put America into Bankruptcy and borrowing money from foreign
countries that we can't pay the interest on! Where's the common sense in these matters?

Taxpayers understand Bay of Thailand is buying AIG Retail Bank Company and deal is to
be completed April 2009. Since this is really Taxpayers money, will you and rest of
politicians make sure AIG pay off the trillions of dollars borrowed, without Taxpayers'
consent, to foreign countries?

That brings Taxpayers to the latest for AIG's bonuses and the statement “If we don't pay
them big bonues, they'll sue us!” How dumb you are? It's Taxpayers' money, not yours to
give! It's time for for AIG, Freddie, Fannie, Banks, Automakers and anyone else standing in
line taking Taxpayers money to immediately file Bankruptcy! Enough is Enough!

President Obama's top economic advisers vigorously defends his 3.6 trillion budget! News
flash for you -- “Taxpayers don't defend this nor any of the so-called put people back to
work programs, called infrastructures. I just left a meeting in which one of the ‘economic
advisers' from a bank stated he'd been in DC for a week!” I asked him why he thought
America needed infrastructures if we didn't bring textile and furniture manufacturing jobs
back to America? He stated ‘they' didn't discuss this, just infrastructures! Remember, these
large banks like Citicorp, Wachovia, etc. were bailed out! Taxpayers wonder why we're
bailing them out if politicians continue allowing the ‘economic' idiots to advise them. He
had no answers! Guess what, Mr. Economic Adviser was hoping the floor would open up
and I'd fall through it! You see, all the expert politicians and economists know as much
about ‘thrifty management' as a newborn and this, folks, is the reason for Change and not
Obama's change methods, either!

There seems to be a lot of ‘experts' in government and financial institutions with no
common sense. It's time to run America like a private business; meaning, President, Vice-
President, Secretary, and Treasurer. All these cabinet members collecting huge salaries
and benefits will have to come to an end. Taxpayers know it's time to cut salaries to
$12,000.00 yearly for all politicians. After all, these Public Servant jobs give less than 30
days of service and, in today's world of mismanagement, deceit and greed, so this is more
money than they deserve.

Why aren't we prosecuting the people handing out Taxpayers monies and the people
who's receiving it? The reasons being very clear-who's collecting and benefiting!

WAKE UP AMERICA!