September 16, 2008

Obama was late... Ron Paul saw it coming 5 years ago!

Over at, a recommended diary is flaunting Barack Obama's claim that he was trying to prevent this economic depression with this 2006 legislation to prevent mortgage "fraud, risk, or abuse".

That's really sweet and all on Obama's part but his legislation would only nip at part of the problem. Exactly 5 years ago Ron Paul sought to uproot and strike at the very heart of the crash in housing prices! Read Ron Paul's warning in 2003:

I hope today's hearing sheds light on how special privileges granted to GSEs distort the housing market and endanger American taxpayers. Congress should act to remove taxpayer support from the housing GSEs before the bubble bursts and taxpayers are once again forced to bail out investors who were misled by foolish government interference in the market. I therefore hope this committee will soon stand up for American taxpayers and investors by acting on my Free Housing Market Enhancement Act.

As of this week the Federal Government has had to continue bailing out more of these irresponsible firms, including the very two culprits Ron Paul was warning against, Fannie Mae and Freddie Mac! Your tax dollars at work. How can I get the Federal Government to bail me out if my small company fails? If the FED gave me that kind of promise you bet I'd ride the gravy train all the way to the bank like wall street just did these past few years.

Once again, the type of "change" Obama is proposing is only fluff compared to what our country really needs. Like Flava Flav says, "Don't believe the hype!"

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