who-caused-the-biggest-financial-crisis-since-the-great-depression
Financial Crisis Timeline
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Jul 1, 2008: Meanwhile, Sen. Charles E. Schumer (D-N.Y.), who helped fuel depositors’ concerns about the bank last week,(July 11th, 2008 Indymac seized by federal regulators), sounded like he was trying to double-back a bit. He told the Associated Press that he had spoken with Treasury Secretary Henry M. Paulson Jr. and with Sheila Bair, chairwoman of the Federal Deposit Insurance Corp., and was "reassured they are on top of the situation."
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New York's Democrat Senator Charles Schumer's loose lips being a reason for the current banking crisis--remember he blabbed about IndyMac's viability and people withdrew 1.3 Billion dollars the next day, guaranteeing its failure. Well, he's been running his big mouth again, this time on the Senate floor where he said this:
"these unprecedented events have made it clear to the country what many of us have been saying for some time. we are in the midst of the greatest financial crisis since the great depression. eight years of deregulatory zeal by the bush administration, an attitude of the market can do no wrong have led us down a short path to economic recession. from the unregulated mortgage brokers to the opaque credit default swaps market to aggressive short sellers who are driving down prices of even helgy financial institutions based on innuendo, this administration has failed to take the steps necessary to protect both main street and wall street."
Here is the proof the 2008 Presidential election was 'fixed', set up and manufactured by the Democrates and the liberal news media. Just look at the time line. Democrat Senator Charles Schumer lit the 'fuse', the news media threw the bomb and it hit the elction producing 'the one' as President
Obama is truly a 'DARK HORSE CANDIDATE'
who has been revealed to be a socialist but the democrates knew the manufactured financial crisis timed to expoded 4 months before the election would ensure Obama would be elected. He would not have been elected otherwise because of his background and track record even though Mccain was a sombie of an appoinent!
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Quote:
July 12th, 2007
"This is far and away the strongest global economy I've seen in my business lifetime."
-- Henry Paulson (US Treasury Secretary)
April 20th, 2007
"I don't see (subprime mortgage market troubles) imposing a serious problem. I think it's going to be largely contained."
-- Henry Paulson (US Treasury Secretary)
May 17th, 2007
"Given the fundamental factors in place that should support the demand for housing, we believe the effect of the troubles in the subprime sector on the broader housing market will likely be limited,"
-- Ben Bernanke (Chairman of the Federal Reserve)
August 1st, 2007
"The market has focused on this. There's a wake-up call, and there's an adjustment to this repricing of risk, but I see the underlying economy as being very healthy,"
-- Henry Paulson (US Treasury Secretary)
February 28th, 2008
"I'm seeing a series of ideas suggested involving major government intervention in the housing market, and these things are usually presented or sold as a way of helping homeowners stay in their homes. Then when you look at them more carefully what they really amount to is a bailout for financial institutions or Wall Street."
-- Henry Paulson (US Treasury Secretary)
March 16th, 2008
"We've got strong financial institutions . . . Our markets are the envy of the world. They're resilient, they're...innovative, they're flexible. I think we move very quickly to address situations in this country, and, as I said, our financial institutions are strong."
-- Henry Paulson (US Treasury Secretary)
May 7th, 2008
"The worst is likely to be behind us,"
-- Henry Paulson (US Treasury Secretary)
May 16th, 2008
"In my judgment, we are closer to the end of the market turmoil than the beginning,"
"I have great, great confidence in our capital markets and financial instituations"
-- Henry Paulson (US Treasury Secretary)
May 19th, 2008
"Our policy in this administration is that laws shouldn't bail out lenders, laws shouldn't help out speculators,"
-- George Bush
July 11th, 2008
Indymac seized by federal regulators
July 15th, 2008
"I think the system is basicaly sound, I truly do."
--George Bush
July 20th, 2008
"it's a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation."
-- Henry Paulson (US Treasury Secretary)
September 7th, 2008
Fannie Mae and Freddie Mac taken over by federal regulators.
September 7th, 2008
"Nothing about our actions today in any way reflects a changed view of the housing correction or of the strength of other U.S. financial institutions."
-- Henry Paulson (US Treasury Secretary)
September 15th, 2008
Lehman Brothers files for bankruptcy
September 16th, 2008
Government takes over AIG (American International Group)
September 19th, 2008
Government bans short selling
September 19th, 2008
"We must now take further, decisive action to fundamentally and comprehensively address the root cause of our financial system's stresses,"
"We're talking hundreds of billions. This needs to be big enough to make a real difference and get at the heart of the problem,"
-- Henry Paulson (US Treasury Secretary)
September 20th, 2008
Bush asks congress for $700 billion to avert catastrophic, economic meltdown.
How did the Election Affect the Financial Crisis?
Press outlets "talking down the economy” helped elect Obama. The following verbiage was used in reference to the nation’s economic health:
“already sluggish,” “weakness,” “weakening,” “weakened,” “has been weakening,” “even weaker,” “even more economic weakness,” “big job losses,” “job-cutting,” “rising unemployment,” “shrinking profits,” “job cuts,” “jump in unemployment,” “recession fear,” “job loss,” “dashing hopes,” “continuing corporate layoffs,” “hiring freezes,” “pull back sharply on their spending,” “rising unemployment,” “dampen consumer spending,” “pace of layoffs shows no sign of abating,” “falloff in hiring has been so steep and so sudden,” “most forecasters expect the jobless rate to rise,” “layoffs renew recession fear,” “tipping the economy into recession,” “might be nearing, or even in, a recession.”
Politics became the filter for economic crisis, and the election became the method for the public to understand financial mayhem. As these two things--the crisis and the election--were conflated in the minds of the electorate, policy decisions became politicized and subject to scrutiny by the media. The economic need for decisive action was suddenly inhibited by the political need to stay appealing to voters. And so, just as the election was affected by the crisis, the crisis was affected by the election.
It was the damage done to McCain by the financial disaster and then his response to it that had the most consequences. While Obama bore down on financial issues on the campaign trail, his rival cast about for a message -- initially saying the fundamentals of the economy were strong, then announcing plans to suspend his campaign, then dropping those plans. Obama's speechwriters combed the dictionary to come up with terms that would get at McCain's unsteadiness without directly calling him old or angry, aides said. They settled on "erratic."
"The American people were watching very closely," Axelrod said. "They saw two candidates deal with a crisis in real time, and McCain appeared halting and inconsistent, and Obama seemed very focused and secure."
Obama's advisers almost universally concluded that they must shift the focus of the campaign to the economy, (sept 14, 2008). I believe was all planned in advance starting with Sen. Charles E. Schumer dropping his bomb knowing it would start a panic.
Committee on Banking, Housing, and Urban Affairs
* Subcommittee on Financial Institutions
* Subcommittee on Housing, Transportation, and Community Development (Chairman)
* Subcommittee on Securities, Insurance and Investment
Committee on the Judiciary
* Subcommittee on Administrative Oversight and the Courts (Chairman)
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Sen. Charles E. Schumer dropped the bomb that spawned the 'financial crisis' just before the election. As you can see he was in a position to know every detail about the banking industry and how to manipulate it very easily to manufacture a media crisis to allow Barack Hussein Obama to exploit the election. The financial crisis was looming in the background and brought to the surface just before the election. The election of 2008 was a farce from the beginning.
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Relying on a stockpile of data gathered over the spring and summer, the strategists agreed that economic instability, driven by the subprime mortgage crisis, was likely to evolve into the dominant theme of the race. It had not been Obama's strong suit in the primaries: He had seemed to float above economic hardship, discussing it in the abstract, while Clinton reached working-class voters on a visceral level. His team recognized, by late summer, that it was their urgent mission to fix that.
In one August memo, Axelrod warned that it was essential to redirect the growing attacks on Obama's persona back toward the concerns of average voters.
"They are following the Mark Pennblueprint, hoping to paint Barack as both culturally alien and inexperienced -- a silver-tongued empty suit, embraced by Washington but undeserving of the position or celebrity he commands. (Like Britney and Paris)," Axelrod wrote in a four-page memo, referring to the former chief Clinton strategist. "A far left liberal, whose views on taxes, crime and other issues are out of sync with the American people. And a dogmatic Democrat, willing to put interest group politics ahead of the country's interests. (Drilling.)"
Axelrod continued: "Candidly, I think the Republicans have had some success in the last few weeks in making this a referendum on Barack, or, more accurately, their caricature of him. In the coming weeks, we must change that dynamic by using our campaigning, spots and Convention to burst that caricature and draw a sharp contrast on fundamental economic issues and values."
Joel Benenson, Obama's lead pollster, separately concluded in August that the campaign would need to target a slice of undecided voters deeply motivated by economic concerns. In a PowerPointpresentation, Benenson identified about one-quarter of the electorate as being "up for grabs" in the 18 battleground states, with 67 percent of them citing the economy as a top issue, far more than the 51 percent who named Iraq.
And it was possible to fuse the two. "Don't forget that Iraq is an economic issue," Benenson wrote.
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Democrat Senator Chuck Schumer's Role In America's Financial Crisis
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