Video: Obama’s ties to mortgage crisis, banking fiasco, and conflicts of interest
Posted by Kelsey Golden on Saturday, September 20th, 2008 at 3:43 pm
In the video, Daniel Mudd (Former CEO, Fannie Mae) says:
“we are determined to keep tearing down the barriers on the American Dream.”
While his rhetoric sounds lofty and idealistic, what he called “barriers” were actually safeguards which prevented banks and other financial institutions from lending money to large numbers of high risk borrowers. The requirements for these loans have been “color blind” for a very long time so race really had nothing to do with it. What he calls the “American Dream” in this case, is merely a handout.
The real “American Dream” is the ability to “earn” the right to do things like take out a mortgage through hard work and good credit. The “American Dream” was never something we were entitled to but instead, it was something we are all entitled to “pursue and earn.” To those willing to put forth the effort, the fulfillment of the American Dream was their reward.
It is time that we reestablish the real American Dream in this country. We can do this best by ceasing government handouts and truly letting the free market make the best choices for a capitalist system. This mortgage crisis was a symptom of the entitlement culture and crisis like it will end when individuals and corporations alike, realize once more that the American Dream is always waiting for those willing to reach higher and no achievement has or ever will be reached by anything less than hard work, dedication, and ingenuity.
(2 Ratings)
Filed Under: = BREAKING NEWS =, News & Politics