Illegal Immigrantion Video: Illegal Immigration and the Bailout

Illegal Immigration and the Bailout
One More Story you Won't see at MSNBC, CNN, CBS, Time, Newsweek, et.al.



This week's Blogs4Borders' video report takes a look at the connection between illegal immigrants and the massive proposed $700 billion bailout--defeated yesterday in the House of Representatives.

Vigilance Dispatch: Everyone is talking about the massive bailouts. How has illegal immigration fed into the financial crisis that Washington plans to fix using our taxpayer dollars?

Michelle Malkin addressed this very issue last week in "Kill the bailout: Illegal immigration and the mortgage mess": it is "the bailout angle no one wants to talk about: Open borders and the home loan debacle."

You’ve heard a lot about Fannie/Freddie and the minority lending shakedowns, but you haven’t heard most commentators/analysts on either the left or the right talk about the massive illegal alien mortgage racket — a topic I’ve reported on for the past five years. That’s because fault lies at the feet of the crime-enabling banking industry and the ethnic lobbyists and the illegal alien-enabling Bush administration.

They screwed us. Now, they want us to fork over a trillion dollars.

Screw them.

Kill this bailout.

And I second Mark Krikorian: Credit is not a civil right. It’s not a civil right for illegal aliens. For foreign banks. For American banks. For anyone. The bailout proposal, as I noted earlier, now includes student loans and auto loan debt. Will our tax dollars next cover foreign student loan debts? Illegal alien in-state discounted college tuition debt? Where and when will it end?

It's all about buying votes.

Democrats, as the party of a wide collection of special interests, are accomplished masters at the tactic. President Bush, with his Prescription Drug Benefits; and Republicans senators and congressmen--with their EarmarkMania--horned in on the racket.

It was one of Bush's singular failures. Republicans lost their majorities in Congress, at least partially, because of it. The Republican Party is home to a sizable constituency that sees securing votes at the the public expense as wrong.

Little wonder you hear little of this among a Mainstream Media anxious to throw more taxpayers' logs on the financial fire.


by Mondo
image: Atlas Shrugged

Bailout Oversight: House Dems Attacked Regulator in 2004

2004: Congressional Democrats Shoot the Messenger Warning of Problems at Freddie Mac, Fannie Mae
2008: Obama declares problems are result of "Deregulation" by Bush, McCain

"...I'm just pissed off at FHEO (Federal Housing Enterprise Oversight), because if it wasn't for you, I don't think we'd be here today."
--Rep. Gregory Meeks (D-NY) 2004 Congressional hearing
To Almando Falcon, FHEO director who presented the report of widespread accounting irregularities in Fannie Mae and Freddie Mac




"I don't see anything in the report that raises safety and soundness problems."
--Rep. Barney Frank (D-MA) 2004 on Fannie Mae and Freddie Mac irregularities

C-SPAN video footage of a Congressional hearing you will not see in the Mainstream Media.

Democrats insist that the $700 billion bailout will have "oversight".

What happened four years ago when the Federal Housing Enterprise Oversight director issued a report raising the alarm about irregularities at Freddie Mac and Fannie Mae?

Democrats attacked the agency in charge of oversight. Will it be any different with the "New Improved Oversight"?





"...I'm just pissed off at FHEO (Federal Housing Enterprise Oversight), because if it wasn't for you, don't think we'd be here today."
Rep. Gregory Meeks (D-NY) 2004 Congressional hearing
To Almando Falcon, FHEO director who presented the report of widespread accounting irregularities in Fannie Mae and Freddie Mac

"I don't see anything in the report that raises safety and soundness problems."
--Rep. Barney Frank (D-MA) 2004 on Fannie Mae and Freddie Mac irregularities

"I get the feeling that the markets are not worried about the safety and soundness of Fannie Mae..."
--Rep. Lacy Clay (D-MO) 2004 hearing

"Under the outstanding leadership of Frank Raines, everything in the 1992 Act has worked just fine."
--Rep. Maxine Waters (D-CA) 2004 hearing

"But the concern that I have is that you are making very specific--what you have correctly acknowledged--very broad and categorical judgments about the management of this institution, about he willfullness of practices that may or may not be in controversy. You've imputed various motives to the people running the organization. You went to the board and put a forty-eight hour ultimatum on them, without having any specific regulatory authority to put that ultimatum on them. It sounds like some kind of invisible line has been crossed."
--Rep. Artur Davis (D-AL) 2004 hearing
To Almando Falcon, FHEO presenting the report about problems with Fannie Mae, Freddie Mac and Franklin Raines

Thanks to Naked Emperor News, this incredibly incriminating footage on C-Span from 2004 shows a Congressional hearing on oversight of Fannie Mae and Freddie Mac, investigating illegal book keeping of the government backed banking companies.

You’ll notice Democrats like Barney Frank, Maxine Waters, Gregory Meeks and Artur Davis saying Fannie Mae and Freddie Mac were doing just fine, didn’t need to be investigated and beating up on regulators trying to keep Fannie and Freddie honest.

Meanwhile, Republicans like Richard Baker, Ed Royce, Christopher Shays and Don Manzullo predict trouble ahead at Frannie and Freddie, call for more oversight and condemn the incredible profits of the CEOs of these government sponsored financial companies.
--2004 Footage Shows Democrats Defending Fannie/Freddie Illegal Book Keeping While Republicans Call for Oversight

One of the chief roadblocks to the $700 billion bailout is the House Republicans not buying into handouts to the very people that we were warned about four years ago.

The House Republicans are well aware how well "oversight" worked four years ago when the agency responsible exercised some oversight.

Meanwhile, the Mainstream Media cautions their remaining "news" customers not to make the financial bailout into a partisan issue.

Little wonder.


by Mondo
image: amnesty international

Twenty-five Financial Bailout Quotes

Twenty-five Quotes about the
Financial Bailout




Twenty-five quotes about the proposed financial bailout by those involved: politicians, watchdogs, candidates and the media.



This meeting ended bad - real bad.”
--Fox News source
On the financial bailout meeting at the White House September 25, 2008



"There are disagreements over aspects of the rescue plan," he said, "but there is no disagreement that something substantial must be done. We are going to get a package passed."
--President George W. Bush
'We are going to get a package passed': Bush, September 26 2008


"I don't think a president has been repudiated so strongly by the congressional wing of his own party in a very long time now. Maybe this isn't the last word, but that's where we are now."
--Rep. Barney Frank
'We are going to get a package passed': Bush September 26 2008


"I do not regard Fannie Mae and Freddie Mac as problems. I regard them as great assets."
--Barney Frank
In response to efforts to reform Freddie Mac and Fannie Mae 2002

ALSO at DBKP: DBKP Library of Quotes OVER 30 collections of Quotes by Sarah Palin, W.F. Buckley, John Edwards Scandal, Don King, Liberals, and more.

“All of us around the table take this issue very seriously and we know we’ve got to get something done as quickly as possible."
--President Bush
Deal for Financial Bailout Disintegrates as Obama, McCain Look On



“We must protect taxpayers and limit the Treasury’s powers. We must prevent those who contributed the most to this crisis from further profiting. We must establish strong oversight with a permanent in-house watchdog and a robust external congressional monitor."
--Rep. Paul Kanjorski (D-PA)
Kanjorski asks bailout that protects taxpayers, September 25, 2008


"The top five [Sen. Christopher Dodd, Sen. John Kerry, Sen. Barack Obama, Sen. Hillary Clinton, Rep. Paul Kanjorski] received nearly one-half million dollars from the FMx2 [Freddie Mac and Fannie Mae]."
--"Contributions: Obama, Dodd and the Freddie Fannie Five"
DBKP, September 26, 2008


"CBS News found 21 former staffers from the Senate Banking, Housing and Urban Affairs and House Financial Services Committees are now lobbyists for financial firms. Their job? To lobby those in Congress who will shape the financial bailout. The former staffers now represent hedge funds, private equity firms, investment banks and the failed mortgage giants Fannie Mae and Freddie Mac."
--Who’s Lobbying Congress On The Bailout?
CBS News, September 26 2008



“There should be a three year cooling off period so former staffers do not have these intimate relationships that they exploit for large paychecks.”
--Joan Claybrook, president of Public Citizen
On former Senate staffers lobbying for Freddie Mac and Fannie Mae,
Public Citizen has actively pushed for more lobbying transparency and accountability



"He [John McCain] hasn't been involved. He doesn't know anything about it. This is a stunt. I hope people will be able to ignore it."
--Rep. Barney Frank
US Rep Frank: House, Senate Dems agree on bailout


"I think Wall Street will get over it."
--Barney Frank
On the possible collapse of Freddie Mac and Fannie Mae April 2004


"We do not support government bailouts of private institutions."
--2008 Republican Party platform

"One of the major government privileges granted to GSEs is a line of credit with the United States Treasury. According to some estimates, the line of credit may be worth over $2 billion. This explicit promise by the Treasury to bail out GSEs in times of economic difficulty helps the GSEs attract investors who are willing to settle for lower yields than they would demand in the absence of the subsidy. Thus, the line of credit distorts the allocation of capital. More importantly, the line of credit is a promise on behalf of the government to engage in a huge unconstitutional and immoral income transfer from working Americans to holders of GSE debt."
--Rep. Ron Paul
To the House Financial Services Committee, September 10, 2003

"I don't think a single call to my office on this proposal has been positive."
--Sen. Sherrod Brown (D-OH) at the Senate hearing, September 23 2008



"Mr. President, this week Fannie Mae's regulator reported that the company's quarterly reports of profit growth over the past few years were "illusions deliberately and systematically created" by the company's senior management, which resulted in a $10.6 billion accounting scandal.

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."
--John McCain on the Regulatory Reform Act of 2005
US Senate, May 25 2006


"It [REGULATORY REFORM ACT OF 2005] never made it out of committee. Chris Dodd, then the ranking member of the Banking Committee and now its chair, was in the middle of receiving preferential loan treatment from Countrywide Mortgage, one of the companies gaming the system in the credit crisis."
--Democrats.org September 25 2008



“It was a photo op for John McCain. … It was a rescue plan for John McCain.”
--Senate Banking Chairman Chris Dodd (D-CT)
Deal for Financial Bailout Disintegrates as Obama, McCain Look On, September 25 2008

Though Sen. Chris Dodd implied that Sen. McCain sandbagged the rest of the negotiators by bringing up alternative proposals, McCain himself did not bring up those proposals, according to four independent sources briefed by four different principals inside the meeting, including two Republicans and two Democrats.

"McCain has not attacked the Paulson deal," said a third Republican who was briefed by McCain direclty. "Unlike the [Democrats] in the [White House] meeting, he didn't raise his voice or cause a ruckus. He is urging all sides to come together."
--Marc Armbinder, The Atlantic
"What Happened In The Cabinet Room...

"People who want to be president need to be able to walk and chew gum at the same time."
--Obama Sr. Advisor Brad Woodhouse
On MSNBC, September 26 2008


"[Chistopher]Dodd,[and Barack] Obama got nearly a quarter-million dollars from Freddie, Fannie"
--Contributions: Obama, Dodd and the Freddie Fannie Five
DBKP, September 26 2008


"A week ago, Senator Obama laid out his principles."
--Obama Sr. Advisor Brad Woodhouse
On MSNBC, September 26 2008


"Barack Obama was able to appear in Washington, while his principles were in Florida."
--E.K. Clark
DBKP, September 26, 2008


"Meanwhile, Barack Obama took hundreds of thousands of dollars from the lobbyists McCain mentions in this speech, making him the #2 recipient of Fannie/Freddie money."
----Democrats.org September 25 2008

"Instead of furthering the inevitable liquidation of the maladjustments brought about by the boom during the last three years, all conceivable means have been used to prevent that readjustment from taking place; and one of these means, which has been repeatedly tried though without success, from the earliest to the most recent stages of depression, has been this deliberate policy of credit expansion. ... To combat the depression by a forced credit expansion is to attempt to cure the evil by the very means which brought it about; because we are suffering from a misdirection of production, we want to create further misdirection--a procedure that can only lead to a much more severe crisis as soon as the credit expansion comes to an end. ...It is probably to this experiment, together with the attempts to prevent liquidation once the crisis had come, that we owe the exceptional severity and duration of the depression.We must not forget that, for the last six or eight years, monetary policy all over the world has followed the advice of the stabilizers. It is high time that their influence, which has already done harm enough, should be overthrown."
--F.A. Hayek, Nobel prize winner
June 1932

"As it became clear to Paulson that Republicans weren't backing his plan, he called Sen. Lindsey Graham (R-SC) urging him to bring McCain back to Washington in order to broker a deal the GOP could get behind. As a new plan was put forth Thursday, Democrats saw this as an opportunity to undermine McCain by creating the illusion he was to blame for the negotiations breaking down.

Democrat after Democrat was sent before cameras, microphones, and tape recorders to belittle the Senator from Arizona and create the appearance that the financial bailout took a wrong turn due to his appearance at the negotiating table.

Now, with the deal seemingly dead, the Democrats are saying they're behind the Paulson plan. If it succeeds, they can take all the credit; if it dies, they can blame it completely on McCain and the Republican party."
--Noel Sheppard, NewsBusters
"AP Publishes McCain-Bashing Bailout Piece Olbermann Should Love"


compiled by Mondo

Financial Bail-out: Govt. Interference Caused Govt. Bailout

Caution: Government at Work
Financial Problems are Government's Fault in the First Place
The Political Capitalist Different from True Capitalist





September 17 was Constitution Day. The federal government celebrated by staging the largest intervention into the private sector in history. With an injection of $85 billion of our tax dollars, our federal government now owns a majority stake in insurance giant, American International Group.

AIG should fit nicely with the two mortgage giants, Fannie Mae and Freddie Mac that our government seized last week. Of course, Fannie and Freddie also came with liabilities of more than $5 trillion worth of mortgages, which are now liabilities of the U.S. taxpayers. Not to worry, the government doesn't intend to incorporate the assets or liabilities of Fannie and Freddie onto the federal books, for now.

The outgoing CEO's of the failed Fannie Mae and Freddie Mac will be leaving with a $24 million severance package, also paid for with our tax dollars. Ditto with failed giant AIG. Even though AIG shares have dropped 94 percent since Robert Willumstad, was named chief executive officer on June 15, this soon to be ex-CEO may get a $7 million exit package after a Federal Reserve take-over forces him out. Had enough yet? Hold on, there's more.

The Big Three’s chief executive officers are now in Washington, tin cups in hand. They were granted a rare Capitol Hill meeting Wednesday with House Speaker Nancy Pelosi and other Democratic leaders to ask for $25 billion in government loans for the auto industry.

Meanwhile, Congress has just approved and sent to President Bush an $8 billion rescue package for the federal highway trust fund. Apparently its going broke, which threatens road and bridge projects in every state.

Government bailouts, in effect, use our tax dollars to reward bad behaviour, while at the same time, putting more and more private business under government control. While America's eyes are eagerly following the presidential election, our government is turning the US into a corporate welfare state. Its called socialism, and it has failed everywhere its been tried.

No doubt, these business failures will be used as a further indictment of capitalism. But, as Burton Fulson points out in his book, 'The Myth of the Robber Baron,' there are two very different types of capitalists operating in America.

The true capitalists, the market entrepreneurs, are subject to the vagaries and risks of the market and fail or succeed based strictly the age old rule of supply and demand. The political capitalists are entrepreneurs whose fortunes are not determined by market forces as much as they are by political forces.

Political capitalists, instead of relying on market forces, rely instead on politicians and the political process to further their own interests and undermine their competitors'. This appears to be the case with both AIG and mortgage giants Fannie Mae and Freddie Mac.

As Jennifer Rubin points out in Commentary, Fannie Mae and Freddie Mac "survived by manipulating, cajoling and lobbying politicians and hiring board members who were politicos (e.g. Jamie Gorelick) rather than mortgage gurus. They hired lobbyists, gave massive donations, obtained nice tax breaks and sailed below the regulatory radar screen."

Ditto for investment bank Lehman Brothers, which also failed this week. The government chose not to bail Lehman out, despite the $395,574 in campaign donations to Obama and the $145,100 to McCain. Go figure.

A selection of conservative books available.


Political fingerprints are found all over every single failed business, from the 'favorable' mortgages to politicians, to the campaign contributions, to the lack of regulatory oversight by key members of banking and regulatory committees.

As the blame game starts, as politicos start to distance themselves from the very policies that contributed to the failures, expect more of our tax dollars to be spent on CYA activities. That's liberal speak for 'plausible deniability.' House Speaker Nancy Pelosi was first out of the gate, announcing the launch of an investigation of Wall Street. This should make for good theater, if you're into sound and fury that signifies nothing.

When the dust finally settles, the federal government will have ever more power over the housing industry, the mortgage industry and the banking industry. Next up will most likely be the airline industry. All justified under the rubric of protecting the American people. The question never asked is: What government program, other than the military, works?

Most American's don't have to spend millions of dollars, summon legions of experts, and study the vast intricacies of the latest politically correct theory on how the market works in order to see the obvious. Most of us know we just need to get politics, politicians and our tax dollars out of the private market, and allow it to work. Its called capitalism.

by Nancy Morgan
Right Bias.com

Nancy Morgan is a columnist and news editor for RightBias.com
She lives in South Carolina

Article may be reprinted with attribution