Causes and Consequences of the Global Economic Crisis



This is a public service message to raise awareness of the facts,
misperceptions and opinions about the causes and consequences of the
global economic crisis, and to encourage objective reporting. The
videos and articles presented in this message offer a narrative of the
causes of the crisis from the point of view of the respective Producers
and Authors. Links to the unedited C-SPAN videos that served as source
materials for some of the videos are included so that viewers may
develop a more complete historical perspective, and more clearly discern
the facts from the Producers' / Authors' points of view.
Comments on the consequences listed below.



Causes and Historical Perspectives

1. Excerpts of 2004 House Committee Financial Services Hearings
on Fannie Mae Accounting Fraud and Need for Oversight (link to full,
unedited video below under C-SPAN Videos)

http://www.youtube.com/watch?v=_MGT_cSi7Rs
<http://www.youtube.com/watch?v=_MGT_cSi7Rs>



2. Excerpts of 2005 Congressional Black Caucus Swearing In (link
to full, unedited video below under C-SPAN Videos)

http://www.youtube.com/watch?v=usvG-s_Ssb0&feature=related
<http://www.youtube.com/watch?v=-bLFPjLaXPM&feature=related>



3. Obama Blames Republicans for Mortgage Crisis

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



4. Burning Down The House: What Caused Our Economic Crisis?

http://www.youtube.com/watch?v=1RZVw3no2A4&feature=related
<http://www.youtube.com/watch?v=1RZVw3no2A4&feature=related>



5. Fannie Mae and Freddie Mac (Hannity on Obama's Cozy
Connections with Fannie and Freddie)

http://www.youtube.com/watch?v=C1vSqF9Hm7A



6. ACORN (Hannity's America Barack Obama & Friends Special Part
6)

http://www.youtube.com/watch?v=yxfQD4If7kk
<http://www.youtube.com/watch?v=yxfQD4If7kk>



7. Covering Your Fannie, Who Really Caused Our Economic Crisis?

http://www.youtube.com/watch?v=AiEWCnpNnBQ&NR=1
<http://www.youtube.com/watch?v=AiEWCnpNnBQ&NR=1>



8. How The Democrats Caused The Financial Crisis

http://www.youtube.com/watch?v=Lr1M1T2Y314&NR=1



9. Timeline

http://www.youtube.com/watch?v=cMnSp4qEXNM&feature=related



10. 08/28/63 Betrayal of a Dream

http://www.youtube.com/watch?v=PbUtL_0vAJk



11. 2001 Corruption of a Belief, Betraying the Dream

http://www.youtube.com/watch?v=iivL4c_3pck
<http://www.youtube.com/watch?v=iivL4c_3pck>

http://elections.foxnews.com/2008/10/27/radio-interview-obama-laments-la\
ck-supreme-court-ruling-redistributing-wealth/



12. Federal Housing Enterprise Regulatory Reform Act of 2005 (S.190
[109th]) (link to full, unedited video below under C-SPAN Videos)

http://www.youtube.com/watch?v=UVVVzEKauzY
<http://www.youtube.com/watch?v=UVVVzEKauzY>



http://www.city-data.com/forum/2008-presidential-election/439626-senate-\
bill-s-190-introduced-1-a.html
<http://www.city-data.com/forum/2008-presidential-election/439626-senate\
-bill-s-190-introduced-1-a.html>



13. 1999 NY Times Article: Fannie Mae Eases Credit To Aid Mortgage
Lending (on Risk of Fannie Mae Failure and Bailout)

http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A\
96F958260
<http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0\
A96F958260>



14. 01/24/05 Fortune Article: The Fall of Fannie Mae

http://money.cnn.com/magazines/fortune/fortune_archive/2005/01/24/823404\
0/index.htm
<http://money.cnn.com/magazines/fortune/fortune_archive/2005/01/24/82340\
40/index.htm>



15. Community Reinvestment Act – Ensuring Credit Adequacy or
Enforcing Credit Allocation?

http://209.85.173.104/search?q=cache:90IT4MK9474J:www.cato.org/pubs/regu\
lation/regv17n4/vmck4-94.pdf+community+reinvest+act&hl=en&ct=clnk&cd=8&g\
l=us
<http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0\
A96F958260>



16. Community Reinvestment Act had nothing to do with subprime
crisis
http://www.businessweek.com/investing/insights/blog/archives/2008/09/com\
munity_reinv.html
<http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0\
A96F958260>



17. Massachusetts Representative Barney Frank on His Role with
Regard to Fannie Mae

http://www.youtube.com/watch?v=bijtBkKQwY8
<http://www.youtube.com/watch?v=bijtBkKQwY8>



18. Massachusetts Representative Barney Frank and Alleged Fannie Mae
Conflicts of Interest http://www.foxnews.com/story/0,2933,432501,00.html
<http://www.foxnews.com/story/0,2933,432501,00.html>



Some of the Human Costs

1. 10/07/2008 Los Angeles Times Article: Father kills family and
himself, despondent over financial losses

http://www.latimes.com/news/local/la-me-porterranch7-2008oct07,0,7425239\
.story
<http://www.latimes.com/news/local/la-me-porterranch7-2008oct07,0,742523\
9.story>



2. 10/09/2008 Washington Times Article: McCain pledges homeowner
help; Obama blames Bush policies

http://www.washingtontimes.com/news/2008/oct/08/mccain-would-buy-bad-hom\
eowner-mortgages/
<http://www.washingtontimes.com/news/2008/oct/08/mccain-would-buy-bad-ho\
meowner-mortgages/>



3. Profile of Armando Falcon Jr., Esq., Former Director of the
Office of Federal Housing Enterprise Oversight

http://www.fairness.com/resources/relation?relation_id=21610
<http://www.fairness.com/resources/relation?relation_id=21610>



Unedited C-SPAN Videos

1. 10/06/2004 Management of Fannie Mae 183818-1 (House Committee
Financial Services Hearing on Fannie Mae Fraud and Call for
Strengthening of Oversight)

http://www.c-spanarchives.org/library/index.php?main_page=product_video_\
info&products_id=183818-1
<http://www.c-spanarchives.org/library/index.php?main_page=product_video\
_info&products_id=183818-1>



2. 12/14/2004 Investigation of Fannie Mae 184820-1 (House
Committee Financial Services Hearing on Fannie Mae Fraud and Call for
Strengthening of Oversight)

http://www.c-spanarchives.org/library/index.php?main_page=product_video_\
info&products_id=184820-1
<http://www.c-spanarchives.org/library/index.php?main_page=product_video\
_info&products_id=184820-1>



3. 12/16/2004 Oversight of Fannie Mae 184864-1 (National
Taxpayers Union News Conference on Fannie Mae's Political Influence
- Warning of the Possibility of Dire Consequences of Fannie Mae Fraud in
Future Years, and Need to Privatize (Deregulate) Since Continued
Regulation is Impossible and Potentially Costly to Taxpayers)

http://www.c-spanarchives.org/library/index.php?main_page=product_video_\
info&products_id=184864-1
<http://www.c-spanarchives.org/library/index.php?main_page=product_video\
_info&products_id=184864-1>



4. 01/04/2005 Congressional Black Caucus Swearing-In 185017-1

http://www.c-spanarchives.org/library/index.php?main_page=product_video_\
info&products_id=185017-1
<http://www.c-spanarchives.org/library/index.php?main_page=product_video\
_info&products_id=281353-1>



5. 09/25/2008 Fannie Mae and Freddie Mac Takeover 281353-1 (House
Committee Financial Services Hearing on Fannie Mae and Freddie Mac
Takeover)

http://www.c-spanarchives.org/library/index.php?main_page=product_video_\
info&products_id=281353-1
<http://www.c-spanarchives.org/library/index.php?main_page=product_video\
_info&products_id=281353-1>



Consequences

In every generation, every decade, recent history is replete with the
consequences of politicians and other authority figures who prey on
suffering, selling hope to those who would listen while peddling
influence to those who would pay, advocating accountability but
abdicating responsibility while casting blame, and promising unity but
creating division, employing violence - be it verbal, emotional,
psychological or physical - to set one party against another to further
a cause. The result is always the same, however well-intended the
cause. People are divided. Humanity suffers.



The origins and consequences of the global credit and economic crisis
follow this familiar pattern. The crisis is the result of politicians
and other authority figures corrupting the power of a belief and
betraying the dream of a people. They preyed on suffering, sold hope,
peddled influence and unjustly burdened citizens of nations around the
world with the costs of their destructive, self-serving actions, perhaps
setting back living standards for generations, particularly for those of
greatest need in the poorest countries. The elderly and retirees, whose
hard-earned life savings have been devalued, bear a particularly
indescribable burden. Conflict is likely to rise around the world
against this backdrop of misery. Authority figures will prey on this
suffering and conflict to feed the next generation of extremists and
terrorists.



We must act with care, with intelligence if we are to stem this rising
tide of misery and its consequences, for ourselves and for the
generations to come. We must insist on accountability if we are to
prevent this from happening again.



This message is not an endorsement of, nor is it associated with any
presidential campaign or political party. You have not been added to
any permanent e-mail list. If you wish to share your thoughts, please
post your comments on
http://groups.yahoo.com/group/Genesis_of_the_Credit_and_Economic_Crisis
<http://groups.yahoo.com/group/Genesis_of_the_Credit_and_Economic_Crisis\
> , or uphold the responsibility with which you have been entrusted as a
journalist/media professional to objectively report on the genesis of
this crisis and its consequences.



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