Diary

Why did Obama vote for the financial crisis

**Obama claimed in the first debate with McCain that he had forseen the impending financial crisis and warned an administration secretary. (Who of course had no power to change the housing market’s regulations.) If he knew the foundation of the housing market was unstable and that that instability would endanger the entire financial system in the U.S., then why did he vote at every opportunity to keep the housing market unstable?

The Republicans and the administration tried twenty five times to restore the rules that would have put the housing market back on a stable foundation and prevented our financial crisis. (Obviously a financial system on a stable foundation would not go into crisis just because of an economic downturn the size of our current one.) If Senator Obama thought that the republican bills were flawed then he could have proposed amendments or counter proposals. But no, he joined in the fight to kill restoring the protections. Every time. Admittedly he was not in the Senate for all 25 of the bills, but he was there for a good number of them.

So why would Senator Obama knowingly and deliberately not just allow our country to fall into financial crisis, but fight to kill all attempts to avoid the crisis? Unfortunately the most obvious answer is the $9 million that went from Fannie Mae and Freddie Mac into the Senator’s pockets.

If you can believe that Senator Obama would join in driving our financial system into crisis so that he could pocket $9 million, then imagine what he could do as president.