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Why the Mortgage Crisis Happened

By M. Jay Wells

Obama's economic narrative of the mortgage crisis ignores the facts. He has put free-market capitalism at the root of the current mortgage industry debacle, denying the real history of government interference in that market.

On September 15, with banking giant Lehman Brothers filing for bankruptcy protection, Obama was given the opening to begin weaving his anti-capitalist storyline. And that he did. Artfully blurring the mortgage industry crisis with generalized tax policy, Obama declared,

"I certainly don't fault Senator McCain for these problems, but I do fault the economic philosophy he subscribes to. It's a philosophy we've had for the last eight years, one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else."

The words were carefully chosen. That day in Colorado marked his return to the teleprompter and a strictly refocused campaign message intent on surreptitiously fusing the mortgage industry woes and free-market capitalism in general. Confident the American people are primed for his socialist brand of "change," Obama maintained his anti-capitalist theme, "What we have seen in the last few days is nothing less than the final verdict on an economic philosophy that has completely failed." According to Obama, capitalism has been "rendered . . . a colossal failure."

There's an incredibly detailed timeline at the post, following the step-by-step evolution of our economic crisis, starting in 1933 and progressing to today. A valuable read, one that will give clarity and understanding as to how we've arrived at the brink of socialism.

The second Obama promise is as troubling as creeping socialism. Obama appeared before Caucus for Priorities in 2007, and pledged then to disarm America. From Pamela Geller at Atlas Shrugs...

OBAMA TO CUT MILITARY SPENDING BY 25%
WE DONT NEED NO STINKIN FANCY WEAPONS!

As global jihad bares its teeth and goes nuclear Obambi surrenders. This, of all his national suicidal plans, is the worst. I guess he'll cut weapons programs and give them to the Muslim world when he convenes his Muslim summit.

OBAMA WILL SLASH MILITARY SPENDING BY 25% Trafalgar

In 2007, Barack Obama appeared before the far-left pacifist group, Caucus for Priorities, and promised to disarm America.

His 132-word pledge can be seen on YouTube (link below). Among his promises: "I will cut investments in unproven missile defense systems. I will not weaponize space. I will slow our development of future combat systems."

Watch THIS VIDEO.

Today, Representative Barney Frank (D-Mass.) indicated how Obama's plans to gut the military would be translated into budgetary allocations. Frank told the editorial board of The Standard-Times that the Democrats would slash military spending by 25%, forcing American to withdraw from Iraq sooner. Rep. Frank said, "We don't need all these fancy new weapons."

Active-duty military, recently polled, do not support Barack Obama for president (h/t Theo Spark; click to enlarge). That poll was taken before Murtha's comments, so I'm sure that McCain's numbers are now much higher.

Because everyone knows the left loathes our troops!

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