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Today’s mortgage, real estate and wall street crisis starts and stops with Fannie Mae and Freddie Mac. These agencies approved the loans that should have never been made. They are mostly responsible for changing the rules of sound lending practice and insurability and are responsible for putting America’s economy at risk.

So who allowed these two government backed institutions to run amok? Yesterday, Nancy Pelosi, the Democrat House Majority Leader, snapped at reporters saying, “No”…not us.

During the Clinton years the Community Reinvestment Act (enacted under Carter) which requires lending institutions to lower lending requirements for low income families was expanded tremendously. The radical organization ACORN, who employed Obama back in his community organizing days, lobbied Congress to expand further loans to people who were poor credit risks. HUD, under Clinton, then pressured Fannie and Freddie to tell lenders to make more loans to poor risk home buyers. As a result, in many cases borrowers weren’t even required to show proof of income and in many that were, income from food stamps, unemployment insurance and welfare were included in the loosened qualifying calculatons. Normal sound lending practices were just tossed out the window.

Fannie Mae and Freddie Mac, in turn, made large donations to campaigns of leading Democrats like Chris Dodd, Barack Obama, Barney Frank and Nancy Pelosi who helped keep the institutions from being investigated as real estate values stalled and bad loans started to unravel. The Democrat appointees at Freddie and Fannie perpetrated a $10 billion accounting fraud to cover things up and maintain their multi-million dollar bonuses. Eventually, Fannie Mae was fined a record $3.8 million by the Election Commission and in 2005 the top regulator, Armando Falcon Jr., for Fannie and Freddie resigned amid the multi-billion dollar accounting scandal at the agencies.

Alan Greenspan, The Federal Reserve Chairman, warned Congress that they need to do something now to prevent a broad financial crisis that would eventually materialize from present mortgage lending practices.

John McCain also warned of the excesses at Freddie and Fannie and co-sponsored legislation in 2005 to reign in the abuses at these quasi-government agencies and put them on the right track. The legislation was opposed by Democrats and the Senate Committee on Banking, Housing, and Urban Affairs chaired by Christopher J. Dodd (D-CT) and on a straight party line vote it died in the Senate.

In 2007 President Bush also tried to get the Democratic controlled Congress to enact legislation to reign in the subprime loan abuses at Freddie Mac and Fannie Mae. But the Democrats didn’t want to upset their constituancy and did nothing.

Of course, House Financial Services Committee Chairman Barney Frank (D-MA), who is always running his mouth on cable news shows, did nothing either to prevent the financial disaster. Instead, he was a major proponent for lenders to make more low income subprime mortgages.

If you’ve viewed the video, then you know it is Obama, the Congressional Black Caucus and Democrats who are have their fingerprints all over today’s financial problems. It has been Obama and the Democrats who have blocked efforts by President Bush to effect reform at Freddie and Fannie. And, Obama is lying about his involvement in the roots of this crisis.

Besides the Obama’s involvement with the Freddie and Fannie meltdown, he appointed Jim Johnson, a former CEO of Fannie Mae, to chair his VP selection committee. And, Obama received $126,000 in just the short time he has been in the Senate from Fannie and Freddie’s employees and PACs. This is the second highest amount of any Senator. Only Senator Dodd (D-CT) has received more.

I think it is obvious that McCain has been on the side of trying to reform Freddie and Fannie to try and avoid the disaster that materialized. Obama and his Democrat friends have been responsible for creating the problem and obstructing the solution.

While the national crisis unfolds, it is ironic that Obama even created his own little housing crisis in Illinois while he was a State Senator.

We need to realize that Obama’s tax and spending plan will sink our economy and obliterate the billions of dollars we are spending in bailouts to try to stablize the mortgage and housing industries along with their trickle down problems.

What’s next? The Democrats have blocked Republican efforts to reform Social Security and Medicare before they become disasters, too. Many have warned about the coming crisis with these programs and the Democrats have turned a blind eye expecting “the next Congress” can deal with it. Like the subprime loan fiasco, if we wait much longer we are going to be looking at trillion dollar fixes again. The taxpayer can’t afford these Congress created problems. We need a Congress that takes its responsibilities serously, makes tough decisions in the public’s interests and doesn’t just reward it’s political “friends”.

On another note, remember the “different” kind of candidate Obama promised us? (By the way, is promising a hand-out to, what he says, 95% of taxpayers at the extraordinary expense of those making more considered buying votes? You decide. Not only has Obama gone 70% negative on his advertising (unprecedented?) he is extolling his followers to get “in your face”. I’ve never heard of a candidate for anything trying to incite such aggression. These seem to be tactics he learned during his community organizer years studying Alynsky’s community organizer manual, “Rules For Radicals“.

As Fox News always says, “You Decide”.