‘Jaw-Dropping’: Former U.S. Treasury Secretary Makes Bombshell Claim About Russia and 2008 Financial Crisis (and Why It May Sound Familiar)

The Chinese “received a message from the Russians” back in 2008 suggesting a pact to sell Fannie Mae and Freddie Mac securities on the market, which would have nudged down the price of the debt of Fannie and Freddie and also maximized the chaos on Wall Street, a former U.S. official told BBC. It confirms a report that TheBlaze TV’s For the Record first aired back in September 2013.

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So Obama Inherited a Mess, Did He? From Whom?

(Hat tip: Kim) - For the past three and a half years, we have had to endure the nonstop whining of Barack Obama and his surrogates telling us over and over that he inherited the financial mess that required him to add trillions of dollars to the national debt, to run trillion-dollar-plus deficits for each year that he's been in office.

Now he is telling us that he needs another four years and trillions more in money borrowed from China to complete the clean-up of the mess he inherited.

Well, for once, he nearly has it right. He inherited not simply a financial mess, but a historic financial disaster. Even the most virulent anti-Obama partisans will admit that Barack Obama didn't directly create the 2007-2008 financial meltdown.

But Obama's own claims that it was all the fault of his predecessor, George W. Bush, sounded a little thin the first time he uttered them, while now they appear remarkably transparent. The source of the financial crisis precedes Bush by a number of years, and like many landslides, it starts with a small pebble being dropped that starts the whole thing.

Looking backward through the historical record might help us decide just who provided Barack Obama with the financial legacy he has to cope with if it wasn't Bush.

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Senate Passes Financial Overhaul Bill

FOXNews.com, 5/20/2010 - WASHINGTON (AP) -- The Senate has passed a sweeping overhaul of how the government regulates banks and Wall Street. ∴ The legislation is aimed at preventing a repeat of the financial meltdown two years ago that plunged the nation into a deep recession. ∴ The Senate passed the bill on a 59-39 vote, giving President Barack Obama a major policy victory. ∴ The bill now must be merged with a House version. A key House negotiator predicts the bill will reach Obama's desk by the Fourth of July. ∴ The massive legislation touches all points in the financial sectors, from Wall Street CEOs and first-time home buyers, to high-flying traders and small town lenders. ∴ The bill calls for new ways to watch for risks in the financial system. Read More......

Reverse Mortgages May Be Next Subprime, Center Says

BLOOMBERG.COM, 10/6/2009 by Alexis Leondis - Reverse mortgages may be the next subprime crisis, according to the National Consumer Law Center. ∴ Some of the same U.S. lenders that helped drive the real estate boom with loans to home buyers who couldn’t afford the payments are now targeting seniors, the center said. Brokers, who are given financial incentives to sell the loans, may be making misleading claims to potential customers, according to a report titled “Subprime Revisited,” that was released today by the Boston-based NCLC. Read more at Bloomberg.com... Read More......

Obama Says Financial Regulations Must Be Strengthened Globally

BLOOMBERG, The administration has proposed an overhaul of U.S. financial regulations including oversight of the systemic risk large financial institutions pose to the economy, new ways for the government to dismantle failed companies and a regulator to oversee financial products for consumers. ∴ Obama reiterated his calls for Congress to act on his regulatory proposals, which he also made in a speech on Wall Street Sept. 13.

“As I told leaders of our financial community in New York City earlier this week, a return to normalcy can’t breed complacency,” Obama said in today’s address. “Our government needs to fundamentally reform the rules governing financial firms and markets to meet the challenges of the 21st century.”

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