There’s an updated version:
YouTube seems to have pulled it already.
Well, good for Universal!
Thank god! How misleading is that? Especially the part about McCain trying to stop the crisis by creating a Housing Regulatory Act? I noticed the video didn’t point out the act was to REPLACE the ALREADY ENACTED (in 1992) the “Federal Enterprise Financial Safety and Soundness Act”. Why wasn’t that mentioned?? Or how about the fact that it simply switched one REGULATING AGENCY for ANOTHER not CREATED one!!! Does ANYONE care for facts anymore? Geez. The 1992…not 2005 Act already provided for government oversight of Fannie Mae and Freddie Mac.
It also didn’t point out that originally, these modified regulatory bills were introduced in 2003, but the bills stalled because why? Because the BUSH ADMINISTRATION withdrew support!!
And who expressed concerns over the 2004 bill? Democrates AND the BUSH ADMINISTRATION. Why? Because it “could reinforce the false impression that the American taxpayer provides an implicit guarantee to these entitities”
And why didn’t McCain sponsor HR 1643??? That bill specifically amended the Truth in Lending to “(1) prohibit “flipping” practices and mandatory arbitration; (2) lower the interest rate threshold for high-cost mortgages; and (3) require creditors to receive certification that a consumer has successfully completed pre-loan counseling before extending the consumer credit under a high-cost mortgage. Sets limits governing rollovers or refinancing of payday loans with the same creditor.” http://www.congress.gov/cgi-bin/bdquery/D?d109:9:./temp/~bd5TEE:@@@L&summ2=m&#summary
Sen. Obama SPONSORED a bill to stop mortgage transaction which operate to promote fraud, risk, abuse and under-development…Sen. McCain SPONSORED – 0.
The video is back up on YouTube with a message, so this one should be updated. Apparently Time-Warner gave Barak Obama $338,527 in contributions. (Google, who owns YouTube gave Barak $420,174, but that’s not mentioned in the video.) Yesterday the video was shut down for violating music copywrite laws. Has anyone looked at YouTube Videos lately??? If they were all shut down for unauthorized music, half of them would be gone. I guess Time-Warner doesn’t care because they don’t offend Barak Obama! This is a grave free speech issue.