The True Source Of The Economic Collapse: It Wasn’t Poor Minorities Trying To Buy Homes!
Posted by Job on March 25, 2009
Now during the sham presidential election, alleged conservatives and Republicans came up with this scenario where the Democrats were actually to blame for the economic collapse because of affirmative action rules passed by the Carter administration, strengthened by the Clinton administration, and pushed by the Barack HUSSEIN Obama affiliated group ACORN and several Democrats on Congressional banking committees to pressure banks into approving mortgage loans for people who could not pay for them. Now this scenario was never plausible, because A) if that was the reason the economic collapse would have happened long ago and moreover B) economists have shown that mortgages to high risk groups are only a tiny part of the banking collapse. The main thing to remember, however, is that it was just another partisan device to distract people from the fact that both parties are working for the anti-Christ team leading us towards an essentially global economy and government. And besides, the Bush administration made increasing home ownership in minority and poor communities a major part of its domestic agenda (I should know, as I was a huge Bush Republican at the time!), the whole “ownership society” thing.
Well, as it so happens, I was listening to conservative talk radio while driving home from visiting relatives last week (the reception was horrible on the station that features generally doctrinally sound preachers, rendering it unlistenable) and for whatever reason, this fellow chose to let the truth out. It turns out that in December 2000, as one of the last major pieces of legislation passed by the Clinton administration (and also while the nation was distracted by the Florida recount fiasco and its aftermath) a major regulatory change, the Commodity Futures Modernization Act of 2000, was passed, greatly expanding the items that could be traded (bought and sold) as commodities futures. Two of them included energy and DEBT. Yes, banks and other entities were able to trade debt obligations as commodities futures just like corn, wheat, pork, and gold.
Now energy futures caused the Enron collapse, and that is what this post speaks of. However, this talk show host was speaking of how trading in DEBT futures, allowed by this bill, is what really caused the financial crisis. Of course, his agenda was not correcting the misinformation on the financial crisis being caused by the Community Reinvestment Act. Instead, his point was that this Commodity Futures Modernization Act was something attached to a huge omnibus bill that no one debated or even read, and that there were likely similar devastating measures in the HUSSEIN Obama stimulus bill and spending bill recently passed. And I agree. But while that was his point, it was not my point.
My points are that A) the utterly contrived recount fiasco contributed to this bill being passed without anyone knowing about it. B) This measure was not amended or repealed even after the Enron fiasco showed how damaging it could be to our economy. Both parties were in on this. C) The political discourse of both parties, whether the “conservatives” that were blaming ACORN and the Community Reinvestment Act or the “liberals” blaming corporate greed and irresponsiblity, was designed to divert attention away from the real cause.
If both sides are trying to deflect attention from this matter and neither are doing anything to fix it, what does that mean? My proposal is that they are both in this together. After all, would the radical changes to our economy and government that have already been made, let alone those proposed for the future, been possible had it not been for this collapse? And no, don’t fall for the trap of blaming it all on the socialist/Marxist/whatever Obama, because the first piece of the massive overhaul was the $700 billion banking bailout championed by Republicans and signed by Bush. By the same token, don’t fall for the trap of blaming Bush and Republican economic policies, including even the war in Iraq that I myself oppose, as again, this law was enacted by the Clinton administration. Instead, realize that both parties are in this together working towards the same goal.
And what goal would that be? Integrated global markets and economies, and of course once the economies are integrated, political integration will either logically follow, or in truth not even be necessary: what does it matter what governments do if the corporations are running the world anyway? Please see Revelation 14 and Revelation 18 for the statements about Babylon, which I believe refers to a global economic system, falling. For instance, see Revelation 18:3, which reads, “For all nations have drunk of the wine of the wrath of her fornication, and the kings of the earth have committed fornication with her, and the merchants of the earth are waxed rich through the abundance of her delicacies.” Also please take note of Revelation 17:6 and Revelation 18:24. “And I saw the woman drunken with the blood of the saints, and with the blood of the martyrs of Jesus: and when I saw her, I wondered with great admiration” and “And in her was found the blood of prophets, and of saints, and of all that were slain upon the earth.”
So, this economic system will declare all out war on the church and kill a great many of its members. The mark of the beast system perhaps? Of course, premillennial dispensationalists believe that the rapture will precede the fulfillments of Revelation 14-18. And amillennialists do not believe that this verse will be fulfilled literally in any sense. Being in the chiliast camp myself (that being one who believes in a millennium but not the rapture) I say that these continuing economic developments are reasons for all those born again in Jesus Christ who love Him by keeping His commandments to watch the world events, to study the scriptures, and to pray without ceasing.