When you hear Obama, Biden and their surrogates remind us that the credit mess we are in up to our ears now is because Bush and the Republicans have been 'in power' for the last eight years, and it is all their fault--think again!
'Our' current financial mess
Written by Jerry Teasley of Pine Mountain, GA former Banker
Most of my friends know, I have tried to stop thinking, but I can't help it in the wake of all the recent economic news.
My banking career started in 1970 and ended in 1993, but I still keep close ties to the industry. During my banking years I did learn one or two things along the way. The problem with our economy today is from a liberal thinking congress, senators, and presidents, as well as greed and dishonesty. When you put these together it spells disaster in any area of our life.
Ask any banker (just walk in and ask one that has been there for 15 or 20 years) and they will tell you these are the FACTS:
* Under Jimmy Carter we received the Community Reinvestment act. This law says banks have to make loans in low income areas and it has forced many lending institutions to seek to make loans to people in areas that lenders would not normally go because of the risk and low property values. (Sub Prime Loans). This was in 1977. In 1980 President Carter and a Democratic controlled congress passed the Depositor y Institutions Deregulation and Monetary Control Act-- The law also removed the power of the Federal Reserve Board of Governors under the Glass-Steagall Act and Regulation to set the interest rates of savings accounts. A sad fact is we are all still feeling the effects of his policies and decisions 30 years later.
http://en.wikipedia.org/wiki/Glass-Steagall_Act http://en.wikipedia.org/wiki/Regulation_Q
* Then in 1995, President Bill Clinton made changes to the Community Reinvestment Act that forced an increase in the number of loans to these people and the aggregate dollar amounts loaned.-- Larger loans to people with less income in areas where the collateral value would go down instead of up. (Clinton should have had his mind on the long range effects of this instead of Monica.) This was in response to pressure from 'community organizers'. Can you think of a former Community Organizer running for president? Hint - he's a Democrat
* In 1999 Mr. Clinton signed to repeal the Glass-Steagall act which had protected taxpayers since the Great Depression.
* In 2003 President Bush tried to propose a change in regulatory control over Freddie Mac and Fannie Mae and placed both companies under the control of the Department of the Treasury, but was voted down by the liberal democrats led by Barney Frank. Remember the name Barney Frank, he is one of Obama's top two economic advisors; the other is Jim Johnson who was the head of Freddie Mac and walked away with $24,000,000.
* Now, Mr. Obama and his liberal cronies are spinning the facts so you will believe that all our financial problems are because of Bush's failed economic policy. However, OBAMA'S two MOST TRUSTED ECONOMIC ADVISERS TO HIS CAMPAIGN are the very people that were in control of Freddie Mac- Jim Johnson $24,000,000 and Fannie Mae - Franklin Raines $90,000,000 in 6 years. In addition, since 1989 their have been several politicians who have received campaign donations and kick backs from these two failed institutions. The #1 recipient is Senator Chris Dodd-D RI and the runner up is none other than Senator Barrack Obama who received the second largest amount of donations (over $500,000) which is phenomenal because he has only been in the Senate for 3 years.
When Enron went belly up, we demanded Senate hearings and investigations. Why aren't the Democrats demanding the same with these companies?
But, oh yeah, I forgot It is Bush's fault! Just ask a Banker.
I am Jerry Teasley, banker, and I approved this email.
Professional Profile for Jerry Teasley: http://center.spoke.com/info/pFdZm09/JerryTeasley
Jerry Teasley, Area Developer Jerry joined the Fox's team in 1994 as Fox's first franchisee in the state of Georgia. He began his career with Fox's after extensively researching franchising and numerous franchises, and has seen tremendous success in the fast food industry. After demonstrating his skills in the business, Jerry became one of Fox's first area developers in 1995, assuming development responsibilities for the state of Georgia. After graduating from the University of Georgia School of Business with a degree in Marketing and Management Jerry developed his business acumen in a completely unrelated industry--banking. Jerry joined the Granite City Bank in Elberton, Georgia, in 1971, working his way from a collector to Vice President. He then moved on to become the CEO and Director of the First Peoples Bank in Pine Mountain, Georgia, until he opened his Den in Pine Mountain in 1994. His professional banking experience proved to be a tremendous asset in his current profession, both as a developer and franchisee. Jerry recently sold his franchise to devote more energy toward developing franchises in Georgia and the southeast and in addition, recently joined us as a marketing and sales consultant. At Fox's Pizza Den, we prefer to respond to inquires on a personal, one on one level. Please feel free to call us at 706-663-8224 or toll free 800-698-8449 for information about franchising opportunities, our services or our products. Dave Dopp, Senior Trainer for Teasley Corporation and Fox's Pizza in the Southeast Dave Dopp has owned and operated his Fox's Pizza Den Franchise for 10 years. Dave started his pizza career as a delivery driver for Dominos 21 years ago, advancing through their management training program and working 14 different locations throughout the Atlanta area. His areas of study have included employee relations, community awareness, safe food handling, marketing, security and customer relations. Dave has been a store manager, regional supervisor, corporate trainer and business owner and had as many as 50 employees working for him. Dave brings a vast amount of first hand knowledge and experience with him and has trained some of our most successful owners. We can also be reached by e-mail at jerryteasleycorp@bellsouth.net, or by filling our contact form.
