How would you do on an American Civics Exam....

I heard about this civics test and just how bad people do on it. It's a test of a citizen's knowledge of the our country's history and government. Apparently the average score is 49%, which is an F. I thought I would take it, thinking I would do pretty well but it was a little harder than I thought. I got 24/33 correct which is a 72%. I was a little disappointed until I read through the all of the average scores. In fact you'll find that people that have served in the government in some capacity actually have a lower average score, 44%, than that of the regular citizens. It is a bit frightening to me that people serving as elected officials would score so low, but it does not surprise me.

Click here to take the test....

A very long lesson that needs to be taught...

Every time I get into a discussion with someone about how the U.S. got into this economic mess, I hear two things. First, that this is what happens when the free-market runs wild. To that I say that this market hasn't been "free" for a long time. The second, is that this is what happens when Republicans are in power and there is no regulation. At that point I just want to bang my head on the wall out of the frustration of talking to people that watch too much Katie Couric or Chris Matthews. As you'll see it was Republicans pushing for regulation that was opposed by Democrats at every turn.

Everyone agrees that the housing bubble burst and the sub-prime lending industry, bolstered by Fannie Mae and Freddie Mac, created a ripple effect through out the entire banking industry. As assets plummeted, all credit was frozen and the legs were knocked out from under the economy. I have included various articles, from numerous sources, and videos of politicians in their own words to document the players involved in this issue over the years and how they played a part in the collapse of Fannie Mae and Freddie Mac.

First you need to watch the following video that is a summary of the discussions that went on during the debate "TO PASS FURTHER REGULATION ON FANNIE MAE AND FREDDIE MAC". This was called THE FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005. This Act was based of the findings of the The Office of Federal Housing Enterprise Oversight that is the regulator for Fannie and Freddie. YES, that is correct, there was already a regulator of these entities, and they revealed serious issues that necessitated the creation of this Act.
Take note of the politicians and who said what during the debate. You'll notice the Republicans saying there is a problem that needs to be addressed and the Democrats saying there is not a problem, including Barney Frank. At one point the Democrat Congresswomen praises the CEO of Fannie Mae, Franklin Raines. You'll read more about him later. So watch this video a few times if you have to, but realize what is being said and by whom...

http://www.youtube.com/watch?v=hxMInSfanqg

So why would Dems oppose greater regulation. Maybe it's because they are deeply intertwined with Fannie and Freddie. These are after all, devices of the government to push credit in the direction of their constituents to buy votes and maintain power. Most of the top executives are tied to Democrats and their agendas, working together to fatten their pockets.

Read all of the following articles, I mean ALL of the article, to see how the sub-prime lending companies, like Fannie, Freddie and Countrywide, are tied to the Democrats.

Read to learn about "sweetheart" deals top Democrats were getting from Countrywide.

Read about how Jim Johnson, former CEO of Freddie Mac, was one Obama's advisors and also received "sweetheart" Countrywide deals.

Read about how Rahm Emanuel, Obama's Chief of Staff, served on the board of Fannie Mae while some the worst offenses discovered by the regulator were taking place.

Read about how the CEO of Fannie Mae, Franklin Raines, was a former Clinton staffer and an Obama advisor, and the issues he had a Fannie.

Now read what John McCain had to say about all of this during the debate, "

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation

That is why I bang my head on the wall when I hear someone say, "it's because Republicans didn't want any regulation!