Video: Democrats insist “nothing wrong” at Fannie Mae, Freddie Mac in 2004 while Republicans call for more regulation »
Posted By pc25 1 year, 3 months ago in Political NewsBy 2004, all of the elements of the current financial collapse had been in place for several years. The aggressive approach to enforcing the Community Reinvestment Act (CRA) started under Bill Clinton in 1998, and the seemingly endless appetite for paper by Fannie Mae and Freddie Mac had turned massive amounts of bad loans into mortgage-backed securities to spread their cancer throughout the system. In 2004, a year after the Bush administration tried to tighten regulation and oversight on Fannie and Freddie, Congress was told yet again that disaster loomed. The Democratic response is instructive to seeing who really sat back and allowed this collapse to occur (via Power Line ):
Read Full Story at hotair.com »
1242 Views Share Story 14 Comments Report
Who Also Submitted: All »
- 42Oh My!! Newsweek: Saudis briefed top Obama official about“underwear bombers”in October
- 45He Knew. Obama Warned About Terror Threat to Homeland Before His Golf & Snorkling Getaway …Update: Obama Finally Links Bomber to Al-Qaeda
- 32Umar Farouk Abdulmutallab: More Like Me in Yemen; Northwest Flight 253 Terror Suspect Says More Bombers On the Way - ABC News
RSS Join the Discussion
+ Add CommentComments So Far: 17 (view all)
-
73%
pc251 year, 3 months ago
This comment is below the standard viewing threshold View It »
Listen to the comments from Maxine Waters, Gregory Meeks, Lacy Clay, and Barney Frank as they continue to lie about the solvency of Fannie Mae and Freddie Mac in 2004.
Reply
FTA
Unfortunately for the Democrats at this hearing, Raines then doubled down and demanded that the SEC give a second opinion on his business practices. After an investigation, the SEC agreed with Falcon and demanded that Fannie Mae restate its earnings all the way back to 2001 — at which point Raines’ fraud got uncovered. OFHEO had been correct, and the Democrats in this committee meeting had done their level best to interfere with the regulator to cover up for Raines’ fraud. -
-
75%
slate1 year, 3 months ago
This comment is below the standard viewing threshold View It »
I hope that were aren't to the point that we can't vote enough good people into office to turn this country around. There needs to drastic costs cut across the board in the Government, ear marks should be outlawed, lobbists should be hindered and we need other viable parties to choose from.
Reply -
anioklyComment removed: Spammer
-
60%
FSU92grad1 year, 3 months ago
This comment is below the standard viewing threshold View It »
Why is it when WE oppose Obama running for president or in THIS case, asked for more regulation on Freddie and Fannie, we're racist or hate-mongers?
Reply
Why can't is simply be that the Dems are the dumbest bunch of people on the planet and fail to listen to reason ?
Sen Meeks and Waters are ANOTHER group of people that need to step down for their stupidity, especially Meeks going after the regulator (don't kill the messenger)...Where are the apologies from these lefty a-holes ? Where is the "Man, we should have listened to the Republicans?" comment from Meeks, Waters, Franks, Dodds, Paulson, etc? Where is the outrage and why isn't THIS the lead story on the front of the NY Times ?
Why isn't the fact that Obama's top economic advisors, Rainey and Johnson, gained over 90 million from this deal on the front page of the NY Times ?
I'm telling you guys....The media has such a hard-on for Obama, it's nauseating...To the point that the left has no more arguement concering the media and where they stand....
I c -
redtomatoComment removed: Spammer
-
67%
tiredofwhiners1 year, 3 months ago
This comment is below the standard viewing threshold View It »
Very informative. It seems the libs on Propeller have no idea what went on because they refuse to listen to factual presentations such as this. I believe the country is slowly but surely being taken over by a class of morons who ignore reality and sound conservative principles.
Reply-
50%
icono11 year, 3 months ago
This comment is below the standard viewing threshold View It »
Well they may be morons but they know how to 'steal money' through politics and use of the almighty pen.
Reply
But then again; 'we the people' put them there and if we don't hold them accountable via prison terms and or real stiff fines for their 'theft by regulation' then who is really to blame when they use fraud, deception and the laws to steal our money then expect us, the taxpayers, to clean up their shizt because their shizt is pasted all over us.
-
-
-
redtomatoComment removed: Spammer
-
50%
rosecityfriend1 year, 3 months ago
This comment is below the standard viewing threshold View It »
I keep wondering why McCain and the other Republicans don't make a bigger deal out of this! In fact, I kept waiting and expecting for McCain to nail Obama on it during the debate, but he didn't! Sigh. Contrary to his image as using "smears" against Obama and the Dems, McCain's almost too decent for his own good.
Reply -
-
-
-
Neutral
Lotz2221 year, 3 months ago
This comment is below the standard viewing threshold View It »
It was the Investment banks fault for the issuing of bad loans, it was the people (wanting the loans) fault for taking loans they could not afford (i read somewhere sometimes 50% of there income) and it was the governments fault for not regulating. IF YOU THINK THIS IS THE ONLY REASON....GO BACK TO ECONOMICS 101. Both parties blaming each other is whats wrong with this country. Its everybody's fault, stop trying to split this country. That means both the democrats and republicans, so lets get over it and fix it.
Reply-
Neutral
rosecityfriend1 year, 3 months ago
This comment is below the standard viewing threshold View It »
I agree, Lotz222 -- please tell that to Nancy Pelosi? She's the one who keeps insisting Dems had nothing to do with it because she's hoping that will win Obama and more Dems the election. It's hard for me to take her seriously that this is such a big "crisis" that I and my children should be saddled with paying for my neighbors' bad debts and the stupid lenders who let them borrow beyond their means, when the person who tells us this is such a crisis is playing such partisan politics.
Reply
-
-
More News
Politics Daily
Rick Warren's Recession--and the Saddleback Stimulus
Top Obama Aide Defends Use of Criminal Trial for Would-Be Plane Bomber
Chaos Theory - It's a Good Regime in Iran, Real Good!
U.S., Britain Shut Embassies in Yemen After Threat
The Top 10 Religion/Politics Stories of '09: Catholicism at the Fore; Niebuhr's Reemergence
Fox News Politics
Obama Wraps Up Hawaiian Vacation to Return to Washington
GOP Financial Struggles Jeopardize 2010 House Election Bids
Some Dems Join GOP Opposition to Gitmo Transfers to Yemen
Fed Chief Calls for Stronger Regulation Against Future Bubbles
Despite Al Qaeda Threat, U.S. Not Planning to Expand Terror Fight in Yemen
Add a Comment
Sign In With Your Propeller Account
Please keep your comments relevant to this story.
To create a live link, simply type the URL (including http://) or email address and we will make it a live link for you. You can put up to 3 URLs in your comments. Line breaks and paragraphs are automatically converted — no need to use <p> or <br /> tags.