By: John Keitel
(Because the issue is so important a repost is necessary)
The Democratic Party blocked attempts, backed with proof, to fix Fannie Mae and Freddie Mac. The Democratic Party was told that Freddie Mae and Fannie Mac was rife with fraud and they were going to fail. Democratic Party defends Freddie Mac and Fannie Mae with racial accusations.
The Office of Federal Housing Enterprise Oversight, OFHEO, Regulator that has unearthed the disaster back in 2004! was attacked by Maxine Waters, Barney Frank, Gregory Meeks, and others saying the facts are not true.
Republicans stand up again and again to show overwhelming evidence of fraud and abuse that was occurring.
Franklin Raines, says “These assets are so riskless that there capital for holding should be under 2%
Rep. Lacy Clay, D Missouri, ”This hearing is about a political lynching of Franklin Raines.”
The OFHEO regulator is attacked during this meeting as having crossed the racial line in having the gall to ask Congress for oversight of the failing Freddie Mac and Fannie Mae institutions. With Proof!
Rep Arthur Davis, D-Alabama, ” You’re making very specific what you have correctly acknowledged broad and categorical judgements about the magrt of thes institiutuaion about the willfull nes of practices that may or amy not be in controversy.. you put a 48 hour ultimatum on them with any authority.. this sounds like there has been an invisable line that has been crossed.”
Rep Maxine Waters D- CA, “Under the outstanding leadership of Mr. Frank Raines everthing in the 1992 act has worked just fine in fact the GSE’s have exceded the housing mission.” Barack Obama Democrat Presidential candidate, must be proud. Franklin Raines is going to be his Treasury Secretary!
Rep. Lacy Clay, D Missouri, “I get the feeling that the markets are not worried about the saftey and soundness of Fannie Mae as OFHEO says that it is, but of course the markets are not political.”
Rep Barney Frank, “I don’t see nothing in here that raises saftey and soundness problems”
Rep. Don Manzullo R-Illinois!, “Mr. Raines 1.1 million bonus on a 526k salary. Jamie Goerlick 779k bonus on a salary of 567k.. the 1998 earning per share number turned out to be 3.23 and 9mills a result that Fannie Mae met the eps maximum payout rule right down to the penny!”
Former Pres. William (Bill) Jefferson Clinton, “I think the responsibilty that hte dems have may rest more in resisting any efforts by Republicans in the congress or by me when i was pres to put some standards and tighten up a little on Fannie Mae and Freddie Mac.”
The Democratic Party is telling us to trust them to fix this? This is nothing but a cover up!!!! I demand hearings NOW NOT NEXT YEAR!!!
Today Rep Barney Frank defends the hand out for his friends in the name of the poor.
Filed under: 2008 presidential race, News and Views, Video, media bias | Tagged: barack, barack obama, barry, bias, biased, clinton, democrat, democratic, democrats, hussein, media, msm, national, news, obama, political, politics, presidential, republican, republicans, senator, Video, youtube
Reality says Republicans only wanted to legislate concerning Fannie and Freddies accounting practices because of the Enron and Worldcom accounting scandals.
Republicans did not want anything to do with the LENDING PRACTICES of Fannie and Freddie.
the LENDING PRACTICES were part of the financial meltdown.
Know what you are talking about before your spout.
View the video proof on this site, the Democrats did nothing! http://digitalartpress.wordpress.com/wp-admin/post.php?action=edit&post=1059
I guess you cannot hear the video proof presented here of the Democrats balking at changes being asked for before the meltdown!
The video talks about the ACCOUNTING PRACTICES which have nothing to do with the LENDING PRACTICES.
Watch the video.
Republican Chris Shays talks about Sarbanes-Oxley which only deals with ACCOUNTING PRACTICES.
Republicans also only talk about the “executive bonus pay” which has nothing to do with their LENDING PRACTICES.
The fact is Fannie and Freddie went under like the banks did because of their LENDING PRACTICES.
Neither Democrats or Republicans knew that Default Credit Swaps would cripple the US banking system.
The proof is that Republicans were nowhere to be heard about instituting regulations for private mortgage lenders so the US financial system didn’t collapse.
Another key thing to keep in mind is that even if Republicans and Democrats passed legislation in 2005, it would not have stopped the collapse of Fannie and Freddie.
Republicans are working so hard to place blame on everyone except themselves that they overlook how we got here.
Republican Phil Gramm. Gramm-Leach-Blily and the CFMA Act made Default Credit Swaps possible.