Tuesday, September 30, 2008

Democrats fought regulation, Republicans wanted regulation

Truly shocking video.

Democrats RIDICULING the regulator that blows the whistle on their cash cow!!!

How much cash? See this little clip!

Franklin Raines - $50 million in earnings from his four-year stint at Fannie Mae!

Sunday, September 28, 2008

We have Sen. Chris Dodd (D) and Rep.Barney Frank (D) to thank for the banking mess

OK, folks, let's unearth a little history that the mainstream media is skipping over to blame the Bush administration for failures at Fannie Mae and Fredie Mac. The part where Senator Christoper Dodd (D), chairman of the Senate banking committee, and his counterpart in the House of Representatives, Rep. Barney Frank (D) got this whole ball rolling about six years ago with their active campaign to loan more money to people that wanted more money but didn't qualify forthat amount. This presumably directly benefitted their Northeastern districts more than others.

Senator Dodd wrote legislation in 2002 to relax the standards and Representatie Frank was right there with him, saying that we need more "affordable housing".

Barney Frank, in fact, denied President Bush's request for more independent Fannie Mae oversight in 2003, saying:

"These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis," said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

So, there we have it. Democrats who were there and pushed back on regulatory oversight of these two failed financial institutions. While there was still time.

So, how can these men now brow beat the President for not doing enough? They opposed him then when he spoke of the need, why the reversal now?

Is it because they'd rather lie and keep their jobs than clean things up? Probably.

To that end, I love Barney Frank's current press release:

The truth is when President Bush took office, and the Republicans controlled both houses of Congress, he did not make any progress on comprehensive legislation to reform the regulation of the Government Sponsored Enterprises. It was not until 2005, when the House, on a bipartisan basis, and over the President's objections finally passed a reform bill. It died in the Senate in part because the White House's failure to make it a priority.

Well, that's mighty noble of you, Barney, what with all of that bipartisan stuff that you're known for. Let's see, since you're taking credit for taking action there, I guess that you voted for that bill, didn't you? Let's see....nope, no you didn't. So, you're taking credit for an action that you fought against, and you're blaming the President for not taking the actions that you actively blocked.

Thanks for the banking scandals, Messrs. Dodd and Frank! You certainly know best.

US News