Exhibit A: Evidence that Democrats tried to belittle the fraud at Fannie Mae and Freddie Mac
Democrats trying to cover themselves in this financial meltdown are blaming "corporate greed" and "failed Bush economic" polices. Whenever a question is posed to Democrats asking specifically what policys of Republicans lead to the financial mess, they can't name one. It's amazing that Democrats today are saying that the economy is nearing that of "Great Depression", yet just a few years ago DEMOCRATS WERE DEFENDING FANNIE MAE AND FREDDIE MAC. I said before and I will say it again. Democrats caused this crisis and they own it. I don't want to hear any crap about "There is plenty of blame to go around". That is nothing more then an excuse by Democrats to "pass the buck" and draw attention away from them. This video is from an investigation hearing on the financial practices of Fannie Mae and Freddie Mac. Take some notes on the people and political party drawing criticism of Fannie and Freddie, also take note of the people and political party trying to defending Freddie and Fannie. Once again here's exhibit A into who is responsible for the housing and financial mess we find ourselves in right now. Just a side note that needs to be asked. Why did Democrats attack the regulator of Fannie Mae and Freddie Mac? Just more food for thought.
posted by Alpha Conservative Male at 7:54 PM
19 Comments:
This is an article from the South Florida Times. I just heard about this commentator a few minutes ago on our local talk radio station. She was just interviewed. It was a pretty interesting one.
http://www.sfltimes.com/index.php?option=com_content&task=view&id=1961&Itemid=188
Thanks pamela, I have a video I'm going to post about the Congressional Black Caucus's connections to Fannie Mae and Freddie Mac, the article you gave me will tie in perfectly. lol
Should be a fun read. Madness is being exposed everywhere.
CB;"Democrats caused this crisis and they own it. I don't want to hear any crap about "There is plenty of blame to go around".
Come on now Tyrone, after all you did say this is a "debate forum", right...
The reason you don't want to hear "there's enough blame go around", because the reality is, "there is enough to go around"!
A mess of this magnitude could not have been contrived and executed without either; 1. the willingness of both political parties, or, 2. the ineptitude of both parties.
First off, Franklin Raines made out like a bandit. Everyone knew he was crooked, yet he was able to "beat the rap" by cutting a deal with the federal regulator. P.S.- Getting back on your Raines/Obama connection, as I said , there was NONE! The WPo even said McCains add was "a stretch"... (So now I'm a bit leery about the video's producers who clearly "lie" in a graphic stating; "Frank Raines, yes Obama's economic advisor Raines")
-From, The Slate.
"According to Politico, McCain economic adviser Aquiles Suarez worked as Fannie Mae's director of government and industry relations, and McCain finance co-chairman Frederic V. Malek spent time on the Fannie Mae board."
Malek was also involved in a SEC probe and agreed to pay $250,000 to settle charges of misleading Connecticut’s pension funds.
It's true, Waters, Clay, Franks and the other Dem's were clearly wrong in their assertions. For all we know, each one of them could have been taking "pay-offs" from Freddie and Fannie! I don't put it past Washington politicians because it's happened before, and very well could be the case here.
With that being said, accusations of such corruption have not been leveled, because screwy scandals, such as Fannie and Freddie, is how Washington D.C. works! Michael Kinsley put it best; "The scandal in Washington isn't what's illegal. It's what's legal."
In the overall Fannie-Freddie scheme, no matter who or what to wish to believe, it will not negate that facts! This is a "bipartisan" debacle. Along with Raines in this mess are;
Robert Zoellick, current head of the World Bank, who worked for President Reagan, President Bush Sr., and President Bush Jr. Zoellick was Vice President of Fannie Mae from 1983-85., V.P. of lobbying in the 1990's and a staunch defender of Fannie.
John Buckley, worked at Fannie Mae
1991-2001. Press secretary for Jack Kemp and Reagan.
Jamie Gorelick, former Deputy Attorney General in the Clinton administration.
"Freddie Mac's list of 91 lobbyists includes former Reps. Vin Weber, R-Minn., and Susan Molinari, R-N.Y." The AP notes the Fannie Mae ties enjoyed by McCain campaign manager Rick Davis and Arthur B. Culvahouse Jr., who helped in McCain's veep search."
"Recent directors include Ann McLaughlin Korologos, Ronald Reagan's Labor secretary; Ken Duberstein, Reagan's chief of staff; Bill Daley, former Commerce Secretary and Gore spokesman during the 2000 election controversy; and Jack Quinn, counsel to Bill Clinton and lawyer to pardoned fugitive Mark Rich."
And, as I noted earlier, even President Bush jumped on the Fannie/Freddie frenzy. In 2003 Bush signed the American Dream Downpayment Assistance. In Jan. 2004 he asked Congress for authority to eliminate the down-payment requirement for Federal Housing Administration loans.
You know something Tyrone, I don't think the American public (as a whole) will ever buy into the idea that "one political party" is solely responsible for the banking crisis. Most Americans really don't care "who" broke it, they just want it fixed...and they don't want to have to pay for it!
P Allen "Come on now Tyrone, after all you did say this is a "debate forum", right..."
It was a figure of speech allen lol
P Allen" A mess of this magnitude could not have been contrived and executed without either; 1. the willingness of both political parties, or, 2. the ineptitude of both parties."
Another proud graduate from the liberal school of double talk lol I sweat that answer sounds like something Obama would say. I'm assuming that you watched the hearings allen, now can you tell me which republicans in the hearings were saying that everything at fannie and freddie was on the up and up. You trying to "spread the blame" allen is like the crew of the titanic trying to bail out the water with buckets lol
P Allen "First off, Franklin Raines made out like a bandit. Everyone knew he was crooked, yet he was able to "beat the rap" by cutting a deal with the federal regulator."
Apparently Maxine Waters think other wise allen. You heard what she said said. She said that he did an "outstanding job". As for a deal, what deal exactly was that exactly. I heard this week that the FBI is starting it's investigation into Fannie and Freddie. Afer the damage that guy causes not only our country's financial and housing market, raines should be in federal prison. I want to know why did he Obama campaign seek out his advice on mortgages and other financial matters.
P Allen "You know something Tyrone, I don't think the American public (as a whole) will ever buy into the idea that "one political party" is solely responsible for the banking crisis. Most Americans really don't care "who" broke it, they just want it fixed...and they don't want to have to pay for it!"
I believe your wrong allen. Democrats have been trying franticly to put the entire blame of crisis squarely on Republicans, George Bush and John McCAIN allen.Hell Nancy Peolosi is trying to blame Republicans for the bail out bill not passing. Conveniently she left out the FACT that 94 Democrats supported the House Republicans. There are people dumb enough that are actually believing what Pelosi and crew are saying.
Hi Conservative Brother from Baltimore. I am so proud of you even though I don't know you. My beloved city ruined by crime and drugs and you are there trying to make things better and get the real word out. God Bless You.
Debbie
Thank You debbie.
I'm surprised no one has brought this up yet. It seems that Obama and Pelosi are blaming this crisis entirely on George Bush policies that were "supported by" John McCain.
Obama on the economy at McCain/Obama Debate 1: "Now, we also have to recognize that this is a final verdict on eight years of failed economic policies promoted by George Bush, supported by Senator McCain, a theory that basically says that we can shred regulations and consumer protections and give more and more to the most, and somehow prosperity will trickle down."
That's funny, watching this video seems to suggest the exact opposite of what Obama said. Bush and McCain wanted to regulate Fannie and Freddie, but the Dems didn't (did that include Obama at the time?). Why doesn't anyone call Obama on that?
Obama on the economy at McCain/Obama Debate 1: "Two years ago, I warned that, because of the subprime lending mess, because of the lax regulation, that we were potentially going to have a problem and tried to stop some of the abuses in mortgages that were taking place at the time."
Did he really warn that? The only thing is Bush, McCain and other Republicans warned of that with Fannie and Freddie several times, some of those years before Obama did, but the Dems would have none of it. Why doesn't anyone call him on that?
Now for an excerpt from Pelosi's wonderful Bush-bashing speech:
Pelosi: "[700 billion] is a number that is staggering, but tells us only the costs of the Bush administration's failed economic policies: policies built on budgetary recklessness, on an anything-goes mentality, with no regulation, no supervision, and no discipline in the system."
Allen likes to remind everyone that there was a Republican majority in Congress when Bill 190 was proposed. But apparently it was filibustered by the Dems. Does anyone know if this is true?
Question asked by someone at: http://www.govtrack.us/congress/bill.xpd?bill=s109-190
"Sep 26, 2008 12:33 PM - I'm assuming (correctly I hope) that in '05 the Republican's controlled Congress. How was this bill (heavily favored by Republicans) blocked on voting by Democrats?" - Read Answers
Answered by a visitor on Sep 29, 2008 6:48 PM - "Even though Republicans controlled Senate in 05, there were not enough to avoid filibustering by the Dems."
Allen: Do you think that Obama and Pelosi are rightly blaming Bush and McCain for this entire mess?
At least one Democrat has changed his tune and that's a very positive devlopment.
Recently Artur Davis (D-AL) said; “Like a lot of my Democratic colleagues, I was too slow to appreciate the recklessness of Fannie Mae and Freddie Mac. I defended their efforts to encourage affordable homeownership, when in retrospect I should have heeded the concerns raised by their regulator in 2004. Frankly, I wish my Democratic colleagues would admit that when it comes to Fannie and Freddie, we were wrong. By the way, I wish my Republican colleagues would admit that they missed the early warning signs that Wall Street deregulation was overheating the securities market and promoting dangerously lax lending practices. When it comes to the debacle in our capital markets, there is much blame to go around for both sides.”
Rep. Artur Davis (D-AL)
I don't suggest holding your breath to hear anything like that from the likes of Dodd or Frank!
As to Rep. Davis assertion that "Frankly, I wish my Democratic colleagues would admit that when it comes to Fannie and Freddie, we were wrong. By the way, I wish my Republican colleagues would admit that they missed the early warning signs that Wall Street deregulation was overheating the securities market and promoting dangerously lax lending practices." the irony is that there were numerous Republican attempts to rein in ("gut" according to Frank and Dodd) Fannie Mae and Freddie Mac.
Indeed Barney Frank may well be right in asserting that, "If it were up to Republicans there wouldn't even be a Fannie Mae or a Freddie Mac!"
Interesting observation - I don't see much upside in having a Fannie Mae or a Freddie Mac.
New York Times article from 1999:
http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260
eric" I'm surprised no one has brought this up yet. It seems that Obama and Pelosi are blaming this crisis entirely on George Bush policies that were "supported by" John McCain."
Obama and Biden are bringing it up every minute they get, that's the problem. Actually Obama is slick about how he is doing it eric. He knows that if he was to attack McCain straight on, McCain would set the record straight. Obama and Biden are doing the indirect attack on McCain. McCain better get wise to what is happening eric.
eric "Obama on the economy at McCain/Obama Debate 1: "Now, we also have to recognize that this is a final verdict on eight years of failed economic policies promoted by George Bush, supported by Senator McCain, a theory that basically says that we can shred regulations and consumer protections and give more and more to the most, and somehow prosperity will trickle down."
I would like for Obama is his lengend of undead zombies to state exactly what policys are responsible for the financial crisis the world now finds itself in eric.Of course, they can't name one. To them its more about the "seriousness of charge" then actually providing proof. As for Democrats stating the Bush did away with "regulations", that's too funny!!! In this very video DEMOCRATS WERE ATTACKING THE REGULATOR! FOR JUST DOING HIS JOB!!LOL LOL LOL LOL. That is too rich lol!!
Eric "Pelosi: "[700 billion] is a number that is staggering, but tells us only the costs of the Bush administration's failed economic policies: policies built on budgetary recklessness, on an anything-goes mentality, with no regulation, no supervision, and no discipline in the system."
Eric, I believe the new Democrat catch phrase up until the election will be "Bush administration failed economic policys", Simply amazing, Democrats planeted the seed of financial destruction under Carter and then feed it steriod water under Clinton, yet they say it's Bush's fault,lol. As for "budgetary recklessness", when exactly did Pelosi and Democrats all of a sudden become "fiscal conservatives" since taking over congress? Pelosi lies so badly eric its not even funny.
jmk fom exert Artur Davis" I wish my Democratic colleagues would admit that when it comes to Fannie and Freddie, we were wrong. "
jmk, if the American people were to hear that. Obama would be done, toast and Democrat would be out of power for at least 15 years. At least Davis did do the right thing after the fact.
jmk"ndeed Barney Frank may well be right in asserting that, "If it were up to Republicans there wouldn't even be a Fannie Mae or a Freddie Mac!"
You're absolutely right jmk, banks were making home loans long before freddie and fannie were created. The whole concept of a quasi government/private entity was a dumb idea from the start. If a bailout bill is passed I wish it has a provision to gradually phase out freddie and fannie or make them a soley private entity.
"You're absolutely right jmk, banks were making home loans long before freddie and fannie were created. The whole concept of a quasi government/private entity was a dumb idea from the start." (Tyrone)
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The whole idea of increasing lending to "subprime" (high-risk) borrowers was a dumb idea. It's actually a perfect symmetry that a Liberal dope like Barney Frank would endorse that kind of stupidity.
Subprime loans impacted the entire credit market from low-income, low-debt to high-income, high debt loans.
The idea advanced by the likes of Frank and Dodd that this was done "to expand minority homeownership" is a canrad....that's no different than appeals for "the children" and "the poor," it was the "feel-good hook" that drew people in. Minority homeownership was and continues to increase WITHOUT "subprime" loans.
Here's the irony in all this to me, the very same people (mainly Liberals) who want to blame "greedy Wall Street bankers" - the ones who asked Fannie and Freddie for help in sailing ever MORE subprime loans through the process, DON'T want to blame the millions of Americans who borrowed more money than they could pay back..."because it was there", or "because it was offered to me."
Dolts want to see those individual over-borrowers as "victims," when in fact, they were as "motivated by greed" as any banker!
Hell, the reason the banks kept making all those "subprime loans" was because somebody else (Fannie and Freddie) were going to pay for it...SAME EXCUSES: "it was there" and "because it was offered to me."
There ARE no "victims" here in this mess...unless, of course, you count the majority of the American people who never got in on the subprime debacle - we're going to get to pay for it all, without getting in on any of the free coin.
What else is new?
Eric;"Allen likes to remind everyone that there was a Republican majority in Congress when Bill 190 was proposed. But apparently it was filibustered by the Dems. Does anyone know if this is true?"
Not true Eric. The bill never got to the stage where it could be filibustered. It was never acted upon. The bill was merely "introduced" (e.g. no further actions, such as report/vote by committee, house and senate debates/vote...)
Check it out HERE
Eric;"Allen: Do you think that Obama and Pelosi are rightly blaming Bush and McCain for this entire mess?"
No I don't think they're all together right in blaming McCain, because there's more than enough blame to go around for both the Dem's and the Repub.'s. As the video that Tyrone posted shows, Waters and the other Dem's were clearly wrong by giving Fannie and Freddie their "seal of approval."
Just as the crook Frank Raines made millions from bonuses given to him from "cooked" balance sheets, Waters and the others could have somehow been (only speculation) in on the money grab. But that's just my opinion....
As for Bush, and as I noted earlier, his hands are far from clean in this. Some here believe that he[Bush] tried to "rein-in" Fannie and Freddie in 2003, yet in 2004 he asked congress for authority to eliminate the "down-payment" rule for the agencies. Go figure..
The Bush administration requested regulatory measures in Spetember of 2003, which Sen. Shelby and Rep. Oxley "claimed" they would draft legislation. (I can't find any bill drafted by Oxley and Shelby) However, the 2005-06 congress "did" pass a bill, HR-1461. Yet, the bill was stalled in the (Republican controlled) Senate.
Still, in January of 2004 Bush requested that the "down-payment" requirement be eliminated from the agencies....
Why would Bush allow Fannie and Freddie to eliminate down payment requirements, (a practice that would add additional cost to the agencies) when he already knew the agencies were in financial trouble? It just doesn't past the "smell test"...
There's something rotten in D.C. I have plenty of idea's and opinions, but lets just wait and see how this whole mess pans out.
BREAKING! McCain pulls his staff and resources from Michigan!
Boy oh boy, this campaign season just get's better and better!
P Allen "BREAKING! McCain pulls his staff and resources from Michigan!
Boy oh boy, this campaign season just get's better and better!"
I don't know why you are getting happy Allen, don't worry I'm going to pure some ice cold water on you lol It was dumb for McCain to even be in Michigan, because he doesn't need Michigan to win the election. He campaigned there because it looked competetive but Michigan isn't vital. Matter of fact Bush won in 2000 and 2004 and lost in Michigan BOTH TIMES!!lol It has always been a blue state, and nothing will change that. It's also an economically depress state due to being run into the ground by democrats.oh well.
CB;" It's also an economically depress state due to being run into the ground by democrats.oh well.
LOL... George Romney(R) (a name you might be familiar with) was the first governor of noted memory in my lifetime. Followed by William Milliken(R), James Blanchard(D), John Engler(R) and Jennifer Granholm(D). The way I count it, a Republican ran MI. for 32 years, vs. 20 years over the past 53.
The Republicans "run in the ground" tends to be a bit "deeper"....wouldn't you say?
Here's a question for you. Why is it that whenever the economy "tanks", Democrats are called upon (elected) to reverse the trend and clear the ruins of the Republicans?
P Allen "
LOL... George Romney(R) (a name you might be familiar with) was the first governor of noted memory in my lifetime. Followed by William Milliken(R), James Blanchard(D), John Engler(R) and Jennifer Granholm(D). The way I count it, a Republican ran MI. for 32 years, vs. 20 years over the past 53.:
Can you tell me what party controlled the Michigan General Assembly Allen? Maryland had a Republican governor from 2002 to 2006 by the name of Robert Erlich, but the Maryland General Assembly made his brief stint as Governor hell because they were the majority and were mostly flaming liberal democrats. Being a governor allen is only good when that governor has the people in the state legislative branch that can hell get his or her agenda accomplished. That is what you left out of course.
P Allen "The Republicans "run in the ground" tends to be a bit "deeper"....wouldn't you say? "
Actually I don't say allen. A true Republican and not in name only would institute pro business policy's to attract businesses to move to a certain state not raise taxes on them to drive them out of state. There is a reason why many businesses are packing up and moving down south from blue states to red state, who can blame them. California is another ultra blue state that is bleeding jobs as businesses are moving out to transplant to Arizona and Nevada I've seen commercials from the Michigan Economic Development fund advertised here in Maryland trying to attract businesses back to Michigan. They don't get it and they never will. Conservative economic policies attract businesses and create jobs and liberal policies repeal businesses and eliminate jobs, it's as simple as that allen
"Some here believe that he[Bush] tried to "rein-in" Fannie and Freddie in 2003, yet in 2004 he asked congress for authority to eliminate the "down-payment" rule for the agencies. Go figure.." (PAA)
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Actually NO ONE here (including yourself) has doubted that Bush TWICE called for a Bill that McCain tried to get through Congress...the first in 2003 aand again in 2005.
I haven't linked to any articles on those Bills because no one here has claimed otherwise.
Bush, like Jack Kemp BELIEVED in "the ownership society," encouraging MORE people to own homes, as homeowners tend to be more responsible and ultimately wind up more politically Conservative.
Bush supported the "no-downpayment" option for FHA mortgages (a risky proposition). Suffice to say that he and McCain also supported an oversight agency for Fannie Mae and Freddie Mac.
The 2005 Bill got only 4 votes within the 19 member Senate Banking Committee and 17 votes in the 69 member House Financial Services Committee....the senior members on those Committees were (unfortunately) Chris Dodd and Barney Frank, respectively....and yes, Fannie and Freddie DID write a LOT of really big donation checks.
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