As the Bush Administration and the-then Chairman of the Fed Reserve, Alan Greenspan, began raising flags as early as 2001, about the troubles of Fannie Mae and Freddie Mac, don't blame the GOP. When legislation, in part crafted by Senator McCain, was raised to stem the fraud led by Democrats at Fannie Mae, who else other than Rep. Barney Frank conveyed at a Congressional hearing that there was NO CRISIS. Specifically, read this from Sept. 2003:
''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.''
Why you ask would a Democrat downplay the chance for more Federal oversight? Campaign donations could very well be the answer.
That is how reality works here in Washington, DC. Think about it, why would Senator Harry Reid and the Democrats NOT want more BIG government oversight of anything? $$? By this example, you can see how money clouds/corrupts Washington.
Does anyone remember why France and Russia would not sign off on the UN Security Council Resolution over further involvement in Iraq? Those two countries were in bed with Saddam Hussein over oil contracts! We now know that in hindsight, but we did not know that at the time. Now, we can pull back the wool over our eyes and see why nothing was done over these two institutions for nearly seven years: Democrat opposition and filibustering. I expect DOJ to continue investigating these Fannie Mae directors and officers and so we may learn more yet.
Having successfully stalled Republican efforts to reform Fannie Mae and Freddie Mac and add oversight in 2003, Rep. Frank and the Democrat Leadership have brought us to where we are today.
It is up to a true leader to give it his all 100% to get us out of this mess. I know Senator McCain is doing his best to satisfy the 70% of the American public who DO NOT WANT to pay $3,000 per person for this bail out the Wall Street fatcats who paid off Washington and reward those who knowingly made poor choices by signing up for mortgages they knew they could not afford.
Only Senator McCain has the bipartisan track record to assist us reach a compromise with the House Republican leadership and those few remaining fiscally conservative Republican Senators who are trying to take a measured approach.
Good luck Sen. McCain setting up a framework to get things done.
Statement On Washington Mutual From the McCain '08 Newsroom
For Immediate Release
September 26, 2008
Contact: Press Office 703-650-5550
ARLINGTON, VA -- U.S. Senator John McCain today issued the following statement on Washington Mutual:
Contact: Press Office 703-650-5550
ARLINGTON, VA -- U.S. Senator John McCain today issued the following statement on Washington Mutual:
"Today's financial crisis threatens all Americans and the sale of Washington Mutual is just the latest indicator of the stresses in our financial markets that threaten to cut off the credit needed by our families, businesses, and state and local governments. I am committed to working with all parties of good faith in both houses of Congress, the Administration, and among Democrats and Republicans to reach an agreement to stabilize our financial markets. We can do so in a timely and effective fashion while protecting the taxpayer from excessive demands on their strained checkbooks. It is our obligation to restore the confidence of Americans in these valuable institutions, and demonstrate to taxpayers that Washington will be capable of addressing great national problems."
2 comments:
Contrary to what the main stream media says, wall street as a whole (capitalism) should not be blamed for the actions and policies set forth by OUR congress. There are, in fact, corrupt men in wall street who partnered with corrupt men in government to engineer a win-win situation at the expense of the taxpayer. Capitalism (and our nation or any nation) will only survive when the good and virtuous people are running it. Which means, come this November, you must vote for good men and women who stand by principle and uphold our constitution and not just give lip service to causes that seem noble and just.
Sounds good to me.
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