Just a reminder… When did the Financial mess start?
Posted on January 3, 2009
-By Warner Todd Huston
Bush tried to regulate and supervise Fannie and Freddie… but the Democrats scoffed at it all and blocked Bush from trying to fix the financial mess. So, whose fault is the economic mess?
Here is what Representative Barney Frank said in 2003 about Fannie and Freddie:
“Fannie Mae and Freddie Mac are not in a crisis.”
“The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the treasury, which I do not see — I think we see entities that are fundamentally sound financially and will withstand some of the disaster scenarios. And even if there were a problem the federal government doesn’t bail them out. But the more pressure there is there, then the less I think we see in terms of affordable housing.”
Here is a video that YouTube initially pulled because it proved that the Democrats are at fault.
» Filed Under Democrats, Economy, Liberal Media/Bias, News
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3 Responses to “Just a reminder… When did the Financial mess start?”
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It is a source of fascination to me why some of our elected officials have actively particpated in the financial destruction of our country and why no one protests their actions and demands their removal from office immediately.
If we, as a country, were properly educated and informed, none of these politicians would ever have been elected.
This mess didn’t have to happen. It can be reversed and sanity can be restored to our government, but I wonder what it will take before we wake up and begin to vote these dimwitted, power-hungry politicians out of office.
Our national demise will follow the path of other great countries that have fallen before us; we will collapse from within by electing unqualified leaders.
Pardon my extreme cynicism, but we’re getting exactly what we deserve. We will die a slow and agonizing death as a nation. And it will be our own fault.
It’s not just the Dems – it’s ALL of them. When provisions of Glass-Steagall were repealed that allowed this fiasco to happen in the first place, indeed, it was signed by a Democratic President (Slick Willie) but it was put in front of him by a Republican-controlled Congress (with the blessing from the majority of the Democrats in Congress).
They are ALL at fault. Period.
That clip of Barney Frank proves he was deliberately lying about the status of Fannie/Freddie. He is guilty of political malpractice and should be held accountable – not just a limp-wristed slap on the hand as when he was busted for his “romantic” involvement with one of the executives involved in bilking the Joe and Jane Taxpayer out of – LITERALLY – trillions of dollars.
This goes back further and goes way deeper than ANY of them will ever admit to; that admission would lead to their own financial destruction and likely even prison time. The point is, they are ALL guilty, Democrats and Republicans.
Of course they are all guilty, but Frank, Dodd, Raines and Rham Emanuel(he was on the Fannie board of directors) should be fitted for a prison suit.