Tag Archives: economy

Shocking Video Unearthed – Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis

Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis.

At a 2004 hearing see Democrat after Democrat covering up and attacking the regulations to protect Fannie Mae and Freddie Mac (their Cash Cows) that are now destroying our economy because the Democrats let them cheat.

Also read “A New Opportunity for McCain

By Peter Ferrara
Published 10/1/2008 12:08:01 AM
According to House Speaker Nancy Pelosi, the financial crisis is all due to the Bush Administration’s “right wing ideology of anything goes, no supervision, no oversight, no regulation.”

But at a hearing in the House in 2004, now available in video on YouTube, the Republicans sought to expand supervision and regulation, over Fannie Mae and Freddie Mac. Federal regulators testified that the reckless financial practices of these two government-sponsored enterprises threatened the entire financial system. Republican after Republican called for a new regulatory authority to supervise Fannie and Freddie and impose standard bank regulation on them.

Franklin Raines, the former Clinton budget director who went on to serve as chairman and CEO of Fannie Mae, testified that the mortgage-related securities of these two organizations, which have now rocked the entire financial world, were “riskless.” During his tenure, Raines criminally led Fannie Mae to falsify its books so that he would qualify for excessive bonuses and compensation eventually totaling $90 million.

But the Democrats excoriated the Republicans for criticizing the wonderful practices of Fannie and Freddie that had been so successful in achieving their goals of affordable housing. The Republican concerns for safety and soundness were dismissed as trumped up efforts to frame the brilliant leadership of Mr. Raines, and said to show once again that Republicans don’t care about the middle class and the poor. Barney Frank, now chairman of the House Financial Services Committee, foolishly laughed off concerns over safety and soundness without offering any evidence to rebut these concerns. Instead, he shamefully led the Democrats in attacking the regulators, who had provided the evidence that Fannie and Freddie were increasingly threatening the safety and soundness of the entire financial system.

The following year John McCain was one of three co-sponsors of legislation to impose such regulatory supervision and controls over Fannie and Freddie. The Bush Administration supported this as well, in one of its four attempts to win legislative approval for such expanded regulatory authority. But the Democrats shouted these proposals down as an assault on affordable housing for the middle class and the poor.

So it was the Republicans who tried time and again to expand proper regulatory controls to prevent this crisis. And it was the Democrats who stopped them because such regulation threatened their policy of turning Fannie and Freddie into welfare programs. It is Chairman Barney Frank, not SEC Chairman Chris Cox, who should resign for his shameful and stupid role in creating this crisis. And if Franklin Raines is not prosecuted and sent to prison for his naked thievery, then we must let all of the Enron convicts out of jail and issue them a national apology.

 

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Revoke my feminist card — I like Palin

Hmmm. Maybe . . . I am not a feminist after all.

Maybe . . . working in a man’s world for 42 years and busting my butt to beat them up the ladder deletes me from the feminist category.

Perhaps . . . struggling to be a good single mom in a very married world — yet meeting my five-day-a-week column deadline — doesn’t earn me a feminist handle either.

Certainly . . . because I’m not appalled or sickened or shocked by Sarah Palin’s stealing the thunder from Obama the orator, I am not a feminist.

Give me a break.

I’m tired of women working hard for a hammer that never breaks the glass ceiling; disgusted when Hillary Clinton, an incredibly capable, brilliant woman, lost the fight of her life; disheartened by other countries throughout the free world being led by formidable women before America is.

Only this time, it was an amazing orator named Barack Obama who was stealing our thunder . . . and I was . . . well, you know. Pissed.

And then along came Palin, a woman of the tundra who could be America’s next best frontier story — and I was pleasantly surprised.

Hell, I was delighted.

So what if she’s a Republican? I tend to vote for Republican presidents.

So what if she didn’t know the definition of the Bush Doctrine? Her performance was a Western draw. Bravery in tact. But no one shot.

So I asked myself — what fault is there in admiring a woman who is against abortion — even though I believe in freedom of choice?

What’s wrong with huge respect for a woman who chose to give birth to a Down syndrome child knowing full well what was in store for her and her family?

And if appreciating a woman who chose a husband who supports her ladder-climbing skill puts me in the non-feminist category, well maybe that’s where I belong.

To be blunt, Palin is like a zephyr blowing across the prairie with a retro hairdo tied back like a sheaf of wheat.

She is real. She is rural. She may not be a brilliant tactician, but she’s got street sense. Palin is so unlike the very controlled Hillary Clinton, who would never be caught dead in red heels.

Thus, it now appears Palin has emerged as “everywoman” to a huge portion of our female population; a woman never really identified with what we thought was our quintessential role model — a highly educated woman who wears tailored suits, whose voice is never shrill and who has a husband who makes more than she does.

I don’t know what perfume Palin wears, but to me she smells of the soil.

Our huge land once had the call of the frontier for a new start — and Alaska became the last of it.

Palin’s kind of grit and savvy is akin to a frontier story: a young woman who was raised in a land of big sky and the midnight sun, a metaphor of sorts for being able to spot trouble a long way away.

In the next two months, Palin may be able to forge a hammer big enough to crack the glass ceiling. Maybe not.

And no Palin moose gun may be powerful enough to pursue critics of John McCain, who — rightly or wrongly — may be tarnished by our economy.

But McCain did choose a tough and savvy woman as his running mate . . . and it is refreshing to think, at least for a while, a little air from the Alaskan aerie wafted through America.

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