Tuesday, September 30, 2008

Hubbard Sets Record Straight On Mortgage Meltdown

Indianapolis native Al Hubbard, former chief economic advisor to President Bush, appeared on Fox & Friends this morning to discuss the Democrat's role in killing reforms to deal with the problems with Freddie Mac and Fannie Mae. As he explained, the Bush administration began efforts as early as 2002 to address the problem. You saw the video I posted this weekend from four years ago showing House Financial Services Committee Chairman Richard Baker (R-LA) and his fellow colleagues explaining the need for reform, while being chided by Democratic members of the committee. Rep. Barney Frank, who now chairs that same committee, said there were "no safety and soundness concerns" with Fannie Mae and Freddi Mac. The Bush administration was successful in getting legislation through the House Hubbard explains, but the legislation died in the Senate. The prinicipal opponent was Sen. Christopher Dodd, the Democrat who now chairs the Senate Banking Committee. Hubbard points out that the biggest recipients of campaign contributions from Fannie Mae and Freddie Mac over a 9-year period were Sen. Dodd, Sen. John Kerry and Sen. Barack Obama, in that order. Obama's ranking was particularly noteworthy given that he had served for a shorter time than any of the members of Congress on the list. Two former CEOs who made off with tens of millions in bonuses, Jim Johnson and Franklin Raines, are top advisors to Obama's campaign. Unfortunately, an American electorate too easily manipulated by a deceptive media hell bent on electing Obama will never give to the American people the straight story. That's why House Speaker Nancy Pelosi, Rep. Barney Frank and Sen. Christopher Dodd can stand in front of the cameras and tell outright lies to the American people and never be called out on it by the media.

1 comment:

The Bird said...

You can hardly blame Republicans for putting this mess on the Democrats, but is sure is suprising to hear Bill Clinton do the same....

"CHRIS CUOMO, ABC NEWS: A little surprising for you to hear the Democrats saying, "This came out of nowhere, this is all about the Republicans. We had nothing to do with this." Nancy Pelosi saying it. She signed the '99 Gramm Bill. She knew what was going on with the SEC. They're all sophisticated people. Is that playing politics in this situation?

BILL CLINTON: Well, maybe everybody does that a little bit. I think the responsibility the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac."