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.