Sunday, September 28, 2008

Smoking Gun Proof: Democrats Pushed Freddie Mac & Fannie Mae Coverup

Four years ago, the House Banking Committee under Republican control set out to review a troubling Bush administration report on the mess at Freddie Mac and Fannie Mae. Republican after Republican lawmaker called for action, while Democrat after Democrat on the committee attacked the report and the Bush administration regulator testifying at the hearing on the damning report. Rep. Richard Baker, the Republican Chairman, said, "It is indeed a very troubling report but is a report of extraordinary importance not only for those who would wish to own a home but for the taxpayers who would pay the cost of the cleanup of an enterprise failure." "I did not see anything in this report that raised safety and soundness issues," said Rep. Barney Frank, who is now in charge of negotiations for the House Democrats on the bailout of the two failed institutions. African-American members of the committee accused the Bush regulators of conducting a "lynching" of Franklin Raines, the former Clinton administration official who bilked Fannie Mae out of more than $90 million before leaving it in ruins. Raines and another Fannie Mae official from the Clinton administration responsible for the mess, Jim Johnson, are top advisors to Sen. Barack Obama's presidential campaign. Johnson was tapped by Obama to lead the selection of his vice presidential running mate. Both are big Obama contributors. Rep. Maxine Waters accused the Bush administration of trying to fix something that wasn't broke. It is the most outrageous discussion I've heard to date, and it points up the equal culpability Democrats share for failing to clean up this mess before it got this bad. Check out the video here. It will really anger you.

A big hat tip to Redstate blog.


M Theory said...

Thanks Gary for sending it to us. We need to abolish the Fed's control. Ron Paul got it right.

Ask Congress to co-sponsor HR2755 which would abolish the Federal Reserve

Concerned Taxpayer said...

Yea, too bad that John Q. will never see this.