Hey Dems! How About Some Congressional Hearings on this Financial Mess?
Finally, an MSM outlet that has decided to do some reporting on this financial mess. Thank you, Fox News.
Ace has a fine, and I mean fine, rant about Chris Dodd and Barney Frank and the rest of the Democratic Party who keep showing up on my television telling me how they’re going to fix everything.
Okay, sure. Pull the other one; it has bells on.
Barney Frank and Chris Dodd and, yeah, Barack Obama don’t want to fix our financial situation. Why would they? Their money is safe. Their houses, bought thanks to sweetheart deals with convicted felons or CEOs of companies right in the middle of this mess, are already paid for. They have their money. They could care less what happens for the folks working for Bear Stearns or Lehman Brothers of AIG. All they care about is making for damned sure that no one gives this whole mess a close look.
Which is why, even though the Democrats are quite willing to name George Bush as being at fault, not a single member of Congress has called for hearings. You think Barack Obama wants to see Franklin Raines and Jim Johnson testifying before Congress? You think the Democrats want people reading their quotes about how if they reined in Fannie Mae and Freddie Mac then poor people wouldn’t be able to get dodgy loans anymore into the official record?
Come to think of it, I’d love to see that. We should be demanding Congressional hearings right about now. Put Dodd under subpoena and ask him about his loans from Countrywide and the money he took from Fannie Mae while opposing any meaningful reform to how it operated.
Here’s a little more food for thought, too. Seven years ago, Osama bin Laden and his al-Qaeda headchoppers launched an attack they had been planning for years to cripple our economy so that we’d take our eyes off of what they were doing. They failed miserably. This week, it sure looks like Chris Dodd, Barney Frank, Barack Obama, and the rest of the Democratic Party damned near did what al-Qaeda could not do.
So let’s have some hearings to find out just how badly they’ve screwed up our economy for their own socialist political aims. The Democrats have not hesitated to have their dog and pony shows for the past two years on everything from 9/11 to global warming. It’s time we had another one only this time, it’ll be the Democratic members of Congress walking on their hind legs and doing fancy tricks to keep their jobs.
Other Posts of Interest:
- McCain and Obama Are Ignoring the Elephant in the Room
- I Think Chris Dodd has Some ‘Splaining To Do
- Obama and the Dems Front on McCain, Yo.
Category: Featured, Our New Democratic Overlords, The Economy and Your Money, The Obamessiah
McCain Aide’s Firm Was Paid by Freddie Mac
http://www.nytimes.com/2008/09/24/us/politics/24d…
@spoots –
…in 2005 Alan Greenspan told Congress how urgent it was for it to act in the clearest possible terms: If Fannie and Freddie “continue to grow, continue to have the low capital that they have, continue to engage in the dynamic hedging of their portfolios, which they need to do for interest rate risk aversion, they potentially create ever-growing potential systemic risk down the road,’’ he said. “We are placing the total financial system of the future at a substantial risk.’’
What happened next was extraordinary. For the first time in history, a serious Fannie and Freddie reform bill was passed by the Senate Banking Committee. The bill gave a regulator power to crack down, and would have required the companies to eliminate their investments in risky assets. . . .
Now that the collapse has occurred, the roadblock built by Senate Democrats in 2005 is unforgivable. Many who opposed the bill doubtlessly did so for honorable reasons. Fannie and Freddie provided mounds of materials defending their practices. Perhaps some found their propaganda convincing.
But we now know that many of the senators who protected Fannie and Freddie, including Barack Obama, Hillary Clinton and Christopher Dodd, have received mind-boggling levels of financial support from them over the years.
Throughout his political career, Obama has gotten more than $125,000 in campaign contributions from employees and political action committees of Fannie Mae and Freddie Mac, second only to Dodd, the Senate Banking Committee chairman, who received more than $165,000.
Clinton, the 12th-ranked recipient of Fannie and Freddie PAC and employee contributions, has received more than $75,000 from the two enterprises and their employees. The private profit found its way back to the senators who killed the fix.
There has been a lot of talk about who is to blame for this crisis. A look back at the story of 2005 makes the answer pretty clear.
[...] course there’s the Tweedle Dee/Tweedle Dum/Tweedle Dummer trio of Chris Dodd, Chuck Schumer, and Barney Frank about whom I’ve written already. This is not a group who takes being savaged on national [...]