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Monday, September 29, 2008

2004, Democrats Insist Nothing Wrong At Fannie Mae and Freddie Mac

Hat Tip Hot the 2004 video which shows how our country got into this financial mess we are in.

It is an 8 minute, 37 second video and if you watch it, then no commentary is really needed from me.

If you haven't watched it, let me give you a few examples Hot Air provided:

Maxine Waters: Through nearly a dozen hearings, we were frankly trying to fix something that wasn’t broke. Mr. Chairman, we do not have a crisis at Freddie Mac, and particularly at Fannie Mae, under the outstanding leadership of Franklin Raines. [Raines would barely avoid prosecution for fraud.]

Gregory Meeks: … I’m just pissed off at OFHEO [the regulators trying to warn Congress of insolvency at the GSEs], because if it wasn’t for you, I don’t think we’d be here in the first place. … There’s been nothing that indicated that’s wrong with Fannie Mae, Freddie Mac has come up on its own … The question that then comes up is the competence that your agency has with reference to deciding and regulating these GSEs.

Lacy Clay: This hearing is about the political lynching of Franklin Raines.

Barney Frank: I don’t see anything in this report that raises safety and soundness problems.

Read the rest over at HA, it is a comprehensive analysis, so I am not going to attempt to improve on a good thing, just watch the video and read the rest there.

I am watching C-span now and it looks like the clowns are getting ready to blow up the circus.