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.
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