Who Tried to Protect Taxpayers from This Financial Crises?
September 29th, 2008 at 12:08pm Kevin Patrick
Not the Democrats, who scuttled vigorous attempts by Republicans to regulate and reform Fannie Mae and Freddie Mac. Here is a C-SPAN video from a 2004 House hearing where the regulator of Fannie and Freddie (OFHEO) gets treated like the criminal for unveiling the previous crimes of the likes of Jim Johnson, Franklin Raines and Jamie Gorelick and attempting to reform the institution:
Note: Who led the charge in the Senate to reform these corrupt and mismanaged institutions that we are all paying for now? John S. McCain.
Entry Filed under: Corruption, Democrats, Economy
15 Comments
1. Obama08 | September 29th, 2008 at 12:27 pm
Two words, which make a name:
Phil Gramm.
Then one bill:
Gramm-Leach-Bliley Act
2. js | September 29th, 2008 at 12:34 pm
The Democratic majority’s line of logic appears to work something like this:
If taxpayers can afford to spend $700 billion to bailout out the battered financial markets, then they can surely afford to spend $25 billion to bailout the auto industry, $61 billion on bogus “emergencies,” $24 billion for disaster aid, and $16 billion on 2,627 more earmarks.
Putting excess dollars in the hands of government is like giving a book of matches to arsonists. What is more likely to happen is Congress will figure out another vote buying scheme as they all clamor that they want to help the poor people on main street.
http://www.theabsurdreport.com/
this hits home….
3. Danish Artist | September 29th, 2008 at 12:38 pm
Obamao8 lemming obamaton…..
If the Graham-Leach-Bliley Act was a problem, then why were the Democrats opposed to regulation and oversight proposed by other Republican and McCain then?
The Graham-Leach-Bliley Act is your strawman argument and current talking point. That is all.
Dems are on record for opposing reform and regulation, offered by McCain and other Republicans, on the largest culprits of this crisis (FMs sold the loans to Wall Street compunding the problem) and all you have is that act.
All the Dems were worried about was protecting their newest social program of lending to the underqualified (no matter what class).
Too bad your argument was off topic.
4. hermie | September 29th, 2008 at 12:53 pm
Perlosi and Reid had two years in control of the House and Senate to modify Gramm, but they not only ignored the problem, the Dems said there was nothing wrong with Fannie Mae & Freddie Mac.
The same denial of problems that they claimed with Social Security when attempts were made to reform or at least allow a pilot program for partial voluntary privatization.
Now not only did the Obamamessiah push the original bailout plan, but he has pushed his tax increases for the SS system which he and the Dems claimed was solvent only 2 years ago!
The Dems deny there is a problem, demonize those who point out the problem and suggest solutions, then try to push through bad legislation when things get critical, and then take the credit for ’solving’ the problem they denied ever existed.
5. hermie | September 29th, 2008 at 12:59 pm
If Obama gets into the White House, watch for Raines, Johnson or Gorelich to once again get placed in charge of the Treasury Department or other entity in charge of taxpayer dollars.
6. FmrMarine | September 29th, 2008 at 1:25 pm
Danish,
Here is a good video on just who gave us this crisis
along with the worn out racist charge of political LYNCHING!
http://www.youtube.com/watch?v=_MGT_cSi7Rs
7. hermie | September 29th, 2008 at 1:30 pm
It’s a tactic of most corrupt Dem machines…Blame racism for charges of corruption.
It happened with Jefferson, it happened with Rangel, Conyers, the mayor of Detroit, McKinney etc.
Unfortunately, there are those who won’t look at the content of the person’s character, but just at skin color.
8. hermie | September 29th, 2008 at 2:38 pm
Obama failed to get the bailout package passed.
Why Obama? Well he is being credited by Pelosi and Reid with his ‘input’. Also, the NYT has another puff piece about how ‘cerebral’ he is and his creating the legislation.
What they forget, that there were plenty of Dems who thought this legislation stunk.
Now they have to go back and craft something that will be more acceptable to the voters.
9. Smarmy | September 29th, 2008 at 2:55 pm
Pelosi Torpedos Bailout Vote.
Why couldn’t she just keep her mouth shut. Instead she had to inject her vindictive tone and lay blame further extending the crisis. Its the Dems who invented Fannie, Freddie (Roosevelt)and who privatized it under LBJ, I guess she is trying to get some cover but dammit now is not the time to play games.
Some reps would have voted for it and it could have passed in its present form but she just couldn’t avoide the temptation of being an arse about it.
10. hermie | September 29th, 2008 at 3:39 pm
Don’t forget that she couldn’t keep a significant number of Dems from voting against it. Even they knew it was a bad bill.
11. Pom Pom Girl | September 29th, 2008 at 3:43 pm
Obama must call for Pelosi’s ouster. Obama is the nominee for his party and he must show leadership. Pelosi’s outburst of partisan blame sunk this vote and the Dow. Her lack of common sense must be punished.
12. hermie | September 29th, 2008 at 3:54 pm
Heck, Pom Pom…they still have Jefferson, Conyers and Rangel firmly in place in the House, the day Queen Nancy is removed from her post is when Maxine Waters switches to the GOP.
13. phnx | September 29th, 2008 at 4:40 pm
If the Republicans want to regain the congress and keep the Presidency they need to make this video into an TV ad, and run it 24/7 all around the country for the next 36 days.
14. Eric T | September 30th, 2008 at 7:41 am
phnx- You are right!
A T.V ad with Obama advisers like Franklin Raines, showing the people how their incompetence and corruption drove the economy off a cliff. would be a great ad!
On a day like yesterday, Dow down 700 points, investors getting their asses handed to them.
People need to see the Obama advisers in inaction, like this video clip shows
15. Pal Joey | October 1st, 2008 at 7:58 am
Make this video an ad. I agree, do it now.