I’ve already seen traitors like Barney Franke and Chris Dodd go on the offensive, claiming they’re going to “hold hearings” to get to the bottom of this credit crisis…what a joke. These guys and others who supported ‘affordable housing’ programs took advantage of the regulatory environment to meet their specific objectives. These objectives included, among other things, punishing banks by imposing government penalties if specific quotas for sub-prime mortgages were not met. Dems like Franke, Dodd, and Schumer effectively achieved their vision…more homes for poor folks…look where it got us…a socialist-type of environment where wealth must now be distributed among all Americans in order to keep the economy afloat.
Dems took advantage of the regulatory environment to promote their own agenda. All of these guys are on the record in recent years defending Freddie and Fannie, claiming these institutions were in solid financial shape. How could Fannie be in such great shape when they’ve been restating their financial statements for several years? This is insanity.
Think about it…if the government told you that they would impose fines on your business if you didn’t sell specific products, would you sell these products to avoid paying the fine? This is exactly what happened. Liberals coerced banks to offer loans that supported the Dem’s ‘affordable housing’ agenda. The trickle-down effects of this strong-arm approach eventually led to predatory lending among mortgage brokers to meet artificial demand, and rating agency/investment bank collusion to package worthless securities products. Of course, there’s more to this story (pls read Glass Steagall Act post on this website)
I realize that it’s convenient for many Americans to ignore the fact that President Bush, along with John McCain and Alan Greenspan, REPEATEDLY called for more regulation of Fannie & Freddie as early as 2001 while the Dems opposed these controls (this is all on the record and undeniable). If we would have listened to the President early on, we wouldn’t be in this mess. The facts don’t lie. I realize this belief doesn’t fit the popular template that permeates our society, but who the hell cares. I care more about the country…we need to look at the facts.
John McCain has an opportunity here…he has the TRUTH about how the crisis unfolded. All roads point to Fannie &Freddie, and senators like Franke, Schumer, Dodd, Clinton, and Obama. If McCain doesn’t expose specific individual’s actions, he probably won’t win.
The Dems are already slamming the Republicans on this, and it’s all a slew of lies…why don’t Republicans fight back?? We’ve got the truth on our side regarding this entire thing…if the McCain camp doesn’t fight back on this issue, they don’t deserve to win.
FMC
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