Posted on 10/31/2011 7:23:12 AM PDT by Bigtigermike
The Congressional Black Caucus went out of their way to defend Franklin Raines & Co. (As well as GSEs in general).
Gorelick, [Smith]Barney Frank, Dodd, etc.
Article didn’t mention one democrat.
Also forgot to mention that they were throwing around OUR money.
just an oversight I gues.
This sloganized story is in response to the above attack on Frank by Newt a couple weeks ago.
Frank had addressed other “Republican Failures” in re to the crisis.
"Since 2001, the Bush Administration issued 34 warnings to Congress about the need to reform Fannie Mae and Freddie Mac before it caused substantial economic turmoil in the financial markets. However, they met continual opposition by Congressional Democrats who feared that tighter regulations on lenders would disqualify low-income applicants from affordable housing.".....in 2008, the Bush Administration pressed Congress harder than ever by issuing 17 warnings in just 6 short months about Fannie Mae and Freddie Mac."
Can't twist those facts.. ;)
Did you notice Barney Frank's name was nowhere in the article?
This is just a smear job and a hit piece. Conservatives and Republicans should have been more aggressive in opposing Fannie and Freddie. But the people who actively caused the problem were ALL Democrats.
The man who pushed GATT/WTO membership through the House during a very rare post-election lame duck session because the incoming Republican majority wouldn't pass it is not a conservative.
The biggest pom pom waving supporter of NAFTA in the House is not a conservative.
The man who wants to expand NAFTA to all of South and Central America is not a conservative.
The man who in 2005 recommended we increase funding of the UN Human Rights Commission and UN peacekeeping operations is not a conservative.
The man who said "The American challenge in leading the world is compounded by our Constitution" is not a conservative.
Newt Gingrich is not a conservative.
What's important: Remember Gorelick? She had no background in finance, she joined Fannie Mae in 1997 as vice chair and departed in 2003. For her trouble, Gorelick collected a staggering $26.4 million in total compensation, including bonuses. Federal investigators (PDF) would later say that "Fannie Mae's management directed employees to manipulate accounting and earnings to trigger maximum bonuses for senior executives from 1998 to 2003." The New York Times would call the manipulations an "$11 billion accounting scandal." Gorelick, it should be noted, has never been charged with any wrongdoin..."
July 23, 1997, report in the American Banker, Robert Zoellick, head of the World Bank, has served President Reagan the Bushes [trade representative, deputy secretary of state, deputy secretary of the treasury, deputy chief of staff... "has used his close ties to Republicans in Congress, such as Speaker of the House Newt Gingrich, R-Ga.,to defend Fannie Mae from new taxes."
Furthermore as we collect all the straw carries that loaded up the camel's back"
"Fannie Mae's 51-member lobbying stable" includes "former Reps. Tom Downey, D-N.Y., and Ray McGrath, R-N.Y.; Steve Elmendorf, a Democratic political strategist and former congressional aide; and Donald Fierce, a longtime GOP operative. Freddie Mac's list of 91 lobbyists includes former Reps. Vin Weber, R-Minn., and Susan Molinari, R-N.Y." The AP notes the Fannie Mae ties enjoyed by McCain campaign manager Rick Davis and Arthur B. Culvahouse Jr., who helped in McCain's veep search. According to Politico, McCain economic adviser Aquiles Suarez worked as Fannie Mae's director of government and industry relations, and McCain finance co-chairman Frederic V. Malek spent time on the Freddie Mac board..." more
Newt was a light weight in comparison and at 300k? [fingers fly in so many ways, they could become an energy source]
This is Frank working his "water boys". It is, what it is..politics as usual.
Good story to discuss..thanks.
Groans at how long we still have to put up with the campaigning 2012.
This is one of the very RARE occasions when they're NOT yelling Bush's fault.
I hate to defend AP who is usually campaigning for Rats and against Reps, but THIS TIME they told the truth about Bush trying to stop the scam and named several Republicans who also tried to stop it, including some Republicans I didn't like (E. Dole, McCain, Hagel...) but I have to give them good credit for this.
correction: carries =carriers
But it doesn’t excuse Newt! We make all kind of exceptions for our guys but It’s still wrong
Many Americans still spend little time on the net "researching" as You do.. their site of choice is FACEBOOK or TWITTER and we know what floats for rumors around there. They ears only perk when you have a "sexy" scandal in the works.
Yep. Gotta wonder where Barney Frank and Chucky Dodd’s names are.
Without Sarah Palin I don’t see both ethics & ability in one candidate. That is what made her so unique.
At least Newt’s got the ability and realistic plan for undoing zerO.
So Newt has the ability but not the ethics? That’s goes back to the question about Newt: Do I trust him? That answer is hell no!
“But the people who actively caused the problem were ALL Democrats.”
Hardly. There was a bipartisan consensus for financial deregulation that took off during the Clinton years. There are plenty of Republican fingerprints on the bills that opened the door for the financial crisis, including Dubya’s “American Dream Downpayment Initiative”.
“both Greenspan and President Bush tried to put the brakes on Fannie and Freddie”
Greenie and Dubya were trying to reduce the leverage that F&F were using.
They weren’t trying to put the brakes on subprime lending.
And they weren’t concerned about size of the private market securitizers, the competitors of F&F, that were growing bigger and faster than the two GSEs.
They deserve a bit of credit but they didn’t see the housing bubble and both of them promoted policies that made it grow.
“Conservatives and Republicans should have been more aggressive in opposing Fannie and Freddie.”
More aggressive? That’s an understatement. They were about as aggressive as Boehner was in cutting the budget.
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