Posted on 09/16/2008 4:35:53 PM PDT by Sub-Driver
Pelosi orders wide Wall Street probe By: Mike Allen September 16, 2008 06:58 PM EST
House Speaker Nancy Pelosi has ordered a broad, swift investigation of Wall Street and will demand testimony from Bush administration officials and captains of finance, congressional officials said.
House Democrats plan an aggressive look at the administration’s role in this weekend’s meltdown, and explore further regulation and government structures that would be taken up under the new president.
Republican aides accused Democrats of trying to shift blame with a series of “show trials,” but acknowledged that key officials will wind up cooperating.
The hearings will take place over the next few weeks, the officials said. Treasury Secretary Hank Paulson, who regularly appears on Capitol Hill, will be called to testify as part of the investigation.
As the main event, Rep. Henry Waxman (D-Calif.), chairman of the House oversight committee, wrote to Richard Fuld, chief executive of the imploded Lehman Brothers, to ask him to appear on Capitol Hill on Sept. 25.
(Excerpt) Read more at politico.com ...
President Bush needs to come out and make the following statements, directly:
Mrs. Pelosi’s recent statements on the financial crisis are a national political campaign smokescreen.
The center of the foundation of the current financial crisis is the mismanagement of Freddie Mac and Fannie Mae.
If Mrs. Pelosi was serious about getting to the bottom of things, it is Congress that would have to investigate itself, because it is Congress that has direct primary responsibility over Freddie Mac and Fannie Mae; it is Congress that repeatedly failed to reign-in the financial insecurity of Freddie and Fannie, permitting them to be the enablers - the taxpayer obligated final risk takers that enabled the real estate asset bubble at the heart of the mess.
Without the institutional size, and over stretched liability, permitted to Freddie and Fannie by a negligent Congress, the means to prop up the volume of mortgages required for the real estate bubble did not exist.
Without that bubble, which could not have taken place without the sloppy role of Freddie and Fannie, the sub-prime crisis, the resulting credit crisis and the financial problems that followed, would not have been able to develop.
It is unlikely that the U.S. Treasury would now be in the position of picking up the financial pieces created by successive Congresses that took their campaign money from Freddie and Fannie and refused to provide sufficient oversight of them in a timely fashion.
Leaving the problems to fester, in spite of repeated warnings, for years.
Mrs. Pelosi needs to resign so that responsible Congressional leaders can authorize the investigation of their own houses.
If McPalin want to take on corruption, now is the time to start. Blast the Demoncraps hard right now. These hearings are all about keeping smoke in the air until the election. They know if they are ever held they will be in trouble.
You go girl!!! Moron...
Besides, they haven't done a thing about bringing down the price of gasoline ~
omg
BTW, did y'all know that McCain Sings Streisand?
Anyway. After that little humor break:
And McCain proposed solutions to Freddie Mac and Fannie Mae years ago.
For example, one that laid out the top recipients of Fannie Mae money:
Source: Open SecretsTop Recipients of Fannie Mae and Freddie Mac
Campaign Contributions, 1989-2008
Name
Office
Party/State
Total
1. Dodd, Christopher J
S
D-CT
$133,900
2. Kerry, John
S
D-MA
$111,000
3. Obama, Barack
S
D-IL
$105,849
4. Clinton, Hillary
S
D-NY
$75,550
5. Kanjorski, Paul E
H
D-PA
$65,500
6. Bennett, Robert F
S
R-UT
$61,499
7. Johnson, Tim
S
D-SD
$61,000
8. Conrad, Kent
S
D-ND
$58,991
9. Davis, Tom
H
R-VA
$55,499
10. Bond, Christopher S 'Kit'
S
R-MO
$55,400
11. Bachus, Spencer
H
R-AL
$55,300
12. Shelby, Richard C
S
R-AL
$55,000
13. Emanuel, Rahm
H
D-IL
$51,750
14. Reed, Jack
S
D-RI
$50,750
15. Carper, Tom
S
D-DE
$44,389
16. Frank, Barney
H
D-MA
$40,100
17. Maloney, Carolyn B
H
D-NY
$38,750
18. Bean, Melissa
H
D-IL
$37,249
19. Blunt, Roy
H
R-MO
$36,500
20. Pryce, Deborah
H
R-OH
$34,750
21. Miller, Gary
H
R-CA
$33,000
22. Pelosi, Nancy
H
D-CA
$32,750
23. Reynolds, Tom
H
R-NY
$32,700
24. Hoyer, Steny H
H
D-MD
$30,500
25. Hooley, Darlene
H
D-OR
$28,750
Includes contributions from PACs and individuals.
2008 cycle totals based on data downloaded from the
Federal Election Commission on June 30, 2008.
One that laid out the top representatives of Fannie Mae and their bonuses...
Unfortunately, the Bush administration will just cower in fear as they have consistently for the past 8 years.
An article from 1994 you may enjoy!
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