Posted on 09/20/2008 4:12:47 PM PDT by Lorianne
Taxpayers face a tab of as much as $200 billion for a government takeover of Fannie Mae and Freddie Mac, the formerly semi-autonomous mortgage finance clearinghouses. And Sen. Christopher Dodd, the Democratic chairman of the Senate Banking Committee, has the gall to ask in a Bloomberg Television interview: "I have a lot of questions about where was the administration over the last eight years."
We will save the senator some trouble. Here is what we saw firsthand at the White House from late 2002 through 2007: Starting in 2002, White House and Treasury Department economic policy staffers, with support from then-Chief of Staff Andy Card, began to press for meaningful reforms of Fannie, Freddie and other government-sponsored enterprises (GSEs).
The crux of their concern was this: Investors believed that the GSEs were government-backed, so shouldn't the GSEs also be subject to meaningful government supervision?
This was not the first time a White House had tried to confront this issue. During the Clinton years, Treasury Secretary Larry Summers and Treasury official Gary Gensler both spoke out on the issue of Fannie and Freddie's investment portfolios, which had already begun to resemble hedge funds with risky holdings. Nor were others silent: As chairman of the Federal Reserve, Alan Greenspan regularly warned about the risks posed by Fannie and Freddie's holdings.
(Excerpt) Read more at washingtonpost.com ...
Dodd has always been one of the back-room boys and first in line to fatten his own wallet...what a f’n pig!!
Great article. I will love citing it because this is the Washington Post, hardly a right-wing publication.
I am actually glad my parents aren’t alive to see this, as they were Depression era kids.
I had an aunt who refused to put money in a bank after the Great Depression of the 1930s. Being able and working then was a real blessing. Never being out of work was a rarity. Cash was, and, is king.
It should be obvious to all that when it comes power mad Democrats, affixing blame elsewhere and getting reelected is much more important than actually doing something to better the country.
As long as they keep it looking like Republicans and Bush are at fault, they return to office to continue selling America down the proverbial river.
bttt
Bump! Everyone must see this one.
There are going to be three debates...and this issue is going to be a big one. McCain is going to have to really hit this...and the best thing is, he is on record for havingn seen this coming AS had Bush...the media will have a harder time ignoring McCain’s point on this because of the upcoming debates. Even if Obama doesn’t stutter his way through an answer, he will play it like McCain is being negative or some such crap...
It sounds like Chris Dodd knows he's supposed to do Congressional Oversight, but doesn't know what Congressional Oversight means.
To help Sen. Dodd, oversight means proactively engaging in the process to prevent problems from occuring, not reactively waiting for problems to arise, and then calling for hearings to find out what happened.
Nor does oversight mean obstructing whatever the opposition party suggests for short-term political expediency.
-PJ
Big PING
AUGUSTA - Organizers of the Maine Democratic Party’s Jefferson-Jackson dinner said Sen. Christopher Dodd of Connecticut, the scheduled keynote speaker today’s event, canceled his appearance to stay in Washington as talks over the nation’s financial crisis continue.
Dodd serves as chairman of the Senate Banking Committee.
State Democratic Party spokeswoman Rebecca Pollard said the dinner at the Lewiston armory would go on, with the speaking program including Gov. John Baldacci, 2nd Congressional District Rep. Mike Michaud, 1st Congressional District Rep. and U.S. Senate nominee Tom Allen, and 1st Congressional District nominee Chellie Pingree.
Filling out a loan application a Countrywide perhaps?
Maybe he was writing a thank you note to his friends at Fanny and Freddie maybe?
Wherever he was doing I'm sure he was very busy representing the people of Connecticut. I'm sure no impropriety will be discerned.
And if you believe any of that...
Filling out a loan application at Countrywide perhaps?
Maybe he was writing a thank you note to his friends at Fanny and Freddie maybe?
Wherever he was doing I'm sure he was very busy representing the people of Connecticut. I'm sure no impropriety will be discerned.
And if you believe any of that...
I happen to know he was verrrry busy.... Stuffing his bank account.......
Chaaaannnnngeeeeee..........uuuhhhhhhhhh........Chaaaaaaaannnnnge.
Rep. Barney Frank (D-Mass.) said the following on Sept. 11, 2003: "We see entities that are fundamentally sound financially. . . . And even if there were a problem, the federal government doesn't bail them out."
This is the dirtbag that needs to get bodyslammed to the pavement. We need an honest, condign punishment laid out right now for this mongrel.
Thank you. I don’t know how to do all that fancy HTML stuff.
This needs to get out ... in bright red blinking neon lights if at all possible.
His dad was a crook too
In 1967 he was censured by the Senate for using campaign funds for personal purposes. In 1970, after suffering a heart attack, he chose not to run for re-election for the Senate, and the Democrats nominated Joseph Duffey to replace him. However, Dodd entered the race after the primary as an Independent. Taking just under a quarter of the vote, both he and Duffey lost to Lowell Weicker.
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