RUSH: Bush proposed oversight and Democrats rejected it.
How Democrat Thieves Looted Fannie Mae and Freddie Mac
RUSH: McCain is on message, and Obama is clueless.
McCain Hammers Obama on Connection to Raines, Johnson
Posted on 09/20/2008 4:12:48 PM PDT by Jim Robinson
Hey Jim!
Good old Franklin Delano Raines. The man who took home $90-million from Fannie Mae between 1999-2004. The same Clintonite who is about to pay $24-million in penalites for a stay out of jail card.
In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980’s.
What an amazing find.
bump
fast forward...oops, maybe that wasn’t a good idea afterall!
‘’From the perspective of many people, including me, this is another thrift industry growing up around us,’’ said Peter Wallison a resident fellow at the American Enterprise Institute. ‘’If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.’’
Maybe there was a reason why those loans weren’t being made, do ya think?
Better to bring the nation to it’s knees than have any appearance that some black and Hispanic families might not be a very good credit risks at certain points in time.
This is just one instance of political correctness shaking this nation to its core.
We need to confront destructive political correctness where ever we see it.
It’s time to zero out these agencies. The last thing we need is the government distorting the housing market. Heck, this isn’t even welfare.
We don't want to be painted as bigots do we?
Nice graphic with McCain and the hammer. Hope he uses it!
Thanks for posting this. I was just flipping by CNN where they are talking about the Wall Street Crisis and they are taking calls and one caller called in and basically made the points entailed in this article. Of course the CNN people immediately cut him off and a panelists said the common liberal line “you can’t blame this on poor people” line.
Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.
‘’From the perspective of many people, including me, this is another thrift industry growing up around us,’’ said Peter Wallison a resident fellow at the American Enterprise Institute. ‘’If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.’’
Precognitive? I’ll say.
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