‘The Financial Crisis Was the Result of Government Housing Policy’

Reason ^ | June 2012 | Anthony Randazzo

[okie01]

Where is the outrage that the aforementioned executives of Freddie and Fannie committed fraud that cost in excess of 823 billion dollars?

I share your ire.

It was, indeed, "the crime of the century" -- a looting of taxpayer funds beyond imagining. It was committed by Democrats...and the Republicans will do nothing to bring them to account.

I hold the GOP responsible, as well. In 2005, they heard testimony from a "whistleblower" at the watchdog agency -- and he claimed that the malfeasance would lead to exactly where it did. The GOP Senate then offered the Financial Reform Bill of 2005, which would've corrected the problem. McCain's floor speech almost perfectly anticipated the debacle.

But the Democrats blocked it with a threatened filibuster. Whereupon, the 'Pubbies threw up their hands and gave up -- never again referencing the impending problem. Some even jumped on the bandwagon of "affordable housing" (e.g., George W. Bush). If the consequences were going to be so dire, they owed it to their country to make a continuing issue out of the Democrats' intransigence...indeed, criminality. Their damn "go along to get along" attitude cost the country dearly.

They knew what was going to happen. And they let it happen anyway!

The Democrats are guilty as sin. But the Republicans are accessories -- both before and after the fact.

[combat_boots]

CRA continues to exist. So do CDS swaps. SSDD.

[American in Israel]

My question is why did the banks and the Bush administration allow rhemselves to take the fall?

To put Obama in office. Its not a R and D thing, its a NWO thing.

[1010RD]

Have you ever visited the WH and seen who is housed in the buildings that surround it?