Franklin Raines, head of Fannie Mae and close pal 0f Barney Frank, Barack Obama and Rahm Emmanuel took a 90 Million dollar bonus and Barney said "there are no problems at Fannie Mae or Freddie Mac". In October of 2004 it was found that Fannie Mae was using deceptive and fraudulent accounting practices.
from Commentarymagazine.com
"In 2005, the Senate Banking Committee, then under Republican control, adopted a strong reform bill, introduced by Republican Sens. Elizabeth Dole, John Sununu and Chuck Hagel, and supported by then chairman Richard Shelby. The bill prohibited the GSEs from holding portfolios, and gave their regulator prudential authority (such as setting capital requirements) roughly equivalent to a bank regulator. In light of the current financial crisis, this bill was probably the most important piece of financial regulation before Congress in 2005 and 2006. All the Republicans on the Committee supported the bill, and all the Democrats voted against it. Mr. McCain endorsed the legislation in a speech on the Senate floor. Mr. Obama, like all other Democrats, remained silent."
The bill of course did not pass, and bingo - Government sponsored agencies - Fannie Mae and Freddie Mac backed all sorts of nonsense subprime loans with the full faith and resources of the US taxpayers.
Read the whole thing. There is no confusion about where the blame lies.
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3 comments:
I found your blog from your post on the Tom Ricks article about service Academies. As a current Air Force cadet, I appreciate your shout out to Academy grads but I don't feel you really addressed the points Mr. Ricks brought up, instead you just called him childish names. Your blog also seems to follow a similar format. I understand the blogosphere tends to be more "in your face" and at times even outrageous, but I find it ironic that you claim to have journalistic integrity and then all you do is criticize the left. For what it's worth, here is my blog about the Academy: http://SquadronAngryRanter.blogspot.com
Given the 80% avowed liberal slant by print and electronic media reporters and editors - one shouldn't be surprised to find that integrity in journalism would include reportage about criticizm of the left. Support of the left gets its due about 80% of the time in the main stream media. As far as integrity goes, in a blog - not a newspaper, I think I can still claim that descripter.
If you look at Mr. Rick's article you will see not one fact but plenty of opinion and of course, unnamed sources. That's childish and poor reporting - Mr. Ricks was looking to agitate only and by the comments on his blog he succeeded. I wasn't alone as you may have noticed in being pretty fired up about his foolish assumptions.
My daughter is about to marry an Annapolis grad and a friend's son is wrapping up his helo training - an AFA grad. I haven't met two finer young men.
For myself I have 2 DFCs as an enlisted backender, if you can believe it. I'm still thankful for that experience, though I would have loved to have made it to the Academy.
Congratulations for wrapping up your time at the Academy it sounds like it has been a tough time for you based on what I could surmise in your blog.
Your blog keeps getting better and better! Your older articles are not as good as newer ones you have a lot more creativity and originality now keep it up!
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