Video: Who’s responsible for the Fannie and Freddie mess? Update: FBI launches investigation
posted at 7:47 pm on September 23, 2008 by Allahpundit
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By special request of Ace. Nothing here you haven’t read and/or heard before, but Fox deserves a little publicity for being willing to challenge the narrative. Especially now that we’re about to be told it’s McCain’s campaign manager and his lobbyist pals, not the Democrats they lobbied who actually cast the votes, who are the real culprits in all this.
Update: The FBI: Doing the (after-the-fact) oversight job Congress wouldn’t.
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Oh snap. Hopefully this goes far and wide. I won’t hold my breath though. Add this to the paper trail.
Geronimo on September 23, 2008 at 7:54 PM
Too bad Fox would block the use of that as a campaign commercial….
CC
CapedConservative on September 23, 2008 at 7:54 PM
no, no, no, no, NO, NO!!!!
It wasnt because of bad loans to people who couldnt/wouldnt repay the loan, it was because of “greedy wall street people( whatever that means)”.
Just ask John McCain. He was POW, you know.
Roger Waters on September 23, 2008 at 7:55 PM
At this point I could care less who is actually responsible for getting into this mess as it is clear who is being held responsible for getting us out of it: Joe Taxpayer.
If Joe Taxpayer is fronting the dough, he should become a stockholder in the company. Distribute shares in accordance with the amount he pays in taxes. John Welfare doesn’t pay taxes? He doesn’t get any stock.
MikeZero on September 23, 2008 at 7:56 PM
Nice summary.
aikidoka on September 23, 2008 at 7:56 PM
Ninja Loans(No Income No Asset)!
Totally corrupt!
Chakra Hammer on September 23, 2008 at 7:56 PM
Chris Dodd ( like father, like son ) and Barney Frank
next question?
Janos Hunyadi on September 23, 2008 at 7:56 PM
Yes, Roger, it was a combination of both greedy Wall Street types, and people like your mother, who likes buying her homes when she doesn’t have any money to do it with.
And she should be culled for it.
Sakaki on September 23, 2008 at 7:57 PM
Great piece. I’m glad someone finally had the gumption to look at the the primary cause of this problem – congress mandating lax lending practices under the guise of “affordable housing”.
Dowd, Frank, and Obama should look no further than their own house when casting blame around.
BacaDog on September 23, 2008 at 7:58 PM
Oh crap, this is going to get FNC into even more trouble. Imagine a world where the drive by media did their jobs, fairly.
Why doesn’t McCain the ‘maverick reformer’ step forward … First big test for the maverick, don’t fail us now.
And why isn’t the simple “don’t lend to unqualified home buyers” the first line on any fix.
tarpon on September 23, 2008 at 7:58 PM
Can you pretty please add Michelle’s post as an update? Thank you.
Terrie on September 23, 2008 at 7:58 PM
so Dems are going to try to pen this mess on McCain and his “Lobbiest who work for him”. talk about Chutzpah.
who to hate more? the Dems or the media?
jp on September 23, 2008 at 7:58 PM
Haha. Nice.
BadgerHawk on September 23, 2008 at 7:59 PM
People seem to like tossing that false dichotomy around.
aikidoka on September 23, 2008 at 7:59 PM
Can you pretty please add Michelle’s post as an update? Thank you.
Terrie on September 23, 2008 at 7:59 PM
Ninja Loans(No Income No Asset)! People were peddling them to make commission! Fannie And Freddy were buying them up, knowing that they were back up by the Government(the tax payer)
Totally corrupt!
Chakra Hammer on September 23, 2008 at 8:00 PM
1.3 TRILLION dollars in bad loans alone, forced on banks by threats from the Dems.
NINJA loans.
shooter on September 23, 2008 at 8:00 PM
Sometimes i just don’t “get” Allahpundit.
anniekc on September 23, 2008 at 8:01 PM
Thanx for capturing and posting the story. Send it far and wide!
Ordinary1 on September 23, 2008 at 8:01 PM
Show this to O’Reilly!
Hillary says she talked about this for 18 months evidently she was all talk and no action.
dhunter on September 23, 2008 at 8:01 PM
Yeah because greedy people are always anxious to loan money to people who are unlikely to pay it back.
PackerBronco on September 23, 2008 at 8:02 PM
“Why doesn’t McCain the ‘maverick reformer’ step forward … First big test for the maverick, don’t fail us now.
And why isn’t the simple “don’t lend to unqualified home buyers” the first line on any fix.
tarpon on September 23, 2008 at 7:58 PM”
Maverick = a republican who knows as much about economics and has same blame business policies as a democrat
Roger Waters on September 23, 2008 at 8:03 PM
Bill O’Reilly is asking who warned the folks this was coming uh did you all know that Lindsay Lohan has a girlfriend?
It sure wasn’t the Press getting the word out. Below video might shed some light on who is responsible.
http://www.youtube.com/watch?v=usvG-s_Ssb0
Dr Evil on September 23, 2008 at 8:03 PM
Y’mean the same McCain who introduced the bill in 2005 calling for the strict regulation that was then voted down by Democrats? That McCain?
a capella on September 23, 2008 at 8:04 PM
“Yeah because greedy people are always anxious to loan money to people who are unlikely to pay it back.
PackerBronco on September 23, 2008 at 8:02 PM”
Exactly. Greedy people simply like to loan money to people who are unlikely to pay it back. That is the very defintion of greed: “the desire to loan money to people who are unlikely to pay it back”.
Brilliant analysis.
Roger Waters on September 23, 2008 at 8:05 PM
I wonder what this will do for the 57% that want a fed bailout ?
aceinstall on September 23, 2008 at 8:05 PM
McCain is a very humble man, has chaired the Senate Commerce Committee and has opposed pork barrel spending.. He knows more about the economy than you do.
Chakra Hammer on September 23, 2008 at 8:06 PM
Given that they’re one and the same, I think your obviously rhtorical question is a bit redundant. ;)
Vic on September 23, 2008 at 8:07 PM
Brit Hume Rocks…
That report rocks…
They need to find out who’s complicit, who got paid, who made A TON OF #!!??? Money off it, and rip their tits off.
Obama might have to hire a whole lot of new staff, but what the hell.
And if Barney Frank happens to be reading this thing, the ‘rip/tits’ is a figure of speech. Don’t try to be first in line, wait for the subpoenas…..
BigWyo on September 23, 2008 at 8:07 PM
Success has a thousand fathers, failure is an orphan.
MB4 on September 23, 2008 at 8:07 PM
Follow the money.. Obama and Dodd got the most. (looks like we found the guilty party)
Chakra Hammer on September 23, 2008 at 8:09 PM
I don’t understand why the Republicans aren’t on every channel screaming about this. If you watch CNN or MSNBC, all you hear are so called experts claiming that this whole mess is the result of Republicans’ insistence on de-regulation of banking. The fact is Fannie Mae and Freddie Mac are the epicenter of this disaster, and it was Republicans (Bush in 2003, McCain and other R-Senators in 2005) who tried to rein in the abuses and put in some oversight mechanisms, but they were unable to do so because idiot Democrats like Barney Frank said there was no need for it as FM/FM were both in fine shape.
The Republicans desperately need to get control of this issue and get the truth out, or they will be screwed in November.
AZCoyote on September 23, 2008 at 8:10 PM
Political Correctness….that’s WHAT is responsible for the Fannie and Freddie mess….
Everyone gets a trophy….winners and losers.
HornetSting on September 23, 2008 at 8:10 PM
now explain the dems getting millions from FM and FM so they would oppose the new regulations
unseen on September 23, 2008 at 8:11 PM
McCain is a very humble man, ….
Chakra Hammer on September 23, 2008 at 8:06 PM
HA HA HA HA HA HA HA HA HA HA HA HA HAHAHA HA HA HA HA!!!
STOP IT!! STOP IT!! YOU’RE KILLING ME!!! HA HA HA HA HA HA HA HA HA HA HA!!!!!
MCCAIN IS A HUMBLE MAN?? HA HAHA HA HA HA HA!!
GOOD ONE, MAN!!! HA HA HA HA HA HA!!!!
Roger Waters on September 23, 2008 at 8:11 PM
Obama is linked to Raines & Gorelick and Gorelick is Linked to Clinton and 9/11(maybe they thought that 9/11 didn’t hurt our economy enough)
Chakra Hammer on September 23, 2008 at 8:12 PM
Hillary introduced a predatory lending and foreclosure moratorium bill last year. So did just about every other Democrat in Congress. Barack Obama introduced a mortgage fraud bill in 2006 which actually was a pretty good bill. Unfortunately, Chris Dodd was also running for President and was not about to allow either one of them to get a bill through his committee.
Chris Dodd deserves about 90% of the brickbats on all of this. He was in the tank for Fannie and Freddie and his own ego prevented him from considering some decent legislation offered by Democrats as well as Republicans. He decided to run for President and moved to Iowa for six months while the financial system contiued to deteriorate. He should be resigning after all of this. I know everyone wants to nail Obama here because he took money from Fannie, but Dodd is the one who should be nailed to the wall.
rockmom on September 23, 2008 at 8:12 PM
And we electe them over and over again, Politics, its really wonderful, can i get in??
foxone on September 23, 2008 at 8:12 PM
AZCoyote on September 23, 2008 at 8:10 PM
because there were plenty of reps feeding at the pig stye of FM and FM. this is what is called a CYA moment by the entire congress
unseen on September 23, 2008 at 8:13 PM
AZCoyote on September 23, 2008 at 8:10 PM
335 out of 435 congresspeople took money from FM anf FM. Including McCain. True he didn’t take nearly as much but still saying you aren’t in the bag as much as your opponent is not a good way to win elections.
unseen on September 23, 2008 at 8:14 PM
Here is the link to Malkin’s article.
Loxodonta on September 23, 2008 at 8:15 PM
What would you call Obama?
What has he ever done? And yet… he’s the messiah?
Hmmm..
Chakra Hammer on September 23, 2008 at 8:15 PM
The sad thing is that the pols sold this country out for chump change. There are MBA’s in all the brokerages, hedge funds, and traging firms that all think they know a better and quicker way to game the system and make more money. And then you have Moody’s and S&P who rate the risk and Ambac who insure the risk. Everybody was hooked on the cocaine of cash.
genso on September 23, 2008 at 8:16 PM
Ignore the troll, Chakra.
ManlyRash on September 23, 2008 at 8:16 PM
Is he straight forward or a sneak?
Authoritarian or weak?
I hear he’s steely as you please
I hear he’s really Japanese
He may be shrewd
He may be crude
Ah well, it’s hard to tell
Who is Allahpundit, do tell?
Tav on September 23, 2008 at 8:16 PM
Everyone knows this is a Rovian plot to distroy the Democratic Party. Another RACIST attack on a poor black guy.
GarandFan on September 23, 2008 at 8:17 PM
“What would you call Obama?
What has he ever done? And yet… he’s the messiah?
Hmmm..
Chakra Hammer on September 23, 2008 at 8:15 PM”
Yeah, I agree. Obama sucks and he also acts like a democrat. So, we got two people acting like democrats, Obama and McCain.
Great work, guys.
Roger Waters on September 23, 2008 at 8:17 PM
http://www.youtube.com/watch?v=AiEWCnpNnBQ
Watch
Chakra Hammer on September 23, 2008 at 8:17 PM
And the Earth is round…next.
HornetSting on September 23, 2008 at 8:18 PM
McCain tried to stop this, guess who stopped him? Democrats.
Chakra Hammer on September 23, 2008 at 8:18 PM
Barack: Roger, Roger. What’s our vector, Victor?
Obama Campaign: Need media distortion clearance, over!
Barack: That’s Barack Over. Over.
Obama Campaign: Over.
Barack Over: Roger.
Roger Waters: Huh?
Obama Campaign: Roger, over!
Roger Waters: What?
Barack: Uh?
Victor Biden: Who?
Lincoln on September 23, 2008 at 8:19 PM
McCain tried to STOP this? I mustve missed that one. You are confusing pork barrel spending with something important.
So, when did McCain tried to stop the Fmac and Fmay from buying all those bad loans again? I missed that.
Roger Waters on September 23, 2008 at 8:20 PM
Greedy firms cranked up their assets with leverage instead of capital. Great plan as long as house prices never go down and the economy never slows. The ones who diversified out of mortgage bonds are the ones you’re not going to see on the bailout list.
Have you not been reading the news or has no one been around to explain it to you?
Chuck Schick on September 23, 2008 at 8:25 PM
lmao
HornetSting on September 23, 2008 at 8:26 PM
Fannie and Freddie were making and selling the bad loans, you nitwit.
Chuck Schick on September 23, 2008 at 8:26 PM
Look at it this way, those of us who pay’s our bills gets another chance to show how responsible we are by taking on someone else’s bill. I want to vomit.
Hog Wild on September 23, 2008 at 8:27 PM
Start reading Ed’s and Allah’s posts, dickhead.
ManlyRash on September 23, 2008 at 8:27 PM
Look at the pic..
http://i38.tinypic.com/dqi4nm.jpg
Chakra Hammer on September 23, 2008 at 8:27 PM
Sometimes i just don’t “get” Allahpundit.
anniekc on September 23, 2008 at 8:01 PM
That’s putting it mildly!
Keemo on September 23, 2008 at 8:28 PM
Most eithical congress ever.
And now the FBI is starting to sniff around.
swami on September 23, 2008 at 8:29 PM
Suppose a group of astrophysicists sat you down and told you a giant asteroid was headed toward Earth. You’d be unable to verify what they were telling you, unless you were an astrophysicist too. But you’d probably feel irresponsible if you didn’t support dramatic action to avert disaster.
MB4 on September 23, 2008 at 8:29 PM
Suppose a group of astrophysicists sat you down and told you a giant asteroid was headed toward Earth. You’d be unable to verify what they were telling you, unless you were an astrophysicist too. But you’d probably feel irresponsible if you didn’t support dramatic action to avert disaster.
MB4 on September 23, 2008 at 8:29 PM
The Dims want to make sure that some of that $700 billion goes to the “little people” that were hurt by the big, bad banks and their loans that they were forced to take. Will that money go to such groups as La Raza and Acorn?
And what about the $300 billion we have already paid for the nitwits that bought $300,000 homes with a combined income of $79,000. You’re an idiot….too bad. Take your medicine and learn from your mistake.
HornetSting on September 23, 2008 at 8:29 PM
http://i38.tinypic.com/167sbqw.jpg
Look at this..
Chakra Hammer on September 23, 2008 at 8:31 PM
An giant asteroid is heading towards Earth. It is called the Obamasiah. He will destroy the world. Don’t need to be a rocket scientist to know that.
HornetSting on September 23, 2008 at 8:31 PM
“Greedy firms cranked up their assets with leverage instead of capital. Great plan as long as house prices never go down and the economy never slows. The ones who diversified out of mortgage bonds are the ones you’re not going to see on the bailout list.
Have you not been reading the news or has no one been around to explain it to you?
Chuck Schick on September 23, 2008 at 8:25 PM”
Chuck, let me restate your point in a republican free-market way. I know its been a while since you have heard a REAL republican speak, so this may seem foreign to you…but here goes:
Public firms seeking to meet their fiduciary responsiblity by maximizing shareholder wealth made loans that they would not have made had their not been a source to off-load these loans to a quasi-governmental institution. Since there was no reason to believe that the quasi-guarantee from the buyers of the loans would cease to buy these poor loans, to maximize shareholder wealth, company management continued to make poor quality loans. Otherwise, a competitor would have made the bad loans with the quasi-governmental guarantee and they would have lost market share and would have had their jobs and livlihood jeapordized.
Or, to say it like John McCain:
“Chris Cox has betrayed the public trust (gee, I sure hope its not too obvious I am talking out of my ass). Ahem, we should fire, uh, uh, Chris Cox and all the GREEDY wall street people for this mess. I was a POW, you know.”
Roger Waters on September 23, 2008 at 8:32 PM
Try it now.
genso on September 23, 2008 at 8:33 PM
So what will you do if come this November he wins the election then? Bend over and kiss your you-know-what goodbye?
MB4 on September 23, 2008 at 8:34 PM
“Fannie and Freddie were making and selling the bad loans, you nitwit.
Chuck Schick on September 23, 2008 at 8:26 PM”
They were buying the loans, repackaging them, and selling them as asset backed securities with an implied guarantee you jackass.
Roger Waters on September 23, 2008 at 8:35 PM
OK, since you insist.
Able to guzzle more energy than dozens of normal men! Producing more hot air than a locomotive! Able to pile up carbon credits higher than a tall building in a single bound!!!
Look UP in the sky! It’s ChickenLittle! It’s FlyingSnakeOilSalesman! It’s the Sultan of Hanging Chads! It’s the Ayatollah of Heat! No, it’s CarbonMan in a private jet painted green! And now following in the tradition of other great men such as Jimmy Carter and Yasir Arafat, he is the proud recipient of a Nobel Prize!!!
CarbonMan, strange visitor from an alternate reality who came to Earth with claims and scary predictions far beyond those of mortal men, disguised as Fat Albert, and now joined by other members of the Royal Green League such as BioFuelHummerMan, EcoCleaningWoman, and his latest recruits, the molding geriatrics JuanGreenOldCoot and HolyGreenOldJoe, they all fight a never ending battle for science-fiction, hypocrisy, big-money-making-scams and the Hollywood way!
MB4 on September 23, 2008 at 8:36 PM
Fannie Mae contributions per year in Congress 1989-2008
Obama $42,116
McCain $862
Chakra Hammer on September 23, 2008 at 8:36 PM
nitwit…heh
genso on September 23, 2008 at 8:37 PM
FBI ? Har har!
FBI’s picking up where the Congress left off. FBI’s going where Dems fear to tread. This will be good, very good, and hopefully breaking fast before November.
Hang on Dodd, Frank, Raines, Johnson, et al. This is gonna be fun.
My bet: Raines and/or Johnson sucked Lehman, AIG, and others into their web in an effort to cover their butts. The primary cause of this meltdown was Fannie Mae/Freddie Mac. Period.
Follow the money. Full speed ahead!
petefrt on September 23, 2008 at 8:37 PM
Well, then you aren’t so well read then are you?
How about this to help your education…no charge.
right2bright on September 23, 2008 at 8:37 PM
See. A better analogy.
genso on September 23, 2008 at 8:38 PM
FIFY
Patrick S on September 23, 2008 at 8:39 PM
anyone ever read this?
Great Consumer Crash of 2009
its by a Wharton School guy, he’s predicting basically catostrophe. I’ve heard some very well to do people are taking this view seriously and are preparing for financial doomsday for a few years
jp on September 23, 2008 at 8:39 PM
Barack Obama Requested Almost $1 Billion in Pork Barrel Earmarks..
John McCain $0
Chakra Hammer on September 23, 2008 at 8:39 PM
Brit Hume has the best news show on TV. In his daily “Political Grapevine” segment he is always calling out the Dims and Barry for their misleading ads and accusations. It’s almost as if he reads up on HotAir before putting together his show notes…………..
Mallard T. Drake on September 23, 2008 at 8:39 PM
Wait a second here. Is this FBI investigation some kind of trick? Let’s say we want to call some of these CEO’s to attend some Senate hearings, due to these investigations, they won’t be able to name some names or comment much since they invoke the “I can’t comment on an ongoing investigation” card? Anyone else think so?
tdavisjr on September 23, 2008 at 8:40 PM
Snap, that was good…as MB4 slinks back under his rock…
right2bright on September 23, 2008 at 8:40 PM
Exactly. The republicans as a voting block supported the new oversight and the democrats, as a voting block, blocked the vote.
And now that it has hit the fan, McCain has pinpointed the issue…..not. blamed it on business people
Roger Waters on September 23, 2008 at 8:42 PM
I think that you have gotten yourself confused again, stalker.
MB4 on September 23, 2008 at 8:44 PM
Fight like hell, MB4
HornetSting on September 23, 2008 at 8:44 PM
Not you, I will. you go back to rock.
HornetSting on September 23, 2008 at 8:44 PM
Roger Waters on September 23, 2008 at 8:32 PM
Roger, I can tell you are not a fan of Sen. McCain but there have been several articles of a hearing held in 2005 where Sen. McCain talked about all of these things. He may not be an economics expert but he was smart enough to listen to the witness and get a pretty good grip on what was going on. I am not going to try to make you change your mind about Sen.McCain, he hasn’t been a favorite of mine in the past either, but I am going to ask you to give credit where it is do. I will see if I can find a link. I am not great at this so be patient, please.
Cindy Munford on September 23, 2008 at 8:45 PM
In order to understand the scope of the problem, you have to go back to the beginning……..
If you can’t read it Roger Waters, I’ll try to find a childrens “pop-up” book for ‘ya…………..
Seven Percent Solution on September 23, 2008 at 8:46 PM
No need for me to work up a sweat to swat a few fleas.
MB4 on September 23, 2008 at 8:46 PM
Mallard T. Drake on September 23, 2008 at 8:39 PM
Agreed, I am sad that he is retiring.
Cindy Munford on September 23, 2008 at 8:47 PM
Don’t worry, Roger is just guest hosting from the Kos kids.
HornetSting on September 23, 2008 at 8:47 PM
Of course.
It’s the lobbyist.
Not the guys who hired the lobbyist.
The guy was doing his job. The guys who hired him are sliming the shareholders.
Unless it’s the bizarro world of the Democrats.
drjohn on September 23, 2008 at 8:48 PM
Cindy,
Then McCain should be making THAT point when it hit the fan, not blame Chris Cox and the greedy business people. Read George Will’s column that came out today on McCain’s handling of the economic mess. scary.
Roger Waters on September 23, 2008 at 8:49 PM
I fried my brain about halfway through that. Needless to say, I don’t think anyone should be fully invested in the market now. And no one should have a balance on their credit card either. IMHO
genso on September 23, 2008 at 8:49 PM
“In order to understand the scope of the problem, you have to go back to the beginning……..
If you can’t read it Roger Waters, I’ll try to find a childrens “pop-up” book for ‘ya…………..
Seven Percent Solution on September 23, 2008 at 8:46 PM”
You dont think I know that? I do know that. Tell McCain that. Read today’s column from George Will about how McCain has been making an ASS out of himself since it hit the fan. You are preaching to the choir dude.
Roger Waters on September 23, 2008 at 8:50 PM
Good maybe they will investigate Obama also, and capture Auchi(Rezko’s sugar daddy) in the Lehman brothers collapse
Chakra Hammer on September 23, 2008 at 8:50 PM
He who dies the most in debt wins the biggest.
MB4 on September 23, 2008 at 8:51 PM
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