Video: Democrats insist “nothing wrong” at Fannie Mae, Freddie Mac in 2004
posted at 9:50 am on September 29, 2008 by Ed Morrissey
By 2004, all of the elements of the current financial collapse had been in place for several years. The aggressive approach to enforcing the Community Reinvestment Act (CRA) started under Bill Clinton in 1998, and the seemingly endless appetite for paper by Fannie Mae and Freddie Mac had turned massive amounts of bad loans into mortgage-backed securities to spread their cancer throughout the system. In 2004, a year after the Bush administration tried to tighten regulation and oversight on Fannie and Freddie, Congress was told yet again that disaster loomed. The Democratic response is instructive to seeing who really sat back and allowed this collapse to occur (via Power Line):
Highlights of this eight-minute video:
Maxine Waters: Through nearly a dozen hearings, we were frankly trying to fix something that wasn’t broke. Mr. Chairman, we do not have a crisis at Freddie Mac, and particularly at Fannie Mae, under the outstanding leadership of Franklin Raines. [Raines would barely avoid prosecution for fraud.]
Gregory Meeks: … I’m just pissed off at OFHEO [the regulators trying to warn Congress of insolvency at the GSEs], because if it wasn’t for you, I don’t think we’d be here in the first place. … There’s been nothing that indicated that’s wrong with Fannie Mae, Freddie Mac has come up on its own … The question that then comes up is the competence that your agency has with reference to deciding and regulating these GSEs.
Lacy Clay: This hearing is about the political lynching of Franklin Raines.
Barney Frank: I don’t see anything in this report that raises safety and soundness problems.
Take a good look through this video in 2004, and ask yourself who on this panel wanted more regulatory oversight of Fannie Mae and Freddie Mac, and which members spent their time attacking the regulators. When Barack Obama talks at debates about how the past eight years of regulatory laissez-faire created the problem, he may want to review the transcripts of these hearings and note that Democrats repeatedly undermined regulators and called them everything from incompetent to bigoted in their rush to keep the status quo at Fannie and Freddie.
In 2005, Fortune published a lengthy anaylsis of the impending crash of Fannie Mae, and included this altercation between OFHEO and Congress:
Two weeks later Falcon and Raines faced off against each other in a hearing before the House subcommittee on capital markets, which was chaired by Baker. Consider the circumstances. Falcon was Fannie’s regulator and had leveled serious charges, amounting to fraud, against Fannie Mae. Most CEOs would have seen the wisdom of humility at this point, but Raines showed little. “These accounting standards are highly complex and require determinations on which experts often disagree,” he said, adding that “there were no facts” that supported OFHEO’s charge that Fannie executives had deferred an expense in 1998 to earn bonuses.
And most of the Democrats present agreed with him. “This hearing is about the political lynching of Franklin Raines,” said Congressman William Lacy Clay of Missouri. Massachusetts Congressman Barney Frank said, “I see nothing in here that suggests that safety and soundness are an issue.” Other Democrats complained that the mere fact of releasing the report could increase the cost of home-ownership.
“Is it possible that by casting all of these aspersions … you potentially are weakening this institution in the market, that you are potentially weakening the housing market in this country?” Congressman Artur Davis of Alabama demanded. When Falcon tried to answer, Davis acted like a prosecutor grilling a hostile witness. He wanted a one-word answer: yes or no. “Is that possible?” he asked again.
“I have never seen anyone treated as disrespectfully as Armando Falcon was by the Democrats and by Franklin Raines,” recalls one congressional aide. Adds Andrew Cuomo: “I credit him for not folding and not caving and not running, because he took a tremendous beating.”
Unfortunately for the Democrats at this hearing, Raines then doubled down and demanded that the SEC give a second opinion on his business practices. After an investigation, the SEC agreed with Falcon and demanded that Fannie Mae restate its earnings all the way back to 2001 — at which point Raines’ fraud got uncovered. OFHEO had been correct, and the Democrats in this committee meeting had done their level best to interfere with the regulator to cover up for Raines’ fraud.
The Democrats attacking the regulator here didn’t do so out of some deep conviction against government regulation. They wanted to keep the gravy train rolling on questionable mortgages in order to endear themselves to the working class, and didn’t mind smearing the OFHEO regulator as a racist in order to succeed. The Republicans who wanted more oversight didn’t demand it as socialists looking for a government takeover of the financial sector, either, but because they saw the impending disaster looming for Fannie Mae.
Democrats distorted the market through the CRA and through Fannie and Freddie’s massive securitizing of bad debt, and then blocked regulators from doing their jobs. That’s the real story of this collapse.
Blowback
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Let the damn financial system fail and let the revolution begin . . . I’d rather have those conditions than live in the impending Marxist/socialist state.
rplat on September 29, 2008 at 11:35 AM
Every voting citizen should see this video.
If McCain doesn’t turn around the perception that the fault lies with Wall Street and Republican policies then he will lose.
The Democrats built the Fannie/Freddie bomb and if Mccain doesn’t let the voters know, he won’t stand a chance.
danking70 on September 29, 2008 at 11:37 AM
This needs to get out EVERYWHERE. I am furious about this.
Seixon on September 29, 2008 at 11:40 AM
This video has been out for awhile now; I was furious about it as well, but no one is doing anything about it! I havn’t spent much time today on the news, but once again, where is
McCain?! Why is he not out in full force ramming the facts hime about Obama?
If he keeps makinf stupid decisions, he deserves to lose.
anniekc on September 29, 2008 at 11:45 AM
Democrats are, if nothing else, bold and unafraid of risk-taking. When they see power and big money up for grabs they’ll scoop it up, then hold hearings and press conference brazenly accusing Republicans and regulators of trying to stop them.
They aren’t stupid criminals. It’s pretty sophisticated stuff and they know many on the right can be shamed or tainted with cash just enough to just close their eyes and look the other way as America gets raped.
econavenger on September 29, 2008 at 11:46 AM
“HOME”
anniekc on September 29, 2008 at 11:46 AM
Can you imagine what the next 4 years of the “playing the race card” will be like under an Obama Presidency?
roux on September 29, 2008 at 11:50 AM
Yep, you guys just keep bashing John McCain. I know it makes you feel good, for some strange reason.
If he comes out super strong on this issue, 60% of the mud hits the democrats, but 40% of it hits Bush and his administration.
And then are you all going to scream that he’s “attacking” Bush? Just like he was “attacking” Bush when he criticized Bush and Rumsfeld in 2005 and 2006? Just like he was “attacking” Bush when he criticized the civilian response to Katrina?
Note I said the civilian response to Katrina. The military response was top notch. Bobby Jindal also criticizes the civilian (ie Bush admin) response to Katrina.
funky chicken on September 29, 2008 at 11:52 AM
This bill should be called the “Cover Democrats Asses” bill of 2008.
d1carter on September 29, 2008 at 11:52 AM
Has Fox done a one hour special on this? Maybe they should.
Pick someone like Megyn Kelly who apparently has bigger stones than McCain and let her loose.
I think people would watch.
Mr_Magoo on September 29, 2008 at 11:52 AM
Oh funky chicken-
I would love it if McCain attacked Bush! Bush got my support for 7+ years; I’m done with Bush bending over backwards for the Dem’s!
anniekc on September 29, 2008 at 11:54 AM
ed — thank you for this post. Please send this to Sarah Palin before Thursday…
D2Boston on September 29, 2008 at 11:54 AM
I’m hoping for an FNC series on it. What media we have needs to mobilize around getting the truth out persuasively, and defending free markets.
Among other things, I want to see Frank’s and Dodd’s heads on a stick.
petefrt on September 29, 2008 at 11:59 AM
I just pulled this from LGF. The Bush Treasury Department, in all its wisdom and glory. Just making sh*t up. But yeah, the whole problem is because a war hero like John McCain doesn’t have “stones.”
funky chicken on September 29, 2008 at 12:00 PM
FWIW, I went over to “Contacts” page the RNC site and tried to email to several of those addresses — all of them were kicked back to me as undeliverable.
I get the feeling they don’t want to hear from us.
Again FWIW, I contacted the Republican Study Committee via email and got a reply the next day thanking me for my input.
rockhead on September 29, 2008 at 12:00 PM
The vid “Burning down the house” had 709,496 hits as of late last night.
Right now at 8:55am PT, it has 846,267.
The word is getting out, and it’s irrefutable. I’m amazed that Pelosi, Franks, and Dodd are brazen enough to show their faces in public.
If you haven’t sent it to everyone in your address book, do it now.
http://www.youtube.com/watch?v=H5tZc8oH–o“>
nyrofan on September 29, 2008 at 12:01 PM
I am disgusted with this. I have written an open letter to John McCain. If he supports this bill, I am done with him. He promises exposure,shame. IF ever there was a time- now is it.
http://conservativepolitics.today.com/2008/09/29/open-letter-to-senator-john-mccain-from-conservative-politics-today/
Virginia Shanahan on September 29, 2008 at 12:05 PM
Not helpful, Ed. We need Democrat votes to kill this bill. Conservatives of all stripes must band together. Honest mortgage payers and tax payers should not be forced AGAINST OUR WILL to pay for banks who thought they bought the brooklyn bridge. My house ain’t all that, but at least I can make my payments, I have no desire to pay for those who have acted irresponsibly.
Kiss off my vote McCain if you support this bailout.
Angry Dumbo on September 29, 2008 at 12:08 PM
Why the truth won’t appear on David Gregory’s MSNBC program:
His wife worked at FannieMae until this month..small world.
http://atlasshrugs2000.typepad.com/atlas_shrugs/2008/09/cnnd-dick-grego.html
nyrofan on September 29, 2008 at 12:11 PM
Oh please, you are part of the original MDS crowd here. You were side by side with Valiant and the rest saying hateful things about McCain back in February, March etc.
funky chicken on September 29, 2008 at 12:16 PM
It’s a lynching.
Yeah, that’s the ticket, a lynching.
Worse than that, it is a lynching by Hitler.
These people are beyond stupid and offensive. The voters who vote these morons into office owe the rest of the country an apology.
Elizabetty on September 29, 2008 at 12:16 PM
I am so angry that it is difficult to use my keyboard. the person that i am most dissapointed in is john mccain. John should just tell the people of the u.s. the truth!
the democrats in the house and the senate have been dictating loans that are in fact insolvent for years.
If i were john i would make damn sure this knowledge was made availabl to the american populace.
john is so used to talking about his vietnam expericence that he ignores the service in the senate to help the american people!!
TomLawler on September 29, 2008 at 12:19 PM
I can’t tell you how thrilled I am that this footage has surfaced. I’m sending it to everyone I know. It’s even more important than the other one. It is the smoking gun.
What these Democrats did to Falcon in this hearing is far worse than anything John McCain or even the rest of the Keating Five tried to do for Charlie Keating. Raines had his lobbying operation out smearing Falcon and trying to get him fired. And the guy in charge of that was Tom Donilon, who is advising the Obama campaign and headed his debate prep team last week.
rockmom on September 29, 2008 at 12:19 PM
Rush is on this now.
Buy Danish on September 29, 2008 at 12:20 PM
Hello Axelrod employee. Congratulations on your employment. Don’t spend that $7 an hour salary all in one place. And bask in the glory of knowing that you helped bring The One to power.
funky chicken on September 29, 2008 at 12:21 PM
Folks, we are misdirecting our frustrations and anger.
Yeah, I am chomping at the bit for McCain to unleash hell on these imbeciles too, but let’s use our heads in equal proportion to our hearts.
McCain running on this at present would be like running naked and alone against a hail of arrows so great as to block out the sun. Sure, it would be a brave and glorious death… but it would amount to nothing.
Let us assess fault and blame where it belongs. Our government was founded to be of the people, by the people and for the people. That means that the responsibility is OURS to take definitive action. For too long, our side and our party has stood idly by, making donations and pointing fingers at our isolated representatives while doing nothing ourselves.
Our opposition is rabble, but they are organized and out there making their individual voices heard in unison. They are taking aggressive action, even if it is ignorant and misguided. Meanwhile, we dismiss them as insignificant and have become lazy and complacent in our superior knowledge and understanding.
What is required is not only the action of our dwindling representation, since we have allowed their numbers and influence to plummet. What is an isolated voice of reason in contrast to a howling and insane mob who are fighting to protect their ill-gotten rewards and cover up for their crimes?
Stop blaming McCain and the Republicans. The sins are our own for allowing things to deteriorate this far. It is up to us to counter and overturn the actions of our opposition and provide a foundation, forum and cover for those who represent us to push the fight further.
If you are resolved to anger, then focus that anger on an personal accountability for this crisis. Otherwise, we are no better than those whom we oppose; as we cry injustice and seek the handouts and actions from others to right our wrongs.
Of the people, by the people and for the people- never forget that this is OUR government and OUR nation. It’s time that we accept personal responsibility for it.
Damiano on September 29, 2008 at 12:24 PM
Rush is hammering this home now! Go, Rush!
Marybeth on September 29, 2008 at 12:25 PM
I’m with you rplat. Bring on the recession.
Feds need to investigate this matter without partiality and put everyone with connections before a grand jury. I want names, faces, and I want & expect resignations at the very least.
jbh45 on September 29, 2008 at 12:25 PM
If McCain don’t jump all over this he deserves to loose.
TheSitRep on September 29, 2008 at 12:26 PM
A Hussain Obama administration will work to cover this up ad kill any loose ends.
TheSitRep on September 29, 2008 at 12:27 PM
And if 50% of the blame deserves to be put on the Bush administration? You OK with that, or will it just be trumpeted as “McCain attacks Bush” again?
funky chicken on September 29, 2008 at 12:30 PM
Mr_Magoo on September 29, 2008 at 12:38 PM
Please to explain further…
Mr_Magoo on September 29, 2008 at 12:38 PM
Ed, you might want to add this gem from today’s Hartford Courant:
Crumbling financial giants gave generously to Dodd
rockmom on September 29, 2008 at 12:40 PM
Since the culprits are a bunch of Democrats that will never happen.
In a sane world, the MSM would be digging into the leadership of Fannie/Freddie, the activist groups that but pressure on the banks, and the enablers in the legislature right now.
We would see Raines, Johnson, Barney Frank, Chris Dodd, and all their ilk being asked the hard questions on TV every night…but that isn’t going to happen.
Make no mistake, people should be going to jail for this, it is like Enron, only many times bigger. But they will not.
If only Bush (or McCain) had the guts to go after domestic crooks like they have to go after foreign terrorists.
Perhaps the public needs another Carter, in the form of Obama, to come to its senses. Of course, that is presuming Obama would *only* cause as much damage as Carter did, which is looking unlikely.
18-1 on September 29, 2008 at 12:51 PM
Simple- we have become complacent. We are here blaming McCain and Republicans for not doing enough while the majority of us have done nothing but complain.
The Republican majority has gotten voted out from under us. Certainly justified in the case of many individuals who were not representing our interests or were otherwise engaged in the type of behavior we condemn from the otherside… but we still failed to replace them and their seats were filled by worse people.
Democrats and Liberals are engaged. However misguided and ignorant they are, they attend rallies, host protests, write letters and emails, send in op-eds, volunteer, engage in civil actions… and the simple fact is that we have mocked their efforts without doing anything to counter them.
We have let the media become so corrupt as to resemble a communist state. Rather than demand action and accountability from our Reps, we stop donating and allow them to be replaced with worse people from the opposing party. We comment on blogs demanding action from McCain without rallying to support him or demanding similar action from others.
The people that comment here are enormously intelligent and reasonable individuals. We are responsible enough to learn facts over fiction on events and issues. Yet we fall short in action and opposition. The other side consistently beats us on this front. We recall the bold actions of our founding fathers as they rose up strongly and decisively against tyranny, yet we ourselves have come to depend solely on sending money or voting every 4 years while our opposition rallies around us and are making their misguided and often slanderous voices heard.
Our sin is that we have put faith in our superior intellect above action. This must be corrected, and quickly, as we now stand on the precipice of be out-flanked, out-shouted and out-voted while we sit in reasoned and intellectual silence.
Damiano on September 29, 2008 at 12:55 PM
It just got out! Rush played it with comments and is bashing McMaverick for rolling over and not naming names.
I think McCain thinks being Mr. nice guy to Dems is the way to win Dem and indy votes. In this case it makes him look the fool .
The trap was set the Dems walked out in mass and blamed Repubs now is the time to slam the door shut behind the liars.
Repubs find your balls gentlemen! I’M TIRED OF NICE! Find your balls and turn Sarah loose to attack or send her home she doesn’t deserve to have her bright future ruined by a bunch of clueless geldings!
dhunter on September 29, 2008 at 1:11 PM
Screw that.
Make Megan Kelly his running mate. He won’t let Sarah be herself. Might as well get someone who won’t pull punches.
Sapwolf on September 29, 2008 at 1:14 PM
I cannot believe you guys are saying McCain is wrong here. Good grief. This was a DONE DEAL. They were passing this thing with or without Republicans. They wanted it bi-partisan which was the only leverage we had. And even then the Democrats were going railroad everyone with their sweet deals included.
THAT WAS DERAILED! And it was derailed because of McCain. We got concessions! We removed the funding for a controversial housing program that was taken out and a bankruptcy provision that was a giveaway to trial lawyers We got the Treasury Department to establish a federally backed insurance program for the debt — an alternative solution that is easier on the taxpayers but more expensive for the already cash-strapped banks. We got rid of ACORN crap.
John Boehner said they would have ran over him like a freight train if it hadn’t been for McCain.
Let’s be grateful for his intervention for God’s sake!
Rightwingsparkle on September 29, 2008 at 1:14 PM
Right on. Jerk McCain is destroying any future national political chance Sarah might have had.
She should leave the ticket after the debate. McCain is such a pussy. He needs to go back on offensive and he just won’t.
Sapwolf on September 29, 2008 at 1:16 PM
I’m talkin about standing up and defending the party and naming the names of those responsible something McCain seems unwilling to do as was Bush was before him the is something to be said for being on the offensive in politics as in war and Bush McCain seem to have forgotten it in politics.
Unless he has a suprise?
dhunter on September 29, 2008 at 1:17 PM
Hahah..funk you must work for the RNC. Ummm, 50% of the blame would be much better than the 100% of the blame which is being saddled with. What a horrible argument.
ClassicCon on September 29, 2008 at 1:22 PM
Yep. But MDS is incurable, it seems. Limbaugh is one of its first victims…I believe it hit him a decade ago. He’d rather watch Obama become POTUS than praise McCain for doing what Bush refused to do—
give the GOP a seat at the Paulson-democrat bargaining table.
Pathetic
funky chicken on September 29, 2008 at 1:25 PM
GOP pussies, more concerned with protecting their own seats than standing up like American men (and women).
Mac is acting like a damn fool, running around yapping about earmarks while the DFL buttheads make him and the GOP look like absolute monkeys.
I’ve considered myself fairly immune to the chicken little attitude, but I’m now window shopping the idea; the Republicans are AWOL.
Bishop on September 29, 2008 at 1:25 PM
ClassicCon on September 29, 2008 at 1:22 PM
Nope. My point is that if McCain gets out front criticizing this bailout thing, the first place to look is at the Bush administration. Paulson, Cox, Bernanke et al were clueless until it was time to panic, and hit us with a trillion dolalr bailout?
Remember last week when McCain said Cox should go? Republicans screamed that McCain was picking on the Bush admin, and Cox is such a good conservative, etc.
It appears Cox was instrumental in killing the uptick rule, and could have made for a much smaller crisis if he had done some other things, Paulson too.
So, again, if McCain criticizes these Bush admin folks, we will have to hear Limbaugh et all scream that McCain is a GOP traitor. And a whole lot of folks on the conservative blogosphere will join him.
funky chicken on September 29, 2008 at 1:30 PM
Why we are not telling more people about this is beyond me, we should get it out as often as we can, darn.
foxone on September 29, 2008 at 1:33 PM
Huh? Why is the Bush administration the first place to look at by one of “our” guys? Does the topic of this post mean nothing?
I know you are a huge McCain guy, but it is very telling that you know him so well that you assume McCain’s first instinct would be to go after the Bush administration on this.
ClassicCon on September 29, 2008 at 1:39 PM
Why are we fighting each other and/ or McCain on this? Don’t you see that this is
what the Democrats have been trying to do?
Look at recent weeks:
1. Reid says “no one knows what to do”. While Republicans are taking action and drafting legislation, Reid and Pelosi are planning for adjournment until after the elections.
2. The Paulson plan comes out. Yeah it sucked, but the Democrats adopt it as their own and turn a White House plan against Republicans. They cover their failure to take action or show leadership by trying to ram rod bad legislation down our throats while claiming the mantle of bipartisanship.
3. Reid calls out McCain to try and hang the negative consequences around his neck. “Why isn’t McCain here leading on this?” Meanwhile, Obama is MIA and voting ‘present’.
4. McCain calls Reid’s bluff. Reid immediately reverse and says “McCain is neither wanted or needed”. Obama still voting ‘present’ and saying ‘call me if you need me” while condemning the “bright lights and cameras” that would have easily exposed the dump trucks of pork being stuffed into the bill by Democrats.
5. ACORN and special interests full funded and the cover up for the political players who are accountable secured, the Dems run the false “we’ve got a deal” meme prior to the White House meeting or any bipartisan discussion.
6. Post meeting- Dems freak out for being called on their pork (facilitated by McCain). Obama blasts opposition to a bill he has yet to support and despite all available facts. Dems unanimously blame Republicans for their own outbursts and unprofessionalism and claim no alternative plan where there was one and walk out of the meeting before it can be presented.
7. Republicans shore up their position and rally opposition. Changes are implemented that strip out the worst of the pork and foster a compromise. Dems claim that Reps are wasting time and repeat the hold up meme and cover up the pork.
You want leadership, it’s been there. The problem is that it is UNREPORTED.
Damiano on September 29, 2008 at 1:42 PM
I wish McCain would pounce on this stuff & get the word out.
Why oh WHY don’t they talk about this?!
And WHY doesn’t it occur to the public that Congress as a whole has most of the power, NOT the president. They’ve done their level best the last 4 yrs to screw everything up.
Why don’t these ‘undecided’ voters SEE that?!
At least the cafeteria has gourmet cuisine.
What an accomplishment!
Badger40 on September 29, 2008 at 1:43 PM
“Honest mortgage payers and tax payers should not be forced AGAINST OUR WILL to pay for banks who thought they bought the brooklyn bridge.”
That horse left the barn so long ago it’s been in the glue factory for years.
We’re forced to pay for crappy public schools against our will, for ponzi scheme “retirement” systems and to subsidize healthcare and tuition for college students, both of which that serve only to drive the prices for both, higher.
Irresponsible losers get free money, idiotic bureaucrats get free money to waste and Democrat politicians get votes, kickbacks and bribes, plus a free ride from the media on all three.
Ordinary taxpayers get a swift kick to the crouch from the Democrat Party once again. Those of us who still have something to injure can cry, but the people who vote for Democrats lost their balls and their brains years ago.
NoDonkey on September 29, 2008 at 1:44 PM
False. 1. I’m a woman. 2. I’m a NObama voter. 3. That’s your bias saying McCain would go after Bush first.
My entire point is that if McCain criticizes Bush admin officials at all, like when he called for Cox to be sacked, conservatives screamed like banshees.
Here’s an interesting thing about Cox:
http://seekingalpha.com/article/96487-5-failures-of-sec-chairman-cox
funky chicken on September 29, 2008 at 1:52 PM
And why aren’t more hotair posters angry that Bush admin guy Paulson only met with democrats for days, and McCain had to come back to DC to get Boehner in the door?
No, better to hold the pattern and bash McCain.
funky chicken on September 29, 2008 at 1:53 PM
1. Whatever, not relevant
2. Aren’t we all…
3. Not my bias, your post and McCain’s past trends
I fully understand you point, but find it lacking. So which is worse, sitting back and letting the DNC/MSM portray this as solely a RNC issue, or standing up to these thugs and exposing the actual truth even if some of our guys get burned in the process. McCain is following the former and it is infuriating.
Why? Is he really afraid to tick off those Conservatives that are probably going to vote for him anyway? Makes no sense. I would think their focus would be winning over those poorly informed “independents” that currently think that voting for Repubs=recession.
I have been done with Bush for a while now, so I won’t be screaming anyway.
ClassicCon on September 29, 2008 at 2:04 PM
The truth is known to those who are truthful. All others hide behind their lies and deceit. It’s obvious that the Dems were at fault, and the republicans tried to stop this. Can’t argue with video evidence. What is amazing, is that the 110th democratically controlled congress has managed to increase our debt three times now since 2006 to the tune of 26%.
Kevin in Washington State on September 29, 2008 at 2:05 PM
It Failed!
Repubs Pissed at having every dem walk to the microphone and blame them for the mess?
This may have been the signal that there was no bargaining in good faith from the dems from the git go just politics as usual in addition to socialization of the financials markets, banks and Wall ST.
dhunter on September 29, 2008 at 2:12 PM
You seem to hate and blame Bush more than you hate and blame the Democrats.
I am baffled by this. That is all.
capitalist piglet on September 29, 2008 at 2:53 PM
Well, that’s damning.
chiefeditor on September 29, 2008 at 3:06 PM
This topic came up this weekend while talking to my 15 year old son. He mentioned that he was a bit worried about the economy. I went through and explained to him point by point how this happened, and he just sat there with his jaw on the floor. He couldn’t believe what he was hearing, he had that “are you serious, you can’t be serious?” look the whole time. He has a lot to learn before he’s voting age.
Boot Hill on September 29, 2008 at 3:26 PM
“…. these assets are so riskless.” Franklin Raines
I wish I was that smart.
Harpoon on September 29, 2008 at 4:50 PM
If American voters have the stomach for actual facts we’ll win this particular point.
Mojave Mark on September 29, 2008 at 8:39 PM
I’d love to see someone rent a large screen near the Capitol and have the Youtube video of the Dems crowing about the great shape that Fannie and Freddie were in, in 2004 (along with the idiotic racist comments thrown out by them, for good measure) running on a continuous loop for the duration of the election.
progressoverpeace on September 30, 2008 at 12:39 AM
We won’t be able to get this done in time for the election, but we need to think for the longer term too. What we need to do is organize a fund raising effort to pay investigators and get a film maker to create a documentary. Sort of like what Michale Moore does, but actually tell the truth.
So how would we go about doing that?
Hawthorne on September 30, 2008 at 9:38 PM
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