This is a 6 minute recap of a House Committee hearing on the housing crisis. I know it's long but it keeps getting better, and better, and better.
What you will find is that the Republicans on the committee almost universally question the liquidity of the assets of Fannie and Freddie, call for more regulation, and warn that American taxpayers will eventually have to pay for irresponsible lending.
Democrats, on the other hand, are "pissed off" that they would spend taxpayers' money to question the "outstanding leadership" of Fannie Mae and Freddie Mac, which did not need to be fixed since they were "not broken".
Why were the Two-faceacrats so deep in the tank for the lending institutions?? Simple. A cornerstone of their neo-socialist policy is that every single American should own a home. In the interest of fairness, the Bush administration was a willing participant in this dangerous game. In defense of weak economic numbers, one of the first talking points out of the White House has been "...but minority home ownership is at record levels".
This crisis is a "result of greedy Wall Street fat cats"??? Maybe so, but ONLY with a wink and a nod from the hammer- and sickle-toting Left.
"Irresponsible lack of regulation on the part of Republicans"?
Get your popcorn ready.
2 comments:
While the Democrats accuse Republicans of starting the mortgage crisis by loosening regulations, the Democrats used too much government in forcing private lenders to approve low income, bad credit scum bags for $300,000 homes.
Oh, by the way, I guess you can say Fannie Mae is in bed with the Democrat Party. (i.e. Barney Frank had a gay love affair with a Fannie Mae executive throughout the meltdown.)
Obama is the 2nd largest recipient of campaign contributions from Fannie and Freddie.
Liberal bloggers and authors at Newsweek, Time, and the like have seized this opportunity to joyfully announce that the "Reagan era is over." The crisis, they reason, is the final verdict on 25 years of deregulation, low taxes, and unfettered, free-market, "trickle-down" capitalism. Finally time to restore the New Deal and an activist, interventionist government.
Quite the contrary. We unfortunately haven't had a free market in a long, long time. And when somebody is able to put 3% down on a $300,000 home loan through government intervention, that's not capitalism. It's socialism, and to be fair, it's been promoted to some degree by both parties, but far more so by the Democrats.
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