Dumbass greedy investment bankers and brokers! The shit has hit the fan and the pigeons are finally coming home to roost. The FBI is finally getting off its' dumb ass and starting to investigate at FNM, FRE, AIG and others. Let's get some of these fuckers in jail by Christmas, please! It won't solve things, no....but I'd feel a whole lot better having to suffer the consequences of their nonsense! People, brace yourselves...it looks like we're in for a long haul....
3 comments:
Actually the issue was raised in 2005 regarding accounting irregularities by the regulatory body, OFHEA, and McCain.
Unfortunately in the hearings the deomocrats played the race card and poo-pooed the problem.
Maxine Waters: (D California) "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: (D New York)… "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: (D Missouri) "This hearing is about the political lynching of Franklin -Raines."
Barney Frank: (D Massachusetts) "I don’t see anything in this report that raises safety and soundness problems."
The subprime market was housing welfare. Translated to votes for Dems. They needed to protect it.
P.S.
Freddie Mac and Fannie Mae were exempt from Sarbanes Oxly.
If the Dems were so concerned over "unfettered" capitalism" in the housing market they could have changed that.
The Dems for years and years have been stonewalling the regulation of both companies. They basically shamed Republicans from acting. But, that's what you get with their brand of socialism. There is no accountability in the system and the abuses were rampant at FNM and FRE. There is countless documentation regarding Republicans trying to pull the plug and getting thwarted.
And now those scumbags work for Obama's campaign and for the Democrats.
Can you imagine the abuses we'll see if National Healthcare ever becomes a reality?
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