Who Really Brought Down Freddy and Fannie?

Who Really Brought Down Freddie and Fannie?

The “Bush Did It” mantra employed over and over by Obama, his henchmen, henchwomen, and media apologists to defend the administration’s screw-ups and ineptitude got old long ago yet they continue to beat its rotting corpse.

One early favorite ploy was to hang the albatross of the economic near-collapse on that mantra, a near-collapse prevented only by the superhuman efforts and expertise of Treasury Secretary Timmy Geithner and grand poobah of the National Economic Council Larry Summers.

The rest of the Obama economic dream team and, of course, the Democratic Party, did their bits to help give us a 9.8% unemployment rate, bailouts, clunkers, and an astronomical national debt.

Way to go, guys!

Little if any effort has been made to officially ascertain the root causes of the fiscal chaos which started with Lehman Bros., Freddie Mac, and Fannie Mae.

ACORN’s filthy hands in pressuring America’s lending institutions to grant sub-prime mortgages, that euphemism for giving money to people to buy homes even if those people didn’t have a pot to pee in and were bound to default, was irrelevant: See “Obama’s ACORN . . .” http://bit.ly/bAXpT

Also irrelevant were Democrat Sen. Chris Dodd and Democrat Barney Frank using their influence to be awarded sweetheart mortgage bribes and massive contributions from Fred and Fan.

Then, like the mangy political dogs that they are, they covered up their dirt and exacerbated the problem, all in the name of making it easier for unqualified borrowers to borrow more: http://bit.ly/K2M2B.

Meanwhile, they blocked George “Bush Did Its’ ” efforts to clean up the huge mess Democrats had created.

Selective memories are the stock in trade of the Democratic Party but pictures and videos of congressional hearings don’t lie.

Take Democrat Rep. Maxine Waters. (Please!)

She gained national fame decades ago when she attributed Blacks’ motivations for looting stores during the Watts riots to a desire to take care of their kids. She claimed that all the looters were after were disposable diapers for their babies.

They carried loads of diapers under one arm as they struggled with VCRs and stereos under the other.

In a video from 2004, when Republicans still controlled the House and were demanding greater responsibility and more regulation of Fannie Mae and Freddie Mac, the always-entertaining Maxine declared there was no crisis and repeatedly praised the “outstanding leadership” of Franklin Raines.

(Incidentally, after being ousted by Fannie for incompentence, Raines found another job, as an economic advisor to Obama.)

At the same hearing:

. Democrat Rep. Gregory Meeks said he was “pissed off” at government regulators and regulations since there was absolutely no “need” for such intrusions;

. Democrat Rep. Lacy Clay declared the whole hearing centered on the “political lynching of Franklin Raines” and the non-crisis will have no effect on “the markets;”

. Democrat Rep. Artur Davis chimed in with . . .

(Read the rest at http://genelalor.com)