Remember when: Democrats insist “nothing wrong” at Fannie Mae, Freddie Mac in 2004
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.
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.”
Here is what Pelosi had to say that sent the bill to defeat:
Republicans Blame Pelosi’s Partisan Speech
Not smart by Pelosi, but also not smart to vote against a bill just because Granny Rictus McBotoxImplants is a bubbleheaded partisan whore.
$1.1 trillion in market value lost
The wealth lost today on the market ” just today ” exceeds the cost of the bailout considerably.
A Liberals Delight On The Upcoming Re-write?
A number of Republican House members and staff, along with others who are plugged in, are telling me that Nancy Pelosi and the Democrats will come back with a new bill that includes all the left-wing stuff that was scrubbed from the bill that was defeated today in the House.
As this scenario goes, the House Democrats need 218 votes, and they have to pick up a number of black and Hispanic House members who jumped ship because the Wall Street provisions, in their view, were too benign. So things like the bankruptcy judges setting mortgage terms and rates, the ACORN slush-fund spending, the union proxy for corporate boards, stricter limits on executive compensation, and much larger equity ownership of selling banks through warrants will all find itself back in the new bill. Of course, this scenario will lose more Republican votes. But insiders tell me President Bush will take Secretary Paulson’s advice and sign that kind of legislation.
It’s official. House rejects Trillion-Dollar-Plus Crap Sandwich; roll call vote added
- TexasSparkle
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Bitchlosi……classic!
WHEN is this mentally ill danger to America, Bitchlosi, going to be forcibly removed from the floor of the House? Her Speakership is a disaster of historic proportions. :-w
She is without doubt the worst, most damaging, most despised Speaker in history. What a wonderful thing for women, to have the first woman speaker. except that she has ruined it.
We NEED women like Sarah Palin, not this wretched vermin Pelosi.
“We NEED women like Sarah Palin”
———————
“Thanks, but No Thanks!”
NO MORE PORK AND SFL GET YOUR BRAINS BACK FROM THE STUPID STORE=p~
ACORN is NOT a low income housing group. They are a Democrat party voter registration front group whose members are under investigation for, indictment for or been convicted of voter fraud in well over a dozen and possibly 2 dozen states. Let’s look at that in a comparative manner shall we? ACORN members have been investigated, indicted and convicted for voter fraud in over 25 percent of the states of the union, and possibly as high as over 50% of the states. Exactly how much voter fraud do they have to be involved in before the federal election commission puts them out of business as a voter registration organization? And investigates to see how high in the orgainzation the corruption goes and who in the Democratic party has been a party to it?
I’m glad that the bail-out failed… Because in my mind, what the government was trying to do was buy stuff that wasn’t worth that much anyway. There was no way that the $700 billion was going to be paid back to the government because what IS THERE LEFT IN THOSE BANKS IS ONLY WORTH THAT MUCH ON PAPER NOT IN REAL VALUE… so it’s good that the taxpayers’ money were spared… democrats are acting like soft communists (aka socialists) on this one…
Turns out this whole scam bill and scam vote was another democrite political play at America’s expense. Once again, instead of working to solve problems, the DemokkkRats are quite willing to prolong the pain and chaos and hurt more Americans for short-term political gain.
Limbaugh just did a brilliant, well-researched analysis of the vote. Pelosi and the democrites say they wanted the bill passed, and the republicans stopped it. They are lying. If 12 more Democrites had voted for the bill, it would have passed. There are 12 democrites on Barney Frank’s committee, they all voted NO. If they wanted the bill passed, Pelosi or Frank could have picked up the phone, those 12 would have voted yes, and it would have passed. But they didn’t they are lying, and they proved yet again they are treasonous degenerate vermin scum!
How can ANYONE support these vermin and call themselves an American?
I didn’t ant that bill because I think it needs work. But they manipulated it, they lied, and are just playing politics. A pox on them! If they died tomorrow, this nation would be the better for it!
Pelosi and her vermin allies have already done tremendous damage to our economy and to America with her refusal to allow votes on accessing our own resources. This evil, insane woman is a traitor and should be arrested.