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Tuesday, September 30, 2008

More Evidence: Democrats Gave Us This Mess

In 2004, when Republicans controlled Congress, there was House Committee hearing about Fannie Mae and Freddie Mac.

Democrats found nothing wrong with Fannie and Freddie

Democrat Rep. Maxine Waters: "...frankly, we were trying to fix something that wasn't broke ... we do not have a crisis at Freddie Mac and in particulate at Fannie Mae under the outstanding leadership of Mr. Frank Raines...everything has worked just fine.."

Democrat Rep. Gregory Meeks: "... there's been nothing that was indicated that's wrong with Fannie Mae ... Freddie Mac has come up on its own..."

Democrat Rep. Barney Frank: "...I don't see anything in the report that raises safety and soundness prolems..."

Democrat Rep. Lacy Clay: "...this hearing is about the political lynching of Franklin Raines..."

Republicans saw plenty and wanted to reign them in

Republican Rep. Ed Royce: "...I hope that we will move swiftly to create a new regulatory structure for Fannie Mae, for Freddie Mac, and the federal home loan banks..."

Republican Rep. Christopher Shays: "...they [Fannie and Freddie] play by their own rules..."

See for yourself:



Fannie Mae CEO Frank Raines and vice-presidant Jamie Gorelick made millions in bonuses from cooking the books Enron style. Now, both work for and advise Senator Obama on economic matters.

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