The Democrats caused the Banking Industry to Collapse
R. Merle Lavengood 1/27/09
I think the most infuriating thing when discussing the current economic problems caused by the banking collapse is the universal refusal of Democrats to own up to the fact that the whole thing was caused by the corrupt Democrats in Congress.
has done all it can to play the facts down in fear it may interfere with Obama's Presidential campaign. The fact is the Democrats fought in Freddie and Fannie’s defense, even pulling out the race card to shield then CEO Franklin Raines from scrutiny.
Note that every wrong headed asshole in the hearing has a big D in front of their title and the good guys trying to reel in Raines before he eventually destroyed the retirement dreams of a whole nation have a big R in front of their names.
The Democrats who served as top Fannie Mae or Freddie Mac executives include Franklin Raines- former Clinton Budget Director and current Housing Policy advisor to Obama. James Johnson- former aide to Democratic Vice-President Walter Mondale and ex-head of Obama's Vice-Presidential Selection Committee, and Jamie Gorelick- former Clinton Deputy Attorney General.
The audit of Raines’ books showed that he was faking the numbers to keep the earning levels high enough to make his unearned bonuses. He was smart enough to be throwing money hand over fist at the same people that ultimately had any say in an investigation. Obama took the biggest bribe total of all the Senators involved.
Bush recommended a significant regulatory overhaul of the housing finance industry in 2003, but Democrats opposed it fearing that tighter regulation could greatly reduce financing for low-income housing, both low and high risk.
On May 25,2006, Republican Sen. McCain and Republican Sen. Charles Hagel joined as co-sponsors to the Federal Housing Enterprise Regulatory Reform Act of 2005 where they pointed out that Fannie Mae and Freddie Mac's regulator reported that profits were "illusions deliberately and systematically created by the company's senior management". However, this regulation too met with opposition from Democrats.
In the hearing everyone profiting from the Freddie Mac bribe pay outs defended Raines against the Republican Bill demanding oversight. The Republicans all the way up to President Bush foretold of the pending crash but were shot down by the crooked Democratic leadership.
This is old news yet when it is suggested that the current Banking Industry crisis is the Democrats fault the Libs go crazy blaming Bush, the very man that tried to save the American People from the mess we are in now!!
The economy was doing just fine until the Democrats and Queen Bitch Pelosi took over the house and the Senate and intentionally sent this country into the crapper so the Lib controlled media could convince the largely ignorant population that we needed a Democratic in the the White House to save us from the Democratic party created crisis.
Whenever I hear a Bush basher bitching about the banking crisis being Bush’s fault I politely point out that Bush’s attempts to stop the crisis for years before the fall were stopped by Pelosi and the Democrats.
The result in every instance was I got called an idiot. When you bring up the hearings they have no idea what you are talking about and dismiss it. Well I just wanted to put the video of the Congressional hearing up here to make my case that everyone that blames Bush for the banking crisis is an uninformed partisan idiot.
The most a Democrat debater will back down to is it was caused equally by both sides. That is absolute bullshit! Bush fucked up a lot of things, but this is not one of them.
All that says is that libs are either ignorant of the actions that led to the crisis or outright liars. In the delusional Dems defense the mainstream media