[...] Does any of this sound familiar? It was back in 2004 when the Republicans attempted to rein in Fannie/Freddie prior to the housing collapse, and ran into Democrats insisting “Mr. Chairman, we do not have a crisis at Freddie Mac and particularly at … [...]

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I also wish to inform members of the Committee of another troubling incident, which I now choose to make public. About a year ago, I corresponded with the Director’s office making inquiry about the levels of executive compensation at the enterprise for the top twenty executives. This is information that had not been made public previously. In a matter of days, Fannie Mae had engaged the services of Mr. Ken Starr for the purpose of informing my staff and committee council of the potential consequences of making that information public. It was made clear that civil legal actions would be filed if the information were to be released. At that time, I made the decision not to release the data since there was no clear relevance to the reform effort underway, not out of concern for any litigation that might be filed. The realization that the disclosure of this information was so sensitive to the Enterprise never fully impacted me, until I read the Director’s report. Now I understand why the Enterprise was so anxious not to have public disclosure of compensation of an entity that was created by the Congress, and supported by the taxpayer.

Congressman Richard Baker Chairman, Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises “The OFHEO (Office of Federal Housing Enterprise Oversight) Report: Allegations of accounting and Management Failure at Fannie Mae” — October 6, 2004

http://financialservices.house.gov/archive/hearings.asp@formmode=detail&hearing=338.html

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Because, rdn, there are GOP corrupt elective officials as well. There is ample blame on both sides of the aisle here. It may have been begat by the DNC in the 90s, but it also wasn’t stopped by the GOP in the early 21st century.

One can only give some thumbs up to those that tried… much good as that does “main street” now. groan… so now we’ve gone from “the American people believe” to being called “Main Street”.

I wanna smack ‘em all….

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Two points and a question.

First point: Rocky_B says “Think about it; Congress was majority Democrat through-out the Bush years.” No it wasn’t. Only in late 2006 did the Democrats win enough seats to have a majority in either house during the George W. Bush presidency, and then only in the House. I mean, seriously, that’s just a simple math fact.

Second point: The 2004 video everyone is circulating is an 8:37 excerpt of a 7 hour, 35 minute hearing. Go to C-SPAN to check.
http://www.c-spanarchives.org/library/index.php?main_page=product_video_info&products_id=183818-1
Yes, the excerpt does show some Democrats irrationally attacking the OFHEO, but what about the other seven hours?

Finally, a sincere question: if Baker, a Republican, chaired the committee and the Republicans were in the majority (which they were), why didn’t they just ignore the Democrats and increase oversight?

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“Real American Patriot” apparently doesn’t have the time to slow down and explain anything. I’ve seen him on several blogs, presuming of course he uses the same name on all of them, spewing out ultra-liberal tripe. Frequently, throwing out some obscure link without bothering to define or qualify his points. He’s like one of those farm dogs that have nothing better to do than to run out and try to bite people in the butt.

I don’t personally don’t approve of many positions Bush has taken the last 8 years. Not because he is was Republican, but because he was too liberal. Many thought that his positions would be closer to Bush Sr’s; They weren’t. He was supposed to be a “moderate”, yet turned out to be nearly as far left as Carter was. He kow-towed unnecessarily to Democrat pressure concerning his Supreme Court nominee’s. If one reads the Constitution, Bill of Rights, and Powers acts, the President appoints Justices, not Congress. Allowing Congress to phili-buster and stall the appointment of justices has no true Constitutional justification other than ensuring that appointees cannot be eliminated on legal grounds, such as felonies, misdemeanors, but Congressional Democrats certainly enjoy doing it. Bush had the line item veto pen, but hasn’t use it to cut out pork & Dems loved him for that. Of course, because of his liberal leanings, it was much more likely for Bush to reach an accord on the bail-out bill with Dem approval than to guide it to please conservatives (The Dems would rather you didn’t know that). Think about it; Congress was majority Democrat through-out the Bush years, how often did he actually veto anything they passed? Rarely. His reaching across the aisle left many of us wanting for a “reach-around”. He ignored his own party base on immigration and free trade.

The only “valid” gripe the Dems actually have with Bush is the Iraq War. Yet even that was a second shoe that had to drop eventually. Every military member always knew we would have to go back in, because the war never really ended, it was only postponed. The only question was, “When?”. Maintaining OPERATIONS: NORTHERN & SOUTHERN WATCH for over 10 years were very expensive, underfunded drains on our military’s budget and resources. Of course Clinton was more than happy to deploy troops whenever the UN asked. Did you notice the Media & Congress weren’t exactly jumping down Bubba’s throat every day on that? Didn’t didja’? Of course our military didn’t really get any extra budget for those either. In fact, that was a period of serious drawdowns and cost cutting requirements for the DOD.

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The problem with the rush to get the latest legislation through the house is that it has NO teeth to look into and prosecute those who have manipulated the system. The American people deserve to hear on how this happened. The WSDOJ needs to prosecute people and throw them in jail! I’m gonna send a link to this to my rep. in congress. Everyone needs to do it.

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This video is just highlights from the hearings that someone clipped from the Cspan video.

The full video is quite lengthy:

http://www.c-spanarchives.org/library/index.php?main_page=product_video_info&cPath=6_11&products_id=183818-1&highlight=

I didn’t watch the whole thing but none of the comments in the clipped version appear to be taken out of context, as I have seen claimed elsewhere. Its obvious they are talking about FMae/FMac.

There appears to be hours and hours of Barney Frank saying there is nothing wrong at FMae/FMac.

Okay, maybe “hours and hours” is an exaggeration, but not by much…

-T.C>

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This is all the result of CRACK…..

C ommunity
R einvestment
A ct for
C linton’s
K ronies

The Republican’s have some blame to for not raising enough hell…

Just my .02 cents worth.

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Obama and the Democrats are so deep in bed with Freddie and Fannie that they can’t even vote for their own bill. Pathetic indeed. Another and deeply concerning issue is the fact that MSM will NOT tell the truth about this stuff!!

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Real American Patriot. Ha! Why is it left wing traitors love to use screen names that suggest they are patriots? Self delusion? Or is it their pathetic attempt at sneering derision?

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