Democrats Defend Fannie/Freddie

[Arthur Thompson]

In this Blog and elsewhere I have stated my belief that the current economic crisis should be laid firmly at the feet of the Democrat Party.

Presented here for your perusal and edification is a video with clips from the 2004 House Committee Investigating illegal bookkeeping at Freddie Mac and Fannie Mae. The video runs 8.5 minutes and demonstrates through numerous clips how Democrats defended GSE's (Freddie Mac & Fannie May) and Franklin Raines, Jamie Gurlic and others. Particular attention should be paid to Maxine Waters (D-CA) and Barney Frank (D-MA) as they tell the Committee that there is no problem. Note too that a number of the Democrats beat up on Armando Falcon Director of Federal Management Oversight telling him he did not have authority to demand information from Freddie and Fannie.

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[J. Larry Shope]

With this $700-billion dollar bailout, I am not pleased with either party. As for laying this piece of legislation at the feet of the Democratic party, I'm inclined to agree. While Republicans aren't exactly innocent, their inability to take a stand makes them guilty of collusion.