Wednesday, September 17, 2008

Pelosi denies responsibility

Nancy Pelosi says the current financial crisis is all Bush's fault. Tom Maguire finds that in 2003, the Bush administration proposed more oversight for Fannie Mae and Freddie Mac but . . . guess who stopped it?
Among the groups denouncing the proposal today were ... Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said.
Wait -- did they say "affordable housing"? You mean, like below-market loan rates for uncreditworthy borrowers? Gee, I bet those subprime mortgages might be risky.

Mucking forons! And gee, do you think it was just humanitarian concern that made the Democrats so goshdarn worried about reforming regulatory oversight? Let's look at top recipients of contributions Freddie Mac and Fannie Mae -- right there, it says: Barney Frank $42,350, and Mel Watt $17,250.

By the way, the top 3 recipients of Freddie Mac/Fannie Mae contributions, 1989-2008:
Chris Dodd ................... $165,400
Barack Obama ............ $126,349
John Kerry .................. $111,000
Amazing -- Obama's only been in the Senate three years and he's already collected more Freddie Mac/Fannie Mae contributions than John Kerry!

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