Let’s name names, shall we. Out of control, partisan, ignorant, incompetent fools responsible for the country’s financial meltdown.
Via Hot Air, here is the video with transcripts of these morons. Throughout the video, Republicans are pointing out the mismanagement and malfeasance of Franklin Raines and the instability of Fannie Mae and Freddie Mac and are positively begging for more regulation and oversight. The Democrats stopped them cold.
Rep. Maxine Waters (D.CA).
Through nearly a dozen hearings where frankly we were trying to fix something that wasn’t broke [sic]. Mr. Chairman we do not have a crisis at Freddie Mac, and in particular at Fannie Mae, under the outstanding leadership of Mr. Frank Raines.
Rep. Gregory Meeks (D.NY)
As well as the fact that I am just pissed off at [inaudible] because if it wasn’t for you I don’t think we’d be here in the first place and now the problem that we have and that we are now faced with is maybe some individuals who wanted to do away with GSE’s in the first place, you’ve given them an excuse to try to have this forum so that we can talk about it and maybe change the direction and the mission of what [sic] the GSE’s had, which they’ve done a tremendous job. There has been nothing that was indicated that’s wrong, you know, with Fannie Mae. Freddie Mac has come up on its own. The question that then presents is the competence that your agency has, with reference to uh, deciding and regulating these GSE’s. And so, I wish I could sit here and say that I am not upset with you, but I am very upset, because you know what you do is, you may giving any reason, you know, as Mr. Gonzalez said, to give someone a heart surgery, when they really don’t need it.
Rep. Lacy Clay (D.MO)
This hearing is about the political lynching of (Fannie Mae CEO) Franklin Raines.
Rep. Arthur Davis (D.AL)
The concern that I have is you are making very specific, what you have correctly acknowledged, broad and categorical judgments about the management of this institution about the willfulnes of practices that may or may not be in controversy. You’ve imputed various motives to the people running the organization. You went to the Board and put a 48 hour ultimatum on them, without having any specific regulatory authority to put that kind of ultimatum on them. Uh, that sounds like some kind of an invisible line has been crossed.
Rep. Barney Frank (D.MA)
You seem to be saying, well, these are in areas which could raise safety and soundness problems. I don’t see anything in your report that raises safety and soundness problems.
Under the outstanding leadership of Mr. Frank Raines, everything in the 1992 Act has worked just fine. In fact the GSE’s have exceeded their housing goals. What we need to do today is to focus on the regulator and this must be done in a manner so as not to impede their affordable housing mission, a mission that has seen innovation flourish from desktop underwriting to 100% loans.
I find this to be inconsistent and a rush to judgment. I get the feeling that the markets are not worried about the safety and soundness of Fannie Mae as OHFAL (phon.) says that it is, but, of course, the markets are not political.
But I have seen nothing in here that suggests that the safety and soundness are at issue. I think it serves us badly to raise safety and soundness as a kind of a general shibboleth, when it does not seem to me to be an issue.
The stubbornness of Obama on Iraq and the Surge and of these people on the pending financial disaster, in the face of all known facts, is exactly what the Democrats accused the Bush administration of doing for 8 years.
These House Democrats saw the “intelligence” on the housing crisis. There were WMD’s sitting in the financial system. They could have gone and gotten them, but made a conscious decision not to do it. And they blew up in all our faces.
Somebody call the FBI to come and get these financial terrorists.
Also find Bill Dupray at The Patriot Room