Last week the “financial Reform” bill passed Congress … but there was no mention of the 2 complicit GSE’s, Freddie Mac and Fannie Mae. They have cost $160B so far and will likely cost $1 TRILLION to clean up.
And the people that wrote this new bill?  The same people who DENIED over and over again that the GSE’s were just fine:
Rep Richard Baker (R-LA) asked in 2003 for more regulation of these corrupt giants. Â Watch Rep Maxine Waters (D-CA) say “We do not have a criss at Freddie Mac, and particular at Fannie Mae, under the outstanding leadership of Franklin Raines” [later convicted of fraud, a current Obama advisor] .
Watch Rep Gregory Meeks (D-NY) say “there is nothing wrong”, “we don’t need it [regulation]“. Rep Lacy Clay (D-MO) called the hearings a “political lynching of Franklin Raines” (who happens to be an African American).  Rep Barney Frank (D-MA) says “I don’t see anything in this report that raises safety and soundness problems.”
Watch this if you can stomach the lies!
These same blockers received campaign donations (Obama was #1) from these GSE’s.  How can we believe anything will change?  I don’t
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