I do not know what more to say about the mortgage
collapse, but this item names names and ends the fiction of Democrat innocence
or even Republican tardiness. I
understood the danger itself in 1998 and watched it all then unfold without
much grasp of the details. Many others
have the necessary depth to have done the same and they certainly present among
the elected republicans.
In the end, a few hundred men and women will have
to be tried for treason to set the system right. That is what actually took place.
And understand something else. The real victims are the poor and lower
middle class who lost their dead end jobs and loan sharked houses. The rest are diminished but survived well
enough.
This was a financial swindle that used the
vulnerable to loot the financial system itself.
It would have been better and cheaper to simply have written them all a
one time check for the sum of $50,000.
Think about that. Instead all
that money is now hiding somewhere else mostly offshore.
No wonder the Russians wonder if we have gone mad.
Investigate This!
Posted by Ann Coulter on Jan 6th, 2011 and filed
under Daily Mailer, FrontPage.
The Republicans are back in charge in the
House of Representatives this week, and not a moment too soon!
Forget “stimulus” bills and “shovel-ready” bailouts
(for public school teachers, who need shovels for what they’re teaching),
the current financial crisis, which is the second Great Depression, was
created slowly and methodically by Democrat hacks running Fannie Mae and
Freddie Mac over the past 18 years.
As even Obama’s treasury secretary admitted in
congressional hearings, “Fannie and Freddie were a core part of what went wrong
in our system.” And if it’s something Tim Geithner noticed, it’s probably
something that’s fairly obvious.
Goo-goo liberals with federal titles pressured banks into
making absurd loans to high-risk borrowers — demanding, for example,
that the banks accept unemployment benefits as collateral. Then
Fannie repackaged the bad loans as “prime mortgages” and sold them to banks,
thus poisoning the entire financial market with hidden bad loans.
Believe it or not, the loans went
belly up, banks went under, and the Democrats used taxpayer money to
bail out their friends on Wall Street.
So far, Fannie and Freddie’s default on loans that
should never have been made has cost the taxpayer tens of billions of dollars.
Some estimates say the final cost to the taxpayer will be more than $1
trillion. To put that number in perspective, for a trillion dollars, President
Obama could pass another stupid, useless stimulus package that doesn’t create a
single real job.
Obama’s own Federal Housing Finance Agency
reported recently that by 2014, Freddie and Fannie will cost taxpayers between
$221 billion to $363 billion.
Over and over again, Republicans tried to rein
in the politically correct policies being foisted on mortgage
lenders by Fannie Mae, only to be met by a Praetorian Guard of Democrats
howling that Republicans hated the poor.
In 2003, Republicans on the Senate Banking
Committee wrote a bill to tighten the lending regulation of Fannie and Freddie.
Every single Democrat on the committee voted against it.
In the House, Barney Frank angrily proclaimed
that Fannie Mae was “just fine.”
Rep. William Clay, D-Mo., accused Republicans
of going on a “witch hunt” against Fannie Mae and attempting a “political
lynching of Franklin Raines” (which, in a game of “bad metaphor Scrabble” would
have been a double word score).
Fannie was pressuring banks to write mortgages with
no money down and no proof of income. What could go wrong?
In 2004, Bush’s White House Chief Economist Gregory
Mankiw warned that Fannie was creating “systemic risk for our financial
system.” In response, Barney Frank went to a champagne brunch with his partner
“just because.”
Democrats saw nothing of concern in the Fannie
debacle. Bad mortgages don’t contain sodium, do they? They don’t
engage in “hate speech.” And they don’t emit carbon dioxide. There was nothing
to catch a Democrat’s eye.
In 2005, when the housing bubble burst, Sen.
Chuck Schumer, D-N.Y., introduced a bill allowing Fannie Mae to buy up even
more schlock mortgages, apparently reasoning that if owning some toxic mortgages is
bad, owning lots of them must be better!
He accused Republican opponents of his
suicidal bill of being against affordable housing. (And that is a specific
example of how liberals love the poor so much, they promoted policies to create
millions more of them.)
As late as 2008, Sen. Chris Dodd, D-Conn., who
had received more than $133,000 in political contributions from Fannie Mae,
called Fannie “fundamentally strong” and “in good shape” — which is the kind of
thing the Politburo used to say about Yuri Andropov right after he died.
(Amazingly, Dodd was only the second most
embarrassing Democrat to run for president in 2008, but only because John
Edwards was also running that year.)
As the titanic losses were racking up, Fannie
Mae’s operators, Franklin Raines and Jamie Gorelick, disguised the catastrophe
by orchestrating a $5 billion accounting fraud — all the while
continuing to pressure banks to make absurd, politically correct loans and
denouncing Republicans as enemies of the poor.
In Gorelick’s defense, at least when she was
wrecking the economy, she wasn’t able to wreck national security by building any
more walls between the FBI and the CIA.
Have you ever noticed that whenever there’s a
major calamity in this country, the name “Jamie Gorelick” always pops up? I
think I’ll pull some articles about the Great Chicago
As Peter Schweizer points out in his
magnificent book “Architects of Ruin,” which everyone should read, Enron’s
accounting fraud was a paltry $567 million — and it didn’t bring down the
entire financial system. Those involved in the Enron manipulations went to
prison. Raines and Gorelick not only didn’t go to jail, they walked away with
multimillion-dollar payouts, courtesy of the taxpayer.
(Here’s more fascinating Jamie Gorelick
trivia: That giant wall she built between the FBI and the CIA, making 9/11
possible? It was financed with a risky loan from Fannie Mae.)
Under the Democrats’ 2010 “Financial Reform”
bill (written by Chris Dodd, Barney Frank and Goldman Sachs), Raines keeps his
$90 million, Jamie Gorelick keeps her $26.4 million, and Goldman keeps its $12
billion from the AIG bailout.
Let’s get it back. Twelve billion, one hundred
and sixteen point four million dollars might not sound like a lot to you, but
it starts to add up.
No comments:
Post a Comment