jo4hn wrote:

Mark & Juanita wrote:
Lew Hodgett wrote:

"Mark & Juanita" wrote:

I want to see Lew rant equally about those who initiated this
mess --
Nice try to divert the discussion, but that crap doesn't stick on the
wall.

Back to the subject.

What's next?

Lew

Yep, that's pretty much what I expected. ... and people accuse *me* of
being partisan.

It doesn't take much rummaging around to find significant amounts of
issues with Fannie Mae and Freddie Mac; problem is, they all lead to
Lew's
favorite party. One of the Obama's leading economic advisors is Frank
Raines, the guy who got off with over $50M while Fannie Mae was writing
mortgages for which we taxpayers are going to wind up paying.


Close but no cigar. This from
http://firstread.msnbc.msn.com/archi...9/1427108.aspx


It misses the point. Those two companies were government-backed
companies. They set policies in accordance with government objectives
("affordable housing", etc). The push to expand the "American dream" was
expounded upon in an address to the Congressional Black Caucus by Daniel
Mudd for example are indicative of what this "company" was doing, knowing
its loans were backed by the government so the taxpayers would wind up
paying for any bad loans. http://www.youtube.com/watch?v=usvG-s_Ssb0.
You can take or leave the pieces of commentary in the clip, but the real
words of Mudd (all strung together, not taken out of context) show a
political agenda and objectives that were running this GSE.

A GSE (government sponsored enterprise)that couldn't even obey government
accounting rules when real private enterprises were expected to do so:
http://www.gsereport.com/2005/Dec%2013-January%203(2).pdf.

As I pointed out in a previous link, their sponsors in Congress (who were
using "affordable housing" to buy votes) ridiculed the administration when
the administration rightly attempted to exert additional oversight and
loudly claimed that there was no impending disaster looming with those
agencies (Barney Frank).

Is it a bit of hyperbole to say that Raines, Gorelick, Mudd, Jesse
Jackson's Rainbow PUSH coalition, Chris Dodd, Obama, Kerry, et al got away
with taxpayer money? Perhaps, but only a bit when you look at where they
were spending money, how they were spending it and the low likelihood that
the borrowers would be able to repay and that taxpayers were ultimately
going to have to back up those loans.



--
If you're going to be dumb, you better be tough