I have decided to repost this video which I originally posted a couple of weeks ago on this page as I have received so much feedback on the page my videos are kept. I couldn't post all comments, as this post would have used all my space up. I've never received feedback such as this before. Only two comments out of dozens were in favor of the Dems, but as you will see, they contradict themselves, naturally. These comments are uncensored and unedited.
more about "Feedback on Blame Game", posted with vodpod
I want to thank each and every one who commented here, even the few who would deny a snake if it bit them, which it has. I am going to publich all comments on the page where this was originally posted, Data Integrity @ http://mossinterest.blogspot.com ; Thanks again and God Bless you
Catherine Pinoo commented on this video
This started with good intentions and the standards got lowered. The banks were threatened with sanctions if quotas were not met. The Democrats all voted no when Republicans (Secretary, President, McCain, senators, congressmen) brought a bill requesting investigation of Freddie and Fannie. It is arrogant not to permit such investigation. It also was a cover-up of those who acted dishonorably. They will be punished. Of course, they don't think so, because several of them led the recent press converences blaming the they led the Republicans, who all voted for the investigation.
Nice work here obfuscating the entire issue. The reason Republicans are getting bent out of shape in this video is because they finally had a scandal without "R's" all over it. The accounting scandal in 2004 at Fannie Mae was minor (6 billion dollars over 4 years on annual revenue over 40 billion) and had nothing to do with the current meltdown. Fannie Mae didn't even start buying sub-prime mortgages until Daniel Mudd came to power. Mortgages through FHA and secured by Fannie Mae have outperformed (defaulted less frequently) than the industry average independent of borrower income level. Stop trying to blame the credit problem on poor people and Fannie Mae - they got caught up in this mess, they didn't start it.
The problem was the same as the one that lead to the 1929 crash: overleveraged investors. Bear Sterns was leveraged 35:1 - so was Merrill and Lehman Bros. Add that to AIG having no regulation on their credit default swaps (i.e. they couldn't cover their insurance obligations) and a complete lifting of commodities regulations thanks to Phil Gramm, and you had a market that was going to crash at the first hint of a problem.
Don't get me wrong, Fannie Mae and Freddie Mac should have been regulated better, but existing regulation wasn't functioning according to existing law in 2004 - that's why there was an accounting problem, and that's why Rep. Meeks was grilling the regulator. The caterwauling of the Republicans in this hearing is pure political theater. They never liked Fannie and Freddie because they are a progressive action of government - i.e. they try to extend wealth building opportunity to lower income levels. Of course, it is possible for corruption to take place, but if the regulators had done their jobs, even the minor accounting problems uncovered in 2004 would have been caught earlier.
By the way, the accounting practices at Fannie Mae and Freddie Mac were industry standard even though they are somewhat deceptive.
Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis. At a 2004 hearing see Democrat after Democrat covering up and attacking the regulators
franksfile commented on this video
MY GOD IN HEAVEN, HELP US OVERCOME THESE BAS----S THOSE DEMS I JUST SAW THE VODPOD VIDEO OF WATERS,MEEKS DAVIS FRANKAND,CLAY LYING LIKE THIEVES IN THE NIGHT.THEY ARE THE ONES,AMONG OTHERS, THAT HAVE DESTROYED OUR ECONOMY AND COST US A FORTUNE IN OUR INVESTMENTS.I AM 76 YEARS OLD RETIRED FOR 17 YEARS,AND HAVE LOST 1/4 OF MY LIFE SAVINGS,INVESTMENTS AND OTHER ASSETS BECAUSE OF THESE SOB'S. THEY SHOULD BE INVESTIGATED AND WHEN PROVEN GUILTY KICKED OUT ON THIER COLLECTIVE ASSES.ESPECIALLY BARNEY FRANK WHO IS PROVEN TO BE THE BIGGEST LIAR OF THEM ALL.A POX ON ALL OF YOU.....FRANKSFILE
niecy commented on this video
We sit here and watch this hearing and can see for ourselves exactly how F/M and F/M brought us into the housing crisis. We have all dems. saying nothing is wrong while the repubs keep call for regulation. Now it's possible that the dems could have majoirty in Congress aided by a dem. Speaker, dem. Majority Leader and dem. President. I believe the only reason the dem. party wanted Hillary to step down is so that they could "select" a candidate of their choosing, someone with literally no experience so they can use him as their puppet. WAKE UP AMERICA and give this one some thought to what this would mean. I am a registered democrat of 40 plus years but it won't be so this election. Obama has me leary and a democratic Congress has me scared. Checks and balances are hard enough to keep some control but without that there's no controlling anything that is done in Washington.....Think carefully and vote wisely because it is our only chance of hanging on to some control.
Are the Republicans really to blame for our current economic crisis? Could it have been prevented? What happened back in 2004?
How did the U.S. Congress cause this financial meltdown? The American banking system was forced and browbeat by Democrats, and a few Republicans in Congress to lend mortgage money to people who had not financial wherewithal to repay the loans. To not allow indigent people to buy homes was considered unfair by the overseer of the U.S. House Financial Services Committee, Barney Frank and the powerful "Community Organizer" group A.C.O.R.N. With the congressional mandated sub-prime mortgages came unprecidented surges in home values. President George Bush in 2003, Allen Greenspan in 2005, Senator John McCain in 2006, and other Republicans repeatedly warned of the grave financial dangers of this tack and demanded new regulations, but Americans liked having their homes increase in value because of all the new "unqualified" buyers in the housing market. Homeowners signed on for second mortgages and home equity loans on their more valuable homes, so voters sided with the Democrats to let the housing market run wild. Former President Bill Clinton even specifically condemned the Congressional Democrats for this behavior, but no one listened. These sub-prime mortgages were bundled and sold for tremendous profits and investors worried little about them because they were insured by the U.S. taxpayer's Fannie Mae and Freddie Mac. The editor of the Wall Street Journal warned the Congress how dangerous and corrupt were the practices of the CEO of Countrywide Home Loans and others, and was slapped down as a know-nothing.
Catherine Pinoo commented on this video
end of last sentence incorrect - it should read: conferences blaming the Republicans who all voted for the investigation. Did you notice in the press conferences that the Republicans just stated the facts and the Democrats always placed blame before making comments about the bill.
Blue Collar Muse
Democrats publicly saying Freddie and Fannie are FINE!! No need to worry!! But GOP was calling for oversight and regulation. It was Dems who denied it. But Pelosi wants to blame the GOP ...