I usually avoid writing about political controversy. People have the right to their opinions. I want my blog to be informative, not controversial, but I find the dishonesty and hypocracy in some politicians too much and therefore, decided to put a few things out there just so people know what is happening and can make informed decisions. I have posted some videos from Youtube.com that I hope you will watch.
This one sets up the hypocrisy: Watch this
This one is a good explanation of what happened and why. Toward the end, it starts pulling the emotional strings a little, which I don’t like. It is better to stick to the facts. The facts speak for themselves and trying to scare people on an emotional level is manipulative. But, this video does a good job of explaining what happened, so I am including it: Watch this
Barney Frank is shown saying: “Fannie Mae and Freddie Mac are not in crisis” Now, this same guy is crying, “Where was the oversight?” Watch this
In case you don’t have time or the desire to watch/listen to these video clips, the important points are:
President Bush and Senator McCain have been consistantly pushing for reform and oversight of the Securities and Exchange Commission and Wall Street since 2000.
The housing market problems are rooted back to the Clinton Administration who coerced lenders into creating subprime lending with the “National Homeownership Strategy”. See Article
Barney Frank and other Democrats did all they could to obstruct the reform and oversight that the Bush administration wanted.
Barack Obama is second on the list of people who pocketed the most money for protecting Fannie Mae and Freddie Mac, from regulations and oversight. Yet, he blames the Bush Administration for our current economic problems.
16 Democrats on the list of Top 25 benefactors from Fannie Mae and Freddie Mac who paid to keep regulators off their backs. (9 Republicans) See List