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Devastating!... Dems Refuse to Reform Freddie & Fannie in 2004 ^ | 9/27/08 | GWP

Posted on 09/27/2008 10:26:32 AM PDT by Para-Ord.45

Here you go-- Video proof that Democratic leaders refused to reform over Fannie Mae and Freddie Mac. ...Don't expect to see this on the nightly news.

Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis: . .

At this 2004 hearing Democrat after Democrat, including Rep. Barney Frank and Rep. Maxine Waters, covered up for Fannie Mae and Freddie Mac. Democrats covered up and killed legislation that would reform their cash cows. Obama has received $105,849 from troubled mortgage giants Freddie Mac and Fannie Mae. . . .

TOPICS: News/Current Events
KEYWORDS: 109th; 2008; congress; election; electionpresident; elections; fanniemae; freddiemac; housingbubble; obstructionistdems; youtube
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To: Para-Ord.45

For the life of me, I don’t know why McCain didn’t rattle off the many times that he and Bush warned about the current financial crisis. And Obama wrote a letter! Give me a break. Perhaps if he had spent more than 147 days in the senate, he might have heard one of the warnings.

21 posted on 09/27/2008 11:12:08 AM PDT by IM2MAD
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To: Para-Ord.45

Whoever put that together did a great job

Too bad Bush and the GOP won’t use it or can’t use it because the MSM won’t cover it

A McCain ad would be great

22 posted on 09/27/2008 11:21:51 AM PDT by uncbob
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To: cva66snipe
A DEM is gonna be a DEM but there wasn’t no excuse for the GOP enabling them.

How true

But the vast majority of Americans get their news from 10 sec sound bites by the MSM
23 posted on 09/27/2008 11:23:47 AM PDT by uncbob
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To: Para-Ord.45
I was stunned when Barry launched into the big lie last night about the crisis created by the democrats was actually the ‘final verdict in a failed 8 year economic policy of Bush’ and McCain just let him repeat that BS over and over.

Depressing wasn't it especially after McCain himself warned about the problem
24 posted on 09/27/2008 11:25:10 AM PDT by uncbob
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To: Para-Ord.45

Countdown to being pulled from YouTube.....10-9-8-7-6......

25 posted on 09/27/2008 11:32:23 AM PDT by SERKIT ("Blazing Saddles" explains it all.....)
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There is more footage like this if it can be found. I attended this hearing and many others on the GSEs. There was one in which Richard Baker was shaking with anger because Fannie had threatened to sue him to keep him from releasing a table of Fannie’s executive compensation. He released it anyway. Chris Shays also went ballistic in that hearing.

26 posted on 09/27/2008 12:08:46 PM PDT by Dems_R_Losers (NEVER FORGET -- it all started with Fannie Mae and the Democrats!)
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To: Para-Ord.45

I´m in Chile, and saw that comment on the local news. Obama’s comment about a failed 8 years of economy was about it for coverage of the debate. John McCain said something, but I can’t remember what it was, so if I can’t remember it, imagine the Chilean population. All they got from it was, “Obamana (or whatever his name is) agrees with me in my hatred for Bush. If the US doesn’t elect him, it’s because they’re racist.” They also stated that Obama won the debate. Come on McCain! Don’t let him get away with that!

27 posted on 09/28/2008 10:58:54 AM PDT by villagerjoel ("Tyranny sincerely exercised for the good of its victims may be the most oppressive." CS Lewis)
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To: villagerjoel

Tell your friends that there has not been 2 consecutive quarters with negative GDP growth under Bush and the whole crisis began with the Community Reinvestment Act under Carter/Clinton and Fannie Mae/Freddie Mac run by Democrats.

28 posted on 09/28/2008 11:44:18 AM PDT by Para-Ord.45
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To: mrmargaritaville; uncbob; Dems_R_Losers; TigerLikesRooster; Travis McGee; M. Espinola; Calpernia; ..
I agree with you 100%. A McCain ad based on this video would be great. Also, adding that Baker v. Shays moment would help a lot.

Commentary: Bankruptcy, Not Bailout, is the Right Answer


This subprime lending was more than a minor relaxation of existing credit guidelines. This lending was a wholesale abandonment of reasonable lending practices in which borrowers with poor credit characteristics got mortgages they were ill-equipped to handle.

Once housing prices declined and economic conditions worsened, defaults and delinquencies soared, leaving the industry holding large amounts of severely depreciated mortgage assets. * * *

So what should the government do? Eliminate those policies that generated the current mess. This means, at a general level, abandoning the goal of home ownership independent of ability to pay. This means, in particular, getting rid of Fannie Mae and Freddie Mac, along with policies like the Community Reinvestment Act that pressure banks into subprime lending.

I would add, in addition, the government should reform other lending policies.

Example: They ought to make it illegal for mortgage lenders to pass accounting responsibilities on to third parties. Mortgage servicing companies often earn money by defrauding home buyers. This type of fraud includes manufacturing bogus records, piling on late fees, penalties, surcharges and bogus legal fees.

Video: 40% - 50% of the Time, Banks Have No Right to Foreclose !

My freeper page has more examples posted near the bottom.

29 posted on 09/30/2008 9:19:32 AM PDT by ex-Texan (Ecclesiastes 5:10 - 20)
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To: ex-Texan

Unfortunately I just was on this thread

30 posted on 09/30/2008 9:30:15 AM PDT by uncbob
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