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REFERENCE ----- Subprime Scandal: The Angst Of Phil Angelides / IBD Editorial
FR Posted 6/30 by Kaslin

Democrats thought they'd dammed up the truth about government's role in the financial crisis. But the levies are breaking, thanks to a spate of rogue new books on the subject. The latest, "Reckless Endangerment," shreds the narrative carefully constructed by Democrats and the liberal media that Fannie Mae and Freddie Mac were only bit players in the crisis and followed Wall Street into subprime lending. It details how the federally chartered mortgage giants in fact led the way in relaxing underwriting standards for the entire industry — thanks to relentless pressure from Democrats, who used them as off-budget piggy banks to fund their social crusade to boost minority homeownership (and shore up their voting base).

Though "Reckless Endangerment" largely repeats what conservative books like "The Great American Bank Robbery" and "The Housing Boom and Bust" have said, "Reckless" is written by a New York Times business writer. And that's got Rush Limbaugh touting it as a weapon Republicans can use against Democrats in the next election. Suddenly, the debate over the causes of the epic housing crisis — which has plumbed Great Depression depths and only appears to be worsening — has reopened. And that's got Democrats nervous.

Earlier this week, Phil Angelides, the Democratic hack who ran the Financial Crisis Inquiry Commission's sham investigation, felt compelled to write a column for the Washington Post to try to plug the holes in the dike before it can spring any more inconvenient facts. He insists his final report proves the crisis was caused by "the recklessness of the financial industry," and that the history books should be closed on the subject — period, end of story. But Angelides' report is a 550-page cover-up. (Excerpt) Read more at investors.com ...

42 posted on 07/03/2011 8:38:20 AM PDT by Liz ( A taxpayer voting for Obama is like a chicken voting for Col Sanders.)
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To: Liz
Good morning...

It is forgotten because of 9/11, but in Bush's FIRST SOTU, he called for more government programs to provide the down payments for first time homebuyers..

Have a GREAT 4th!!

45 posted on 07/03/2011 8:49:45 AM PDT by ken5050 (Save the Earth..It's the only planet with chocolate!!!)
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