Posted on 09/29/2008 2:25:51 PM PDT by Sneakyuser
COMMERCIAL COLUMNIST J.C. WATTS -- CONGRESS TURNS A BLIND EYE TO THE FINANCIAL ELEPHANT IN THE ROOM -- SUNDAY, NOVEMBER 18, 2007
Excerpt
"Congress is sticking its nose into speculation of some evangelists’ matters, while everyone in Congress has the facts lying before them regarding the financial shenanigans of Fannie Mae and Freddie Mac.
These two taxpayer-supported financial organizations have restated their earnings and skewed their financial statements to an extent that would make any Enron or WorldComm executive blush.
Executives from both companies have resigned under a cloud with billions of dollars unaccounted for. Every member of Congress is well aware of this, yet it has been extremely difficult to get the U.S. Senate to act on reforms.
Every significant voice including the last two Federal Reserve chairs, the last two HUD secretaries, the last two Treasury secretaries as well as the department within HUD that regulates Fannie and Freddie have said these two companies pose a serious risk to taxpayers and the economic system of the United States.
Indeed, just last week, New York Attorney General Andrew Cuomo, a former HUD secretary in the Clinton administration, opened an investigation of Fannie and Freddie over a scandal concerning inflated appraisals. With all of this for the world to see, one House leader has said he likes Fannie and Freddie the way they are.
We can speculate and hold high-profile public hearings on what we suspect may be happening in the world of televangelism, but we know beyond the shadow of doubt that Fannie and Freddie should have been reformed years ago.
We need a strong regulator that will enforce congressional mandates concerning low and moderate income housing goals and to keep Fannie and Freddie within their congressionally mandated boundaries. They have ignored both. They are publicly traded companies that enjoy the benefits of not paying any state and local taxes and the protection of government guarantees if they fail.
Given that, why shouldn’t they have to file timely public disclosure statements or abide by the Sarbanes-Oxley Act like every other public company? You deserve to know.
These are on the record facts, and your United States Congress is not acting. Instead, Congress would rather speculate on non-profits whose leaders, most of whom make money by selling books, CDs and other collateral items, and who have built thriving enterprises outside of their television ministries.
Yet, no one ever questions a congressman who is worth millions of dollars and has weekend beach homes and mountain getaways, while depositing taxpayer financed paychecks."
Will J.C. Watts truly vote for either McCain/Palin or Obama/Biden?
I want an investigation of the whole Black Caucus and their ties to Franklin Raines. I want to see meetings they attended, parties, campaign money,
Be careful if you attack you are lynching,racist,etc......
WE NEED AN INVESTIGATION NOW!!!! especially ms.waters
So why is he voting for Obamanation?
JC Watts voting for Nobama ???
Watts told Sean Hannity at the Republican convention converage that he is voting for McCain.
That’s good news. There was a lamestream media story about him voting for Obama because they matched........ .........
(You can figure it out and supply the words.
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