The article is linked here.
Fannie/Freddie and the (largely) Democrat enthusiasm to extend home ownership to even those (especially those!) with questionable means to pay, are at the root of our current financial mess.
There are lots of great videos of people like Barney Frank and Maxine Waters telling us as recently as 2004 that Fannie and Freddie were perfectly fine, and that no reforms were needed, despite their regulator requesting otherwise. In 2005, John McCain co-sponsored legislation offering reforms to these organizations, but it was blocked in the Senate by Democrats.
It comes as no surprise that the largest recipients of Fannie/Freddie campaign donations are all Democrats - Chris Dodd (D-CT), John Kerry (D-MA), and Barack Obama (D-IL). Obama's community-organizing days were spent with a group, ACORN, who routinely shook down banks to provide more creative lending options to low-income people to encourage home ownership, so it's no surprise to see him the recipient of Fannie/Freddie's largesse.
Jeremiah Wright might say, "Their chickens have come home to roost," however, a fawning media and a starstruck population of uninformed voters will blame this all on George W Bush and the GOP, as they are convenient scapegoats (plus, that's what CBS, ABC, NBC, and PBS will tell the huddling masses).
It's a complicated situation, and not one I can easily distill in a blog post, but perhaps I can dig some of the (almost laughable) video of Dems defending these crooks and post an entry later.
In a perfect world, we would watch Barney Frank being duck-walked out of the Congress in handcuffs, followed by Chris Dodd and we could look forward to "60 Minutes" prison interviews of them in their orange jumpsuits. Alas, I fear that the result will instead be more power for these lying theives and a compliant Democrat president to rain down more destruction on our economy and way of life.
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