It's a simple enough question and yet somehow in the mix, the reality of what took place has been lost. It's been lost in the mix and the American people seem to have no idea.
Those of you truly interested will I am sure click the play button on this video. Those of you who don't care or are happy with the blame being put at the Presidents' door will ignore this completely.
Truly, the second group I don't care about. The truth doesn't matter to them on any level and so this is not for them.
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31 Comments on Do you REALLY understand who is to blame for Fannie and Freddie?
Simon – Here’s another excellent one – it runs almost 11 minutes, and goes into much more detail - http://www.youtube.com/watch?v=1RZVw3no2A4&feature=iv&annotation_id=event_986162
Thank You for bringing this forward. While I understand where this all originated most Americans as you rightly point out don't. The sad thing is they don't actually care either. I think the party in rule is glad that the current administration called Uncle so they didn't have this land on their laps next year. The press will never cover the true nature of this and it will be buried deep into the outgoing admin.
So much for truth and justice. Sure is a sad day when truth is no longer the most important part of a story. It will be some really sad ones likely to be in our near future as well. Looks like the great American experiment with with Liberty, Justice and Freedom is about to get a bit of redefining, again.
The simple answer is all of us are to blame. Certainly the Democrats control the House and Senate, and they punted on the opportuntiy to avert a crisis recently. Republicans controlled the House and Senate for a number of years prior to that, and the pork was easily disbursed by the clowns. This problem has been a long time in the making though. The evidence of the crap the politicians have been perpetrating on the American people has been all too evident: we as a society have let them get away with it. Shame on us.
Having said that, I'm less concerned with who's to blame on this mess. I'm more concerned with how we fix it. We as a society better demand (not request) that our leaders truly fix it. Those that continue to play word games and kick the problem down the street for the next group, need to be thrown out: Republican or Democrat. This is our contry, not theirs.
I watched it. I get it, I've been spreading the word but some are really too stupid to listen to anyone. You're right, we will probably be fine but I still feel it was just a bandaid that may not hold.
Simon- Fox news had a very in depth documentary on this tonight. It was excellent. But the people who vote democrat just don't care that their party betrayed them and will continue to do so. This started back when President Clinton pushed for all the banks to give home loans to people too poor to pay those loans. The banks get blamed but they were being blackmailed. They were told that one half of the loans they did would have to be these subprime minority loans.
I know!!! I fell asleep and awoke to find the deomcrats were in charge of congress since 1995 and the white house since 2001, and it turns out the mortgage crisis was all their fault.....but wait...what is this????
"Owning a home is an important part of the American dream. During National Homeownership Month, we raise awareness of homeownership and encourage more Americans to consider the benefits of owning their own home.
Nearly 70 percent of Americans enjoy the satisfaction of owning their own home, and my Administration continues to promote an ownership society where the promise of America reaches all our citizens. The American Dream Downpayment Act of 2003 is helping thousands of low to moderate income and minority families with downpayment and closing costs, which represent the greatest barrier to homeownership. Since 2002, when I announced our goal to help 5.5 million minorities become homeowners by the end of this decade, the rate of minority homeownership has climbed above 50 percent, and more than 2.5 million minority families have become new homeowners. My Administration will continue to provide counseling and assistance for new homebuyers and expand homeownership opportunities for all Americans....."
You don't have a clue that no one takes you seriously.....tiny, isolated, conservative universe.....your leadership has nearly doubled the national debt in just seven years....more national public debt per capita than in France......with none of the benefits the French have protecting their health, returement, jobs, liesure, currency valutation, and popularity with the tourists of the world.....but you give us this farce of a video, point your fingers, and eranestly believe it gets you and your failed political beliefs off the hook!
I know!!! I fell asleep and awoke to find the deomcrats were in charge of congress since 1995 and the white house since 2001, and it turns out the mortgage crisis was all their fault.....but wait...what is this????
"Owning a home is an important part of the American dream. During National Homeownership Month, we raise awareness of homeownership and encourage more Americans to consider the benefits of owning their own home.
Nearly 70 percent of Americans enjoy the satisfaction of owning their own home, and my Administration continues to promote an ownership society where the promise of America reaches all our citizens. The American Dream Downpayment Act of 2003 is helping thousands of low to moderate income and minority families with downpayment and closing costs, which represent the greatest barrier to homeownership. Since 2002, when I announced our goal to help 5.5 million minorities become homeowners by the end of this decade, the rate of minority homeownership has climbed above 50 percent, and more than 2.5 million minority families have become new homeowners. My Administration will continue to provide counseling and assistance for new homebuyers and expand homeownership opportunities for all Americans....."
You don't have a clue that no one takes you seriously.....tiny, isolated, conservative universe.....your leadership has nearly doubled the national debt in just seven years....more national public debt per capita than in France......with none of the benefits the French have protecting their health, returement, jobs, liesure, currency valutation, and popularity with the tourists of the world.....but you give us this farce of a video, point your fingers, and eranestly believe it gets you and your failed political beliefs off the hook!
I know!!! I fell asleep and awoke to find the deomcrats were in charge of congress since 1995 and the white house since 2001, and it turns out the mortgage crisis was all their fault.....but wait...what is this????
"Owning a home is an important part of the American dream. During National Homeownership Month, we raise awareness of homeownership and encourage more Americans to consider the benefits of owning their own home.
Nearly 70 percent of Americans enjoy the satisfaction of owning their own home, and my Administration continues to promote an ownership society where the promise of America reaches all our citizens. The American Dream Downpayment Act of 2003 is helping thousands of low to moderate income and minority families with downpayment and closing costs, which represent the greatest barrier to homeownership. Since 2002, when I announced our goal to help 5.5 million minorities become homeowners by the end of this decade, the rate of minority homeownership has climbed above 50 percent, and more than 2.5 million minority families have become new homeowners. My Administration will continue to provide counseling and assistance for new homebuyers and expand homeownership opportunities for all Americans....."
You don't have a clue that no one takes you seriously.....tiny, isolated, conservative universe.....your leadership has nearly doubled the national debt in just seven years....more national public debt per capita than in France......with none of the benefits the French have protecting their health, returement, jobs, liesure, currency valutation, and popularity with the tourists of the world.....but you give us this farce of a video, point your fingers, and eranestly believe it gets you and your failed political beliefs off the hook!
Ed - Why would you endeavor to further erode your credibility by making such a blatant misstatement as, "You don't have a clue that no one takes you seriously.....tiny, isolated, conservative universe.....", when it can so effortlessly be shown to be a demonstrable lie?
Ever heard of The Battleground Poll? It's bipartisan, and considered by many to be the most respected and thorough of all public opinion polls. One of the questions they ask in every poll is, "When thinking about politics and government, do you consider yourself to be... Very conservative; Somewhat conservative; MODERATE; Somewhat liberal; Very liberal; UNSURE/REFUSED"
In their latest poll, In August 2008, Americans answered that question this way: (1) 20% of Americans considered themselves to be very conservative; (2) 40% of Americans considered themselves to be somewhat conservative; (3) 2% of Americans considered themselves to be moderate; (4) 27% of Americans considered themselves to be somewhat liberal; (5) 9% of Americans considered themselves to be very liberal; and (6) 3% of Americans did not know or refused to answer.
Sixty percent of Americans considered themselves conservative. And, in the thirteen Battleground Polls taken over the last six years, the number of Americans identifying themselves as conservative has never been below 59%.
Conversely, The percentage of Americans who define themselves as "somewhat liberal" or "very liberal" has always been puny. In thirteen straight polls, this percentage has never been higher than 38% (June 2004) and it has usually been much lower.
So Ed, to borrow your phrasing, and correcting it ever so slightly to reflect the truth, "You don't have a clue that no one takes you seriously.....tiny, isolated, veryliberal universe....."
And Ed - If you're so enamored of France, why don't you pick up and move there - or to Canada? If you can prove you'd be productive (i.e., a net contributor, rather than a net drain), and have no other issues (criminal background, drug user, etc) they might take you.
Simon - very good video, concise, pithy. I don't absolve republicans, after all, they were in the majority and should have been able to get something done in 2003 and 2004. But it does make clear that Bush, et al, did see this coming and make efforts to derail this disaster train. However, with the 2004 elections on the horizon I don't think they had the cojones to really force this issue which certainly would have been democratic fodder.
Mike ~ Those republicans were booted out in 2006, but democrats still remain and now in the majority.
Republicans sonehow became democrats when they had the majority, perhaps it was because of lack of leadership. When Newt left, they never recovered. Now they are saying they get it, when they got the boot it 2006, well start showing us.
LOL, Mr. Ed LeFever (Curious One)...he always pops up in these political blogs and never makes any sense, citing radical articles.
William: I will disagree with you that the press will not cover this story and get to the bottom of it. If Obama wins, FOX will be obsessed in getting to the bottom and Bill O'Reily will be demanding the Justice Dept get involved and not let up. If McCain wins, the republicans will want the story to run to provide more support for their beliefs to gain strength. Many may say FOX is bias towards the right, but if everyone else is bias to the left...don't we need a "balance"?
Tom: I share your view that the future is what counts, but if you own a bank and discovered someone in your organization robbed you of half your cash, would you want to continue operating without even knowing it's your own CEO stealing it?
What we need is BACKBONES, HONESTY AND INTEGRITY....republicans or democrats...doesn't matter to me...as long as they have those virtues. Ooops...that might be an Oxymoron.
This is too much a topic. I just watched the video Jeff offered. I have something in mind but I think I will keep it that way. One thing is for sure, McCain is not the solution, neither is Obama.
Simon,
You are right about the second group. I just showed the video to my husband who is belongs to the mindset that the economy and the past 8 years have been so terrible and he can't vote Republican. His response to the video "everybody's to blame". This is the second video I've shown him from an AR post dealing with the subject matter. Where are the videos showing the other side of the story? There are none.
It is a shame that people are to stubborn to admit they are wrong with regard to their own personal beliefs no matter what evidence there is to contradict it.
And I am so sick and tired or people stating that they are not concerned who is to blame only how we fix it. Do you really want the same people fixing it that caused the mess?
Michelle
Simon - Read : The Forgotten Man. It is about the great depression. FDR caused havock on the free markets and his tax increases and all the new deal programs. His very policies were the reason that the great depressoin lasted as long as it did. Lessons from history!
Simon, Barnie Frank is at the root along with the other dumocrats. Now I hear this morning that Barnie was have a long term romantic(yuck) relationship with someone at Freddie Mac or maybe Fannie but one of them. He is so bad. I live here in Massachusetts. YOu can't imagine what it is like to live in such a liberal state.
Pat, Barney Frank had a 10 year homosexual relationship with an Executive at Fannie Mae from 1990 through 2000 and then had to "resign" for some reason. I share your "yuck"
As usual, thanks for taking the time to put this out there. I was just reading some old articles from the New York Times stating facts about when and where things took place and who should be to blame, etc... very interesting stuff. Sadly, no one cares about facts!
Have seen these interviews and more - but why are they always in places like this and on YouTube? Why don't we see this on the evening news? Why aren't these facts ever brought out by the newpapers? Oh yeah, I forgot. Objective journalism died this year and people like Anon Ed don't want to hear the truth - they're more interested in Obama's take on the 'issues'.
This is not made-up BS - it's actual tape. Include the one where Franklin Raines states that he would feel comfortable with Fannie having a reserve of less than 2% because 'housing value never decline' and you have a great bloopers video - except that it's true and it's biting our collective butts right now.
Simon ~ I agree with Gene. Why isn't this on the evening news? This is a product of liberal protectionism of Obama and his cronies, Barney Frank and Christopher Dodd.
What was amazing to me is the debate last night, which I missed, showed that McCain WON by 84% on Fox and Obama WON by 64% on CNN. Duh....that adds up to 148% !! No wonder we're in trouble! LOL
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Simon – Here’s another excellent one – it runs almost 11 minutes, and goes into much more detail - http://www.youtube.com/watch?v=1RZVw3no2A4&feature=iv&annotation_id=event_986162