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Wednesday, October 15, 2008

Fannie and Freddie just the beginning?

This is an absolute must-read on why the economy got so bad, and Obama's - yes, Obama's - direct role in it. An excerpt:

Obama’s Cover-Up by Peter Ferrara on National Review Online:
...government-backed Fannie and Freddie came to be plagued with outright corruption. [Franklin Raines, former head of Fannie Mae and now an Obama advisor] criminally led Fannie to falsify its books so that he would qualify for excessive bonuses and compensation eventually totaling $90 million. Fannie and Freddie sought to protect their ongoing racket by hefty political contributions to key political angels. (The top recipient of such contributions has been Senate Banking Committee chairman Chris Dodd. The second highest recipient has been Barack Obama.)

In 2004, the Bush administration renewed its proposal for a strengthened regulator. But Barney Frank accused the president of creating an “artificial issue,” saying “people tend to pay their mortgages. I don’t think we are in any remote danger here.”

By 2005, John McCain, supported by the Bush administration, was one of three co-sponsors of legislation to impose such regulatory supervision and controls over Fannie and Freddie. But the Democrats shouted these proposals down.

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