Why is no one holding Franklin Raine's feet to the fire for the meltdown of the mortgage industry and Fannie May's complicity during said meltdown? Ninety million dollars in compensation for a completely inept oversight of what is ultimately taxpayer dollars is not only extravagant, but outright thievery in my opinion. And why didn't anyone from either side of the fence notice the red flags that were popping up all over the place better than three years ago when foreclosures started to skyrocket?
I'm going to openly admit that I am vehemently against bailing out any private institutions that have suffered a fiscal implosion due to mismanagement and "creative bookkeeping" tactics. That would include THE BIG THREE.
Sorry......sometimes I feel an overwhelming compulsion to simply vent.
We now return you to your regularly scheduled program, already in progress.
Certainly, this entire situation wouldn't be nearly as bad if Freddie and Fannie had not been allowed to run riot.
I guess what I'm trying to say is that we should be careful when we point fingers. There were a whole lot of clueless and greedy people who contributed to this mess, Republicans and Democrats alike.
George Daily said:
I believe that anyone, Republican (especially) or Democrat that lobbied Fannie or Freddie to drop lending standards should not hold any position of power or authority. I just can't find any Republicans to name.
We agree 100% about Freddie and Fannie.
If you want to find some Republicans to name, you can start with the 29 Republican Senators who refused to sign Chuck Hagel's letter back in 2005 begging (then) Majority Leader Frist to allow his reform legislation to come up for a vote. Lamar Alexander, Olympia Snowe, Christopher Bond, and Mitch McConnell all fall into this category (Although Mitch gets a pass because Senate leadership doesn't generally sign correspondence going to the leader, and he was the whip at the time).
I'm angry at the Libs who mugged the system. I'm angry at the regulatory cops who were blissfully asleep with doughnuts stuffed in their mouths. I'm even angrier at these so-called Republicans who sold out our conservative principles and looked the other way when they had a chance to do something about it.
George- I am not trying to change the main subject of what you have been discussing here "the Meltdown", and all of those at fault, but today we are witnessing another "mugging" by the Democrats with the Auto Bailouts.
The Democrats, unfortunately along with the current President, have tried to block any Republican involvement in writing legislation to push forward another fatally flawed Bill in order to keep the Big 3 on life support. In reading the above unfinished and still developing progress of the legislation, it is noted that the Republicans have been on the outside looking in while Bush and the Democrats craft a policy that many Republican Senators find to be severly lacking.
I believe you asked the question above "Why aren't the Republicans shouting out"? Mitch McConnell has made statements in the Senate against the auto bailouts as the legislation does nothing to address the problems with the UAW pertaining to wages, benefits and etc. I believe he has said that there is a danger with this as it will be giving the Big 3 a government issued ATM card. There are a few other Senators who have spoken out about it on less than prime-time TV Newscasts. Why aren't these Republicans on the steps of the Capitol Building, with the biggest microphones available, telling the public about the dangers and the true implications of this legislation? Are we so lacking in Republican leadership that those that who were voted into office to support our party's positions and ideals in the Congress are still walking around with their tails between their legs?
For a brief second that last paragraph got my hopes up. How do we expect to get an investigation going when it must first go through one of the very architects of the crisis. Mr. Frank. The Clinton Kronies in Fannie and Freddie made billions off of the fraudulent practices, the whole mess achieved the ultimate political goal for the liberals, and the monetary beneficiaries used that money to fund liberal campaigns. Do you reallly the they'll allow a legitimate investigation?