Here's the lead of a New York Times story on Sept. 11, 2003: 'The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.'
'These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,' said Rep. Barney Frank, then ranking Democrat on the Financial Services Committee. 'The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.'
Barney is the chief culprit and kept blocking reform all along when other proposals were made to stop a Ponzi pile of rubbish paper from toppling----Barney should be frog-marched in shackles except he'd enjoy it too much! No one else would enjoy hard time in a penitentiary as much as Mr. Frank.
Seriously, Chris Dodd's father was a crook & was censured by the Senate; Chris is a crook & is given broad authority to create a RICO government oversight program. Can you imagine how much will be skimmed off the top by these serial legalized felons?
Harry "The War is Lost" Reid competes with the two above for stiff sentences in a Fed facility raking sandtraps, and Pelosi should be sent to that WV camp where Martha Stewart cooled her heels for a few months. In a world where Dems were accountable and when people like Dodd actually were penalized for malfeasance, this would be fair and balanced.
Hope and 'small change' are all we're going to get from a Dem administration, which will rob the 'rich' to pay off their own investment bank partners at Goldman Sachs. And pocket much of the rest.
Fannie Mae and Freddie Mac were just warm-up exercises for the heist of the millenium.