Posted by
Bob B on Thursday, October 02, 2008 6:02:59 PM
"Eight years of weakened regulation of our nation's financial system -- including a failure to regulate risky, and often predatory, lending practices -- by the Bush administration and Republicans in Congress have led us to this point, and could further erode our nation's economic health," Pelosi said in a statement.
Gateway Pundit compiled a list of 17 attempts by Republicans to reform and strengthen regulatory oversight of Fannie and Freddie. All warnings dismissed by Democrats, and attempts at reform blocked by Democrats.
There were calls for reform and calls for investigation. None came from Democrats, All came from Republicans and were blocked by Democrats. Who said so? I say so and I’ve done my research! Challenge me, I have the proof.. Who else said so? Bill Clinton said so, on Good Morning America and he’s a Democrat. You don’t need Lexus Nexus to research these truths, all you need is Google.
McCain co-sponsored a Bill in 2005 calling for greater regulation of Fannie and Freddie. The Bill was called the Federal Housing Enterprise Regulatory Reform Act of 2005. Democrats killed it.
Democrats conceived the idea of creating government agencies to lend money for housing to people who could not afford it. Democrats protected the agencies from reform attempts by Republicans. James Lockhart the head of OFHEO pleaded repeatedly for more “bank like” authority. Democrats blocked Republican attempts to grant it.
A Democrat, Andrew Cuomo, then head of HUD urged the GSE’s to increase lending to the sub prime category from an already unconscionable 41% to 50%. Democrats Janet Reno and Jamie Gorelick put the pressure of their positions behind Cuomo’s efforts intimidating lenders to increase lending to those ill equipped to pay back.
Maxine Waters (D) testified in Congressional hearings praising Franklin Raines for his excellence shortly before he was forced out of office for manipulating the reported earnings in order to enhance his bonus and stock option value.
This whole affair was government caused, grown to glory by Democrats, nurtured as a cash cow for Democrats, it’s failings and frauds covered up as long as possible by Democrats. I could go on for pages. Ms Pelosi cannot possibly be unaware of this. Yet she asserts in effect this government grown monstrosity is the result of unbridled capitalism. The utter dishonesty and unmitigated gall of this woman is totally beyond simple explanation.
Is she so self serving that it’s power at any price? Is she driven by the Marxist ideology and belief that the end justifies the means? Is she a pathological liar? Is she just stupid and knows no better ?
It could be any of them. I will give her the benefit of the doubt and say it's gall, humongeous gall. Gall is defined as “
brazen boldness coupled with impudent assurance and insolence” .