After listening to the very sanctimonious words of Nancy Pelosi and Barney Frank in recent days, one would be led to believe that the Democrats were innocent bystanders while Fannie Mae and Freddie Mac, amongst other financial institutions, went into the crapper. Yeah, not so much. The Democrats’ fingerprints are all over this disaster, though to see them pat each other on the backs this past weekend, you’d never know that they were warned years ago of pending doom and failed to act.
A New York Times story from 2003 spells things out very clearly. In response to a Bush Administration proposal to overhaul the regulation of the housing finance industry, including increased oversight of Fannie Mae and Freddie Mac, Barney Frank himself said, “‘These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis” and ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.” Hey, good job reading the writing on the wall there, Barney.
His colleague, Rep. Melvin Watt, whose eyesight is apparently not much better, agreed, saying, “I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing.”
And it doesn’t get any better for the Democrats. Check out this video; it’s chock full of damning words:
Pay close attention to the end of the video, which features Bill Clinton, in a clip from just last week, admitting the duplicity of Democrats in Congress and, indeed, his own administration. Way to go, Democrats! Thanks for letting things get to this point. Why do we even have Congressional hearings if our lawmakers can’t use common sense and institute sensible safeguards? Would it be that they love to hear themselves talk? It is time for them to lead, follow, or get out of the way.