Democrats Coverup Fannie Mae and Freddie Mac Scandal in 2004
Our financial system is financially bankrupt because of bad loans and home mortgages made by the Fannie Mae and Freddie Mac scandal that bled into banks and investment firms around the country, which was being run and overseen by Democrats in Congress. This video shows hearings from the scandal that broke back in 2004, when the Fannie Mae and Freddie Mac were being investigated for illegal accounting practices. After watching this video is it clear who is responsible for the mess we have today that could cause our country to go into a 1929 depression. It is also clear it is not President Bush who is responsible, it is the Democrats that were overseeing Fannie Mae and Freddie Mac, and the black congressional caucus, of which Barack Obama was a member, that wanted the scandal to be ignored until it was too late.
FYI: This footage isn’t from Fox News.
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I’m sick of the dems trying to blame the repubs for “not stopping it”! First of all, the repubs DID try to stop it, NUMEROUS times, but the dems kept BLOCKING the attempts! If it wasn’t for dems being greedy; and scheming for their own person gain and AGENDA, which caused this mess, THERE WOULDN’T BE THIS MESS TO TRY TO STOP IN THE FIRST PLACE!!!!!
***HG says***
Great point.
Comment by Mindyk4 — October 6, 2008 #
Are u willing to bet.
Comment by Mack — October 1, 2008 #
Hello H.G I hope you are having a great day.
Same old spin, cann’t tell the truth,so lets try belittling people, thats the DemOgods way. At least I don’t have a ring with a chain attached in my nose being dragged around like the mindless freak. At least I have a mind to think for myself. When I went into the Marines in 1968 grammer was not on the top of their list. You and DemOgods like you are embarrasmentto this country.
***HG says***
If you won’t listen to me tell you the truth, then listen to your fellow democrat Artur Davis who was involved in the 2004 scandal, and admits it is the democrats’ fault.
http://www.hollywoodgrind.com/artur-davis-blames-fellow-democrats-for-financial-market-meltdown/
P.S. Anytime you use the Marine Semper Fi, you’re comment will be automatically deleted. If you won’t voluntarily respect our Marines, then I’ll help you.
FYI: It’s embarrassment, not “embarrasmentto.” Go back to school and learn to spell, or better yet run your comments through a spell checker. You also misspelled Semper Fi, which I deleted from your comment, because you are not a Marine, you’re an imbecile.
Comment by Mack — October 1, 2008 #
Actually in the my first comment I wrote let me explain explain the $6,000 we put into our home. My husband and I saved $3,000 while renting a very old house to buy or first small house and then we saved another $3,000 and renovated our small home. We were not making a lot of money but we were frugal with our money, that made it possible to buy this small house.
Comment by Taryn — October 1, 2008 #
So, we learn that the financial crisis is not the fault of President Bush, but of the Democarats back in 2004. Bad loans for people. These loans would never have been made in the 1970’s. You had to have very good credit to buy a house, plus you had to have a job that had the income necessary to buy the house you wanted to purchase. Everything was checked out about you before you could buy a house.
My first house would not have be considered today as
“The American Dream House” but it was my house. It was so small that when my first child was a toddler you could sit in the hallway and see what she was doing in every room of the house, this is the truth. My husband and I paid down $6,000.00 on this tiny home. Later we bought another home.
We would have liked to have had a newer home at the time of our first purchse and also a larger home too, but we knew that our house had to be one that we could afford. No one would bail us out if we couldn’t pay for it! We were not mad that this was the only home we could afford either. Just happy we could purchase a home.
In 2004 I guess there were people that thought they deserved certain nice houses, and they soon found that with ‘Special’ loans they could have
the house they wanted, now! No need to wait.
Could they afford it in 2 years when the payments went up. Who cares? They must of thought, we’ll worry about that later.
The banks that gave them the loans gave no thought of what was to come later either. So two years later or whatever the amount of years were before the buyers mortgage payment went up, both the bank and the buyer were Happy. Then one day the house payment went up, and very soon there was trouble! Both the bank and the buyer were to lose money on this purchase, that took place years earlier!
Credit cards use to be something that you were denied if you didn’t have good credit or you didn’t have a full time job , and your income had to be a certain amount . No one would have let a “College student” with a part time job or no job apply for a credit card, this was unheard of. But nowadays, many parents are surprised to find out after their child is out of college that not only is tuition to be paid, but the child has thousands of dollars on a credit card!! This should never have happened. No one should get credit if they don’t have a full time job, and can’t make the payments themselves.
Really people in the U.S. should not be surprised about the financial Crisis we are in, it was created by thoughtless people that gave credit to borrowers -that should never have been given credit to in the first place!
Comment by Taryn — September 30, 2008 #
Well, Well HG maybe I did not spell clueless the correct way and thank you for compareing me to Einstein. You got something right, that miss spelled a word, theres hope for you yet. The one thing that truely bothers me is someone that misleads people. You have a responsabilty to you readers and that is the truth. Call me out on my spelling all you like, just tell the truth when you make statements. Not something brother Joe said or sister Mary. The truth will set U free. Sempi Fi
***HG says***
It’s “Well, well” not “Well, Well,” and it’s “comparing” not “compareing,” and it’s “misspelled” not “miss spelled,” and it’s “there’s” not “theres,” and it’s “truly” not “truely,” and it’s “responsibility” not “responsabilty.” Also on the grammar side, it’s “that I misspelled a word,” not “that miss spelled a word.” Go get an education before you try misinforming others. Sorry, were some of those words too big for you? Buy a dictionary.
Also, stop using “Semp Fi.” United States Marines are better educated, and have a higher IQ than you, so it’s obvious you are not a Marine. You’d never pass the test, and you are embarrassing real Marines you should be showing respect for.
Comment by Mack — September 30, 2008 #
HG Maybe you should stick with hollywood gossip because you are clues about how the government works. You can’nt handle the truth, maybe your just drinking to much koolaid. Sempi Fi Mack, Wake up America PS Fiona good call
***HG says***
It’s spelled “c-l-u-e-l-e-s-s” not “clues,” and it’s “can’t” not “can’nt” Einstein.
Comment by Mack — September 30, 2008 #
Barney Frank - hmmmm He has been pretty outspoken recently. What he wanting to go away? Remember the democrat minority used stalling tactics on many issues and congress was being pressed to prevent any more attacks, still after 9/11. Sal, I think HG is better at invoking discussion on political issues better than Hollywood gossip (which is very good). But, no bailout and the market didn’t CRASH.
It started rebounding this morning. Make me think, if we did nothing and 4-5 years down the road, what would happen? Maybe we need something that some conserves have suggested where Wall Street bares the cost. This might just make them think about the decisions they make in the future. I have money in the market and I am not really worried. If you look at history, in the long term, market money pays back a better return than any form of savings or investment.
***HG says***
Good points. I’d just like to add, those who owned stocks, and other high risk equities, were warned of the risk they might lose their money. Those that couldn’t afford their mortgages when they got them, like the sub-prime mortgages, also knew the risk. I’d rather see those people work out their financial issues without mommy and daddy tax payers bailing them out. If we have tough times, so be it, we’re in this together, but just because some Americans failed to make good decision doesn’t mean we should all pay. In fact, a financial down turn will present good buying opportunities for those of us who didn’t make bad financial decisions. Live and learn.
Comment by Gary — September 30, 2008 #
Nice attacks HG, but the truth is this: had the Republican-controlled Executive branch and the Republican-controlled Legislative branch wanted to reform Fannie Mae and Freddie Mac in 2003, they could have done so - regardless of the point of view of one Rep. Barney Frank.
To suggest that this is not the case not only exposes your lack of understanding of how the legislative process works, but your seeming inability to accept the facts.
Stick to Hollywood gossip. It’s more fun to read and you’re better at it.
***HG says***
Democrats blocked the reform. Watch the video, and hear the democrats in their own words, and learn.
Comment by Sal — September 29, 2008 #
Great post HG, put out the truth and balance!
Comment by Craig — September 29, 2008 #