Saturday, October 04, 2008

Who really supported deregulation of Fannie Mae?

Oh my, oh my. The facts regarding the Congressional malfeasance that set the stage for the Bailout Bill continue to come out. This time it is Congressman Barney Frank, Dem/liberal, MA. and his glaring conflict of interest.

WASHINGTON — Unqualified home buyers were not the only ones who benefited from Massachusetts Rep. Barney Frank’s efforts to deregulate Fannie Mae throughout the 1990s.

So did Frank’s partner, a Fannie Mae executive at the forefront of the agency’s push to relax lending restrictions.

Now that Fannie Mae is at the epicenter of a financial meltdown that threatens the U.S. economy, some are raising new questions about Frank's relationship with Herb Moses, who was Fannie’s assistant director for product initiatives. Moses worked at the government-sponsored enterprise from 1991 to 1998, while Frank was on the House Banking Committee, which had jurisdiction over Fannie.

Both Frank and Moses assured the Wall Street Journal in 1992 that they took pains to avoid any conflicts of interest. Critics, however, remain skeptical.

"It’s absolutely a conflict," said Dan Gainor, vice president of the Business & Media Institute. "He was voting on Fannie Mae at a time when he was involved with a Fannie Mae executive. How is that not germane?

"If this had been his ex-wife and he was Republican, I would bet every penny I have - or at least what’s not in the stock market - that this would be considered germane," added Gainor, a T. Boone Pickens Fellow. "But everybody wants to avoid it because he’s gay. It’s the quintessential double standard." [READ MORE]


Most of the east coast based mainstream media (MSM) is jumping through hoops to avoid reporting anything critical of their Democrat/liberal friends in Congress - many of them the very same people who shoved the huge Bailout Bill down the throats of American taxpayers. And of course, the Dems/liberals themselves are blaming especially McCain, all of which is dutifully reported by their puppets in the MSM.

As for the Bailout Bill itself, the original price was estimated at $700 BILLION. With the Senate Sweeteners (pork and earmarks) the cost rises to a minimum of $850 BILLION with a very real possibility of reaching $1.8 TRILLION. [Click here to see the projected cost numbers].

$1.8 TRILLION!

That is $1,800,000,000,000 of OUR money folks.

$1.8 TRILLION!

We have been trying to find somewhere in the over 400 page bill where the polpigs mention how we are supposed to pay for this bailout Bill but alas, no luck so far.

Biden is right about one thing - this is the most important election most of us will ever participate in. This may be our last serious chance to remove the liberals of both parties from public office. Either we do so now or pay for our stupidity later.

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4 Comments:

Anonymous Antielf said...

$1,800,000,000,000.

I'd love to pay it all in pennies. Throwing 'em at them one at a time.

12:02 PM  
Anonymous Anonymous said...

The moment you put "Christian" on your blog, you lost chance of credibility. I can't bother to read the rantings of a person who still believes in myths and fantasies.

Just so you know, there is no God. Jesus is not the son of God, and when you die your body decomposes.

1:27 AM  
Blogger RStar23 said...

Thanks for the comments anonymous

The overwhelming majority or people in this world adhere to one faith or another be it Christian, Muslim, Hindu or what have you.

It must be lonely for you living in such a minority as you do. Especially with no tolerance for points of view from are faith based.

We'll pray got you

11:45 AM  
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6:34 PM  

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