Monday, March 16, 2009

WSJ continues to connect the Fannie dots

Even though Saturdays WSJ article was about Maxine directing tarp funds to a bank she and her husband have a financial interest in, the real story is now we know why Maxine was so virulent and hostile in her defense of Fannie when Republicans tried to regulate the Democrat party run pubic company early in the decade. She called the investigators,regulators,and Republicans racists for wanting to reign in Fannie's corruption, derivative book,and money losing business practices. Instead of concentrating on how Maxine directed Tarp funds to a company she owns stock in we should looking at her fight to keep Fannie a corrupt and money losing company early in the decade.
Without Fannie there was no reason for any financial institution to make sub prime loans. Why would anyone originate a mortgage to customers who had no ability to pay them pack? Only because Fannie was there to buy them and create a market for them. Everyone in the game knew that you could always off these things on Fannie and if you donated money to Democrats or the party you could make a killing. Why else put a book cooker like Raines in as CEO? Why else put a grifter like Emanuel on the BOD of Freddie? You do it so business can be directed to the proper companies who have either paid you off,donated to the party or entertained you.
We know Dodd and the Countrywide 6 were given sweetheart mortgages for looking the other way as The Tan Man dumped all his sub prime garbage and fraudulent mortgages on the taxpayer backed Fannie. These scoundrels helped destroy US financial system and trillions in personal wealth in return for a few thousand dollars a year in mortgage payments. Now these same crooks are in charge of fixing the system.
This is also why you see Dems attacking Execs and Wall Street,they are hoping to distract the public from who the real thieves are. Today Obama and Congress are attacking AIG for bonuses when in fact Congress gave this money to AIG with no restrictions. Just another example of why Congress can not be trusted with our money. If they aren't stealing it,giving it to supporters,they are losing it through incompetence. How can let these scoundrels have control over any part of our economy given this record of corruption and incompetence?
The Democrat looting of Fannie and Freddie for personal and political wealth is the greatest scandal and most under reported scandal in US History. Why? I have no idea if the media just doesnt understand it or if they know and are covering it up because they support the Dems. Maybe the Republican need to grow a pair and get more vocal on this. The Dems lead the media around by the nose often because they create the most noise. Can you imagine if Republicans were behind a scheme that destroyed trillions in wealth?

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