“Bush’s administration and it’s policies led this country into it’s worst financial shape since the Great Depression.”
When this is questioned the response from the media or any democrat is a look of incredulous disbelief. How can you even question this when it was Bush’s administration that passed this on to Obama. So they laugh and treat it as a question not worthy of analysis.
But anytime a politician gives the impression that a question is not worthy of analysis a giant red flag should go up… that’s exactly when analysis is needed.
Letter dated June 16, 2006, from OHFEO Director Lockhart to Senator Chuck Hagel: “…In January 1999, Chairman and CEO Franklin Raines approved a recommendation made by the Chief Financial Officer (CFO) (Tom Howard) and the Controller (Leanne Spencer) to defer recognition of $200 million in amortization expense. This deferral, along with other accounting decisions made at that time relating to provisions for loan losses and the recognition of low-income housing tax credits, allowed management to meet the EPS threshold for maximum bonuses.”
Overall, these documents show that Congress was made aware of the massive problems at Fannie Mae and Freddie Mac over the last six years. Yet liberals, led by Congressman Barney Frank, repeatedly blocked attempts to rein in Fannie Mae and Freddie Mac.
For example, during a hearing on September 10, 2003, before the House Committee on Financial Services considering a Bush administration proposal to further regulate Fannie and Freddie, Rep. Frank stated: “I want to begin by saying that I am glad to consider the legislation, but I do not think we are facing any kind of a crisis. That is, in my view, the two government sponsored enterprises we are talking about here, Fannie Mae and Freddie Mac, are not in a crisis. We have recently had an accounting problem with Freddie Mac that has led to people being dismissed, as appears to be appropriate. I do not think at this point there is a problem with a threat to the Treasury.“
To see a perfect example of how a politician rebukes questioning responsibility when it should be questioned, watch Barney Frank bully this law student in this video.
It all started when the student asked Frank, “How much responsibility, if any, do you have for the financial crisis?”
Although this video is posted all over the net I’m referring you to “Chandler’s Watch” because it [the video] is only a small part of Chandler’s article where dozens of warnings regarding Fannie and Freddie and proposed solutions from the Bush administration and the Republicans dating back to 2001 are listed. These all were dismissed or voted down by the democrats.
As John Adams said, “Facts are stubborn things” …here they are:
Chandler’s Watch: Harvard Student Takes on Barney Frank Over His Role In The Economic Melt-Down With Video