Posted by Charity on September 25th, 2008

If only someone could have known the danger that Freddie Mac and Fannie Mae held for our entire economy.

Oh, wait…

It’s only 3 minutes. It is worth watching.

I have so much to say about this, but it will have to wait until later.

Feel free to share your thoughts in the comments, but you had better come up with something more thoughtful than, “FOX NEWS!!!11!!!1!!”

5 Responses to “More on the Financial Crisis”

  1. April 2001, 2003, 2005, & 2006 eh? It’s too bad the GOP wasn’t completely & totally in control of the entire federal govt. (including Congress) at that point. Oh wait…they were and they did nothing…

    Oh yea, and Alan Greenspan…the same guy (along with the Bush Regime’s full backing) that pushed ARMs really, really hard earlier this decade. GOP policies of deregulation at all costs is mainly behind this current crisis.

  2. Couric: You’ve said, quote, “John McCain will reform the way Wall Street does business.” Other than supporting stricter regulations of Fannie Mae and Freddie Mac two years ago, can you give us any more example of his leading the charge for more oversight?

    Palin: I think that the example that you just cited, with his warnings two years ago about Fannie and Freddie – that, that’s paramount. That’s more than a heck of a lot of other senators and representatives did for us.

    Couric: But he’s been in Congress for 26 years. He’s been chairman of the powerful Commerce Committee. And he has almost always sided with less regulation, not more.

    Palin: He’s also known as the maverick though, taking shots from his own party, and certainly taking shots from the other party. Trying to get people to understand what he’s been talking about – the need to reform government.

    Couric: But can you give me any other concrete examples? Because I know you’ve said Barack Obama is a lot of talk and no action. Can you give me any other examples in his 26 years of John McCain truly taking a stand on this?

    Palin: I can give you examples of things that John McCain has done, that has shown his foresight, his pragmatism, and his leadership abilities. And that is what America needs today.

    Couric: I’m just going to ask you one more time – not to belabor the point. Specific examples in his 26 years of pushing for more regulation.

    Palin: I’ll try to find you some and I’ll bring them to you.

  3. Whoa. Quite the McCain campaign commercial from Fox there. (What a surprise!)

    There are sooo many deceptions/lies/etc in this one piece that I don’t know where to begin. How about, for starters, this:

    http://thomas.loc.gov/cgi-bin/.....00190:@@@P

    McCain “co-sponsored” the legislation 16 months after it died. Do you think that’s relevant? Fox apparently didn’t.

    Why not examine what that Bill was about and explain it to us? Perhaps you can elaborate how he foresaw this crisis coming, yet declared the “fundamentals of the economy” strong as recently as Monday?

    Next, Barney Frank (and many democrats) were concerned about the practice of redlining (look it up) that was commonplace in the past; and even if you object to the practice of increasing home ownership in redlined areas, why not just buy back their mortgages? Were they ALL bad?

    Oh, that’s right, we can’t. That’s not the problem. It’s the convoluted accounting practices allowed by rampant deregulation and the repeal of Depression-era safeguards that allowed banks and investment houses and insurance companies to compete with each other and swap bad debt over and over and over again…

    THAT’s what we’re buying. (Bring back the Resolution Trust Corporation! Again, oh wait, that wouldn’t work this time. This time, we’re just buying the paper, not the real estate.)

    Ah, what’s the point?

    Anyone who would even consider voting for a 72-year-old unpredictable hothead liar and his completely embarrassing unknown lying running mate–who is apparently afraid of the press–is IMHO hopeless.

    HTH.

  4. What a pathetic display…the myth of the maverick John McSame continues…

  5. If you listen really closely to the Palin interview, you can hear the hissing sound of air leaking out of her head. What keeps her cranium from collapsing in on itself, we’ll never know.