Recently hearings were held in kangaroo court style in an attempt by the House to grandstand for the undereducated in America. Bank of New York and State Street bank were present, although TARP money was forced on them and they had nothing to do with the current crisis.
They don't even lend to the public sector. The largest reciprients of TARP, Fannie Mae and Freddie Mac were not present. WHY?
Fannie and Freddie were the first to buy subprime loans. When they quantity got large they were joined by the banks and investment firms. In 2004 the Republicans in the house tried to get more regulation on these subprime purchases. However, non other than Barney Frank and Maxine Waters were opposed to more regulation and actually lauded the two institutions. Mr. Frank could see no major problems and thought 100% loans were great. The presence ot these groups could have proven quite embarrassing to some folks.
The very people who helped create the problem are the ones casting the largest stones, perhaps to deflect attention from themselves.
There is a nother random thought that I have. If the Democrats keep insisting they are are free from the throes of lobbyests, then why does the word UNION come up in every speech, as in we are going to create good paying "UNION JOBS." Will it be necessary to join a union to work in the United States?
Sunday, February 22, 2009
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