Tuesday, September 30, 2008

Crisis at Fannie & Freddie, Straight from the Horses' Asses

According to the New York Times, (House Rejects Bailout Package, 228-205; Stocks Plunge) after yesterday's failure of the bailout bill,

Representative Maxine Waters, a Democrat, said the measure was vital to help financial institutions survive and keep people in their homes. “There’s plenty of blame to go around,” she said, and attaching blame should come later.

She could well speak about putting the blame off until later, considering her own role in this mess.

Her comments, and the posturing of the Democrats for the past week, simply must be accompanied by a few minutes watching this video, in which Maxine plays an important starring role: "Memory Lane: 'Lynching' Franklin Raines and How Fannie Mae Isn't 'Broke'".

Take 8 minutes. It won't sound the same the next time Pelosi or Obama condemn the Republicans for this mess.

And here are some things you may like to know about Franklin Raines, Obama's economic adviser, and the former CEO of Fannie Mae: "Obama adviser spun Enron-like accounting scandal".

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