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2008 Crisis warnings ignored by Palosi, Frank, Dems, etc.

by Hawke published Mar 23, 2020 10:20 AM, last modified Mar 23, 2020 10:21 AM
So sick of the lies by so many about who is responsible for the Great Recession of 2008? Here is proof of who is really responsible, and why.




Nancy Pelosi, Barney Frank, and Democrats are Clueless on Freddie Mac Fannie Mae and the financial credit crisis.


Barney Frank "I DON'T WANT THE SAME KIND OF FOCUS ON SAFETY AND SOUNDNESS THAT WE HAVE AT O.C.C. AND O.T.S. I WANT TO LOAD THE DICE A LITTLE BIT MORE IN THIS SITUATION TOWARDS SUBSIDIZED HOUSING.": Rep. Barney Frank (D.MA) " You seem to be saying, well, these are in areas which could raise safety and soundness problems. I don’t see anything in your report that raises safety and soundness problems."... "and even there is a problem the federal government doesn't bail them out..."  Sheesh!





I am not a fan of John McCain, but even he was warning loudly about what was coming, and still it was the Palosi, Frank, & other Dem leaders who pushed back that there wasn't a problem.

Also not a Bush Jr. fan, but their administration was pushing in 2003 for supervisory GSE regulation (oh the irony!) of Fannie Mae & Freddie Mac, because they had warnings from the existing oversight agencies that they had systemic problems that the banks wouldn't be able to survive under the current mandates to give our so many high risk loans. Including Greenspan warning in 2005. John McCain in 2006. I saw these as they were happening, and was warning people, but had trouble digging up the clips at the time to show people. Ironically easier to find the clips years later than shortly after.







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