WATCH THE ACTUAL COMMITTEE TESTIMONY – WHY REGULATION REFORM FOR FANNIE AND FREDDIE WAS BLOCKED
WATCH THE VIDEO HERE:
Did you hear the hatred when it was suggested that the GSE’s (Fannie & Freddie are the GSEs) were making horrible loans and it needed to stop!
How did the reform get blocked ? You need 60 Votes to pass a law in the Senate – Democrat Senator Christopher Dodd blocked the reform of Fannie & Freddie that could have prevented the Crisis.
The following Articles describe the role of “political ideology” in the Financial Crisis – How Politics fueled the crisis:
Professor Stan Liebowitz: The Real Scandal – http://www.nypost.com/seven/02052008/postopinion/opedcolumnists/the_real_scandal_243911.htm?page=0
Professor Thomas J DiLorenzo: The CRA Scam and its Defenders: http://www.mises.org/story/2963
John R Lott, Jr : Analysis – Reckless Mortgages Brought Financial Market To Its Knees http://www.foxnews.com/story/0,2933,424945,00.html
Filed under: Bailout, Bailout Defeat, Bailout Negotiations, Bailout Opposition, Banking Crisis, Fannie Mae, Freddie Mac, Tax Payer Rip Offs Tagged: | Bailout, Bailout Negotiations, Bailout Opposition, Fannie Mae, Fannie Reform, Freddie Mac, Freddie Reform