The familiar charge of racism levied by our esteemed Congress against American citizens freely associating with the Tea Party Movement. Watch the video below as the Democratic Congress plays the race card against the Government Regulators charged with overseeing Fannie Mae and Freddie Mac.
The financial collapse had little to do with greedy bankers and great deal more to do with greedy politicians who failed to do their jobs. Watch the video as the Congresspeople disparage the Government Regulators who discovered and reported on Fannie & Freddie’s reckless deals …. clearly claiming that the Regulators findings were racially motivated and inaccurate …. well, we all know otherwise today.
As for the need for additional regulation … what good will it do when Congress ignores the Regulators findings?
As to new regulation …. it isn’t necessary …. lets start by enforcing the regulation that is already on the books and lets expand Sarbanes Oxley ……. watch the video ….. Fannie & Freddie are not subject to Sarbanes Oxley! Why did Congress allow this exemption? Isn’t it obvious? Watch the video and then contact your Congressperson and let them know how you feel about Congresspeople playing the race card!
WATCH THE ACTUAL COMMITTEE TESTIMONY – WHY REGULATION REFORM FOR FANNIE AND FREDDIE WAS BLOCKED
WATCH THE VIDEO HERE: </p>
Can you hear the hatred in the Congresspeople’s voices 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 and his Democratic colleagues 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 & Big Government fueled the crisis:
Professor Stan Liebowitz: “The Real Scandal” style=”color:#105cb6;”>http://www.mises.org/story/2963</span></a></p>
<p><strong>John R Lott, Jr</strong> : <strong>Analysis – Reckless Mortgages Brought Financial Market To Its Knees</strong> <a href=”
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: Financial Services Crisis, Government Regulation, The Tea Party Movement | Tagged: Congress, Congress and the Race Card, Congressional Hearings, Government Regulation, The Tea Party and Claims of Racism, The Tea Party Movement |