Following Up on the AIG Hearing

[p3snooper]

This woman makes idiots look smart.

[Mutedvox]

what an idiot!!!!

[seekanddestroy09]

once the govt started with bear stearns they picked the right one first because all you have to do is take that firms initials and you get the whole fairy tale BS

[timDOGcrane555]

END THE FEDERAL RESERVE!

[ProudReaganite]

Amen to that...

[thabisong]

Whoa whoa whoa, you can't just lie like that. The discount window wasn't "opened," it's always been available to private banks. That's what it's for. As Bernanke explained, banks just didn't want to use it because it may look like they were in trouble. Although, they were.

[rsjonesco]

Bachmann needs to team up as Palin's VP in 2012 and get The Community Organizer defeated.

[mrtwincity]

Why doesn't Rep. Bachmann look up the Gramm-Leach-Bliley Act to see how AIG got involved in financial securities. This move to repeal the Glass-Steagall Act (which protected investors from situations like the Great Depression) directly lead to the financial mess we are in today. Thanks GOP!

[roonalwazlib]

As usual with liberal democrats you fail to acknowledge the relaxed lending (no income no job loans handed out as a result of the CRA) regulations that greatly contributed to this mess. The Community Reinvestment Act was pushed by community organizers just like Obama and the people at ACORN that now want the American taxpayers to bail out people that bought homes they knew they could never afford.

[roonalwazlib]

It was signed into law by Jimmy Carter and beefed up under Bill Clinton. Fannie and Freddie (created and run by liberal democrats) bought up those loans and began packaging them together and selling the securities they had created on the open market which encouraged other investment banking institutions like Bear Stearns to follow suit.

[roonalwazlib]

The Gramm Leach Bliley Act allowed AIG to come in and underwrite those mortgage backed securities with credit default swaps. Essentially it allowed non banking institutions to become involved in banking activities. Funny thing is Gramm Leach Bliley wasn't signed into law by Bush. Neither was the Commodities Futures Modernization Act which deregulated those credit default swaps allowing AIG to over leverage itself at rates of 30:1 or greater.

[roonalwazlib]

Slick Willy signed them both into law. But don't be to hard on him. You see while Gramm Leach Bliley did in fact contribute to this recession it also helped soften the blow by allowing larger commercial banking institutions to buy up the smaller ailing investment banks thereby staunching the bleeding process at those banks.

[chewbaca1989]

Hailing from Los Angeles, CA, THANK YOU!

[joppman845]

Wish she was from Pennsylvania so we had something to be proud of!

[joppman845]

Thanks Rep. Bachmann for bringing the real questions "WE THE PEOPLE" want to be ask. What a dieaster Obama has become to this great country. Stop this craziness before it is to late, gets these idiot liberals out of our government NOW!

[missiu]

Congresswoman, I respectively disagree with your diatribe.

[chewbaca1989]

TRILLIONS OF DISAGREEMENTS?

[mrtwincity]

Where was Bachmann's concern for the Constitution when George Bush was ripping it to shreds?

[terrox111]

Great job Rep. Bachmann! The Fed was complicit with the Congress to stick it to the taxpayer again. We assume all the risk while the elites receive the benefit. We are moving beyond mere Socialism to Democratic-Socialism (e.g. Fascism ala Nazi Germany).

[PreserveDiversity2]

Put the Jewish text book down and read David Irving friend. When it comes to Hitler and WW2 history many things are not quite as they seem. History is always written through the Eyes of the victor. Stalin and communism is what Obama leans towards.