McCain's Early Recognition of Fannie/Freddie Crisis

Bret Baier looks at how Sen. McCain and the Republicans recognized the Fannie/Freddie crisis with time to spare. Democrats like Barney Frank blocked the increased oversight, calling action unnecessary.

Barney Frank: "Fannie Mae and Freddie Mac are not in a crisis situation."

"The more people in my judgment exaggerate the threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the treasury, which i do not see. I think we see entities that are fundamentally sound financially and withstand some of the disaster scenarios. Even if there were a problem, the federal government does not bail them out. But the more pressure there is, the less we see in terms of affordable housing."

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[HouseNigro]

Barney is hated by many...it just ASTONISHES me he still has his job!!!

[Marzipan Reznor]

I can't believe that people can still defend Barney Frank. He is directly responsible (among others) for the economic crisis, and yet people still go on defending that lying douchebag. There are enough vids on YouTube proving what a liar Frank is. It astounds me that people just refuse to acknowledge that the Democrats played a monumental role in ignoring the warnings and letting the bubble burst. Now all Americans get to pay for it. Lucky, lucky!

[H1TMANactual]

Wrong sunshine. They lost control of Congress (who regulates Fannie & Freddie) long time ago. Bush did try to pass thorough a bill through to reign in F & F - blocked by Democrats (look it up). Try again little buddy.

[Di66en6ion]

Too much contrarian politics going on.



[mrgetrealpeople]

For someone trying to regulate Freedie/Fannie it's funny Bush got 440 Billion for minority loan purchase commits from Freedie/Fannie in 2002 for his Goal of 5.5 Million minorities by 2010.....don't believe me , believe your own EYES

watch?v=kNqQx7sjoS8

This video is Bush in His own words start about 4:00 minute mark or watch the whole video.

[desirefirst]

interesting how so many people are ignorant of the important fact of Clinton's signing of a repeal of the Glass Steagall Act before he left office; wiki it, it was an important protection against the creation of dangerous financial instruments. yeah, sadly even Bush and his gang just let it slide rather than pushing to get it reinstated.

[primecolorantsucks]

Senator Obama did not weigh in on that bill.......that says it all. These demorat bastards should all be charged with treason because they all knew what was going to happen. Weaken the sysyem, manage the decline, take political cover, and redistribute wealth as much as you can as long as you can before the fall. Throw George Soros out of office in 2012.

[biggerturtle]

did you suck Barney's dick? That's what we heard.

[Paul Compton]

A crappy $100K house costs about 1k per month. A crappy apartment, about the same. Your affordability argument doesn't work. As for the trillions in stimulus, it's way better than trillions spent on war. Or corporate profits for health care insurers. Or the monies companies like Exxon and GE don't pay in US taxes. Duh, to you.