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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[WhereIsCommonSense]

In response to the idiocy of DestructerX.... House and Senate Republicans brought attention to the shady practices of Fannie and Freddie numerous times, including introducing into the House HR 2803 Housing Finance Regulatory Restructuring Act of 2003. The bill was filibustered by the Democrats along party lines. It was then sent to the House Financial Services Committee where Barney Frank killed it. Learn your history, until then keep your mouth shut. Once again, Democrats guilty as charged.

[HouseNigro]

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

[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.

[WhereIsCommonSense]

@thraknik Those "shady practices" of Wall Street were championed by the Democrats in the House. Barney Frank liked the idea of derivatives so much he instructed Fannie and Freddie to purchase billions of dollars in derivatives from the banks on Wall Street to open up more capital so he can "regulate" those banks into making even more dangerous loans. Taxpayers will be paying the bill for Barney's "regulations" for quite some time. The toll was pretty hefty.

[biggerturtle]

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

[FmrUSMCRnTX]

@thraknik Your response here is contradictory. You accuse the GOP of hating people. Yet you say that mortgage-backed securities, including sub-prime should have been regulated. As is pointed out in the video, that's exactly what the GOP tried to do a number of times, by regulating the GSE's . But the left refused. So into the tank the economy went, & we've bailed out all manner of stuff, including BILLIONS to Fannie/Freddie while their CEO's made hundreds of millions (Raines, et al).