Karl Rove whacks Juan Williams on Fannie and Freddie

Juan Williams, sitting in for Bill O'Reilly, steps in it when he accuses Rover and the Bush administration of doing nothing themselves to stop the financial melt down. That's when Rove explodes and Juan listens. Enjoy!

Category:

News & Politics

Tags:

• Rove
• Juan Williams
• fannie mae
• freddie mac
• Obama

[quizerry]

Fannie and Freddie and the community reinvestment act have cost taxpayers billions over the past 30 years. They should have been left to fail. Rove is telling the truth that during the Bush era they tried to rein in Fannie and Freddie. Just search H.R. 2575. Dodd, Frank and Reed didn't want it.

[caupachow]

Why would Juan Williams or anyone for that matter try and argue the facts with Rove. It's just plain silly, the man is a genius and knows his shit through and through.

[ymp5000]

@bellcord Suck it

[ymp5000]

@bellcord If there is one person who bares the most responsibility for, whos hands are dirtiest, for crashing the US economy it is Bawney Fwank. In 2005 the Republicans including Bush warned of economic troubles coming down the road if Fannie and Freddie were not put on a tighter leash and Bawney led the charge to defend his boyfriends job at Fannie and stop any action against the two mortgage giants.

[ymp5000]

@bellcord 1999 Clinton signed the repeal of Glass-Steagall (Google it) passed by a democrat controlled congress. This is how the $4.5 trillion “sub prime” loan industry was born. A by-product of which was the derivative market that turned the mortgage market into a time bomb that would magnify the housing bust by orders of magnitude. All of this lead to the credit markets drying up and the ensuing stagnation and recession of our economy and quickly spread to global markets.

[ymp5000]

@bellcord 1995 Clintons Treasury Dept. issued regulations tracking loans by neighborhood, income level and race to rate a banks performance. these reports were used to determine if banks would be allowed to merge/acquire/expand. It also made billions in tax dollars available to banks for down payment assistance for these loans. This in turn gave groups like ACORN and NACA leverage on banks to lend to those with bad credit and low income.

[ymp5000]

@bellcord Under Carter 1977s CRA stated that banks have an “affirmative obligation” to meet the credit needs of the poor. 1989 congress amended the HMDA forcing banks to collect racial data on mortgage apps. On the basis of racial discrimination when in fact it was financial discrimination. 1992 DHUD pressured Freddie and Fanny to purchase or securitize large bundles of risky loans to diversify the risk and make more money available for more risky loans.

[bellcord]

Fannie and Freddie had nothing to do with subprime mortgages...Point of fact, Wall Street about put Fannie outta business cause Wall Street bought up these shitty loans to package into securities and Fannie couldn't...Lost market share from 70% to about 19% by 2008..

[jjrglobal]

@Newkeazfinest

I dont think thats sarcasm, it cant be if its actually true.

[jjrglobal]

@KingLutherQ

How did an insurance company or an investment bank make people not pay for their mortgage?

Without Freddie or Fannie this crisis could not have happened, they created the moral hazard by buying subprime mortgages and the implicit, now explicit, guarantee of their soundness to investors.

You dont know what you're talking about

[affiliate30]

This guy wasn't even good for us anyway, he didn't even know how to argue our side. have a nice time getting fox money.