Uploaded on Oct 7, 2011
Senate Committee Hearings on Fannie Mae & Freddie Mac 2004.
Visit my website at www.JoeThePlumberForPres.com for insight to the 2012 campaigns and current Government proceedings
Barney Frank, Maxine Waters and various other Democrats defend Fannie Mae and Freddie Mac and their Practices, Bonuses and Books. This compilation of C-SPAN videos during the Regulatory Hearings in 2004, shows that the regulating body was aware of the staggering problem that was growing so large that it could have a crippling effect on our banking system and economy. The Head of the Office of Federal Housing Enterprise Oversight was reporting the results of their findings within Fannie Mae and Freddie Mac.
People.... This isn't about Black and White, not about Gay or Straight, Republican or Democrat. This is about Self Serving, Narcissistic politicians that Bully regulators into silence in order to secure their position in Career Politics.
Facts and Figures were laid out in 2004 that could've greatly reduced the impact on our economy. However, 75% of the people that voiced their displeasure to the information at hand, were people of color and several implications that this could be construed as a race issue.
When things aren't addressed as they should've been in 2004 we wind up with what we have today. Not only an Economic disaster, but a bunch of Double Speak, Finger Pointing Asses. Typical of the Democratic Party.
Here's the problem. This hearing was held in order to review a potential problem. There were solid Facts and Figures laid out and our Democratic Leaders shrugged it off and Blamed the Director of OFHEO, Armando Falcon for casting doubt on the success of the program. Franklin Raines calls the Real Estate Portfolios, "Riskless".
At 6:16 of the video, Listen to how much Raines and his cohorts raked in for all their hard work and Riskless oversight. Listen all the way to the end of that segment. Not only did Raines get Double his Salary in his Bonus alone, but if they had followed the Rules according to Regulatory law, No One Should Have received a bonus that year. Yet they hit the Maximum right to the Penny.
Now, instead of utilizing the Current Laws that were in place at that time, in June we passed New Laws that the Regulators can't enforce or be brought to Capital Hill for some 'Splainin to do.
And Who's the Hero?! Our Illustrious Leader. Conquer and Divide. Bring down the Capitalists and their Big Salaries. When the ACORNS and Fannie Mae's of the world have been doing so at the same time.
Know your Constitution. Recognize what's in it and watch what our politicians are doing. Ask yourself, "Is this, what they are doing, in the best interest of upholding the Constitution?" What happened here was in 1992 a bill was passed, that eventually won a lot of votes for some scrupulous politicians, enabling their constituency to obtain financing for homes they couldn't afford. Keep up not only on your own elected ones, watch out for those in other states also. They all have an agenda, special interest and they ALL trade and barter their votes in order to make Washington work.