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Thursday, January 06, 2011

We want our money back! No more "too big to jail."



Ann Coulter’s column is another reminder just how the financial catastrophe of 2008 happened and who is responsible. Yes, Wall Street made money and banks made money, but the people ultimately responsible, the “heroin pushers” were the Liberal politicians in congress and in charge of Fannie and Freddie who created the crap that brought the whole system down and drove the American family into the ditch. And I mean the American family literally. There is not a homeowner in the country who has not been affected by this disaster. Not an investor, not a retiree, not a bond holder, not anyone with a 401k who has not suffered in this disaster. The entire country is still reeling, hoping to live long enough to eventually recover. And the real culprits have made off with their money and Chris Dodd and Barney Frank are still not in jail for their part in this disaster.

Forget "stimulus" bills and "shovel-ready" bailouts ... the current financial crisis, which is the second Great Depression, was created slowly and methodically by Democrat hacks running Fannie Mae and Freddie Mac over the past 18 years....

Goo-goo liberals with federal titles pressured banks into making absurd loans to high-risk borrowers -- demanding, for example, that the banks accept unemployment benefits as collateral. Then Fannie repackaged the bad loans as "prime mortgages" and sold them to banks, thus poisoning the entire financial market with hidden bad loans....

Obama's own Federal Housing Finance Agency reported recently that by 2014, Freddie and Fannie will cost taxpayers between $221 billion to $363 billion.

Over and over again, Republicans tried to rein in the politically correct policies being foisted on mortgage lenders by Fannie Mae, only to be met by a Praetorian Guard of Democrats howling that Republicans hated the poor.

In 2003, Republicans on the Senate Banking Committee wrote a bill to tighten the lending regulation of Fannie and Freddie. Every single Democrat on the committee voted against it.

In the House, Barney Frank angrily proclaimed that Fannie Mae was "just fine."

Rep. William Clay, D-Mo., accused Republicans of going on a "witch hunt" against Fannie Mae and attempting a "political lynching of Franklin Raines" ...
As late as 2008, Sen. Chris Dodd, D-Conn., who had received more than $133,000 in political contributions from Fannie Mae, called Fannie "fundamentally strong" and "in good shape" -- which is the kind of thing the Politburo used to say about Yuri Andropov right after he died.

Enron's accounting fraud was a paltry $567 million -- and it didn't bring down the entire financial system. Those involved in the Enron manipulations went to prison. Raines and Gorelick not only didn't go to jail, they walked away with multimillion-dollar payouts, courtesy of the taxpayer.

...
Under the Democrats' 2010 "Financial Reform" bill (written by Chris Dodd, Barney Frank and Goldman Sachs), Raines keeps his $90 million, Jamie Gorelick keeps her $26.4 million, and Goldman keeps its $12 billion from the AIG bailout.

Let's get it back. Twelve billion, one hundred and sixteen point four million dollars might not sound like a lot to you, but it starts to add up.
Here in Virginia ex-delegate Phil Hamilton has been indicted for sponsoring a bill that gave money to start up a university center which in turn hired him to direct it.  That was four years ago.  The amount of money involved was $500,000 to Old Dominion University and Hamilton got a $40,000 job out of it.  In the grand scheme of things, chump change.

Compare that to the trillions of dollars that were involved in the Democrats' fraud scheme, that netted them millions of dollars in payments while driving the country's finances off the cliff and ruining the lives of millions of people. 

There should be no institution that's "too big to fail" and no politician who's "too big to jail." 

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