TeeJaw Blog

The Financial Meltdown Began With Democrats — Not Wall Street

Posted in Government and Politics by TeeJaw on Thursday, April 22, 2010, 10: 02 AM

All during 2004-2006 The Wall Street Journal was warning of the impending disaster and reporting the financial shenanigans of Fannie Mae and Freddie Mac, which were under the control of top Democrats from the Clinton Administration, Franklin Raines, James Johnson and Jamie Gorelick. These Dems took millions in compensation while at the same time cooking the books and using their clout to pressure banks into making sub-prime loans which they could then sell to Fannie and Freddie. Raines took bonuses of over $100 Million, Johnson an equal amount and Gorelick over $20 million. Meanwhile they were steering the country toward the financial meltdown that we now know about.

This video shows the Bush Administration and Republicans in Congress warning of the impending disaster and attempting to bring some semblance of sanity to the regulation of Fannie and Freddie. All the while the Democrats were mightily resisting at every turn, playing the race card and every underhanded tactic they could conjure to defend what was happening before their eyes.

Now Obama and his minions are trying to lay the blame on who? Right, Wall Street, the private sector and Republicans! This takes more than gall. It takes chutzpah. Chutzpah on stilts.

Wall Street played its part but the final reckoning will lay the bulk of the blame on Government and more pointedly, the Democrats’ resistance to stopping it before it was too late.

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