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Posts Tagged ‘Freddie Mac’

Here is a collection of 2004 statements of impassioned defense of the mortgage institutions Fannie Mae and Freddie Mac, and how the Democrats downplayed any notion of crisis.

Notable is 6:05: Democrat Barney Frank, whom we’ve seen in recent news actively involved in the bailout of failed banks and mortage institutions, brushing off any idea of impending danger back in 2004:

But I have seen nothing in here that suggests that the safety and soundness is an issue, and I think it serves us badly to raise safety and soundness as a kind of general shibboleth when it does not seem to be an issue.

– Barney Frank

Flash forward in 2008, Frank is blasted on O’Reilly for his continued denial of responsibility in this crisis. Check out 0:58 where Frank states something that contradicts his original stance in 2004:

I’ve always felt two things about Fannie Mae and Freddie Mac, that they had an important role to play but that the regulations should be improved. Now from 1995 to 2006 when the Republicans controlled Congress and we were in the minority we couldn’t get that done.

– Barney Frank

I would say shouting and screaming are hardly hallmarks of critical thinking and discourse, however it’s useful taking O’Reilly’s accusations in the context of 2004. If anything, O’Reilly is playing out is role as the sensational voice of outrage in this mess.

Hindsight 20/20.

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Ever hear how “no one saw this crisis coming”?

A Fox-News report in September 2008 shows that as far back as 2002, members of the Bush administration as well as Republican senators were raising red-flags on the potential regulatory problems in Fannie Mae and Freddie Mac with threat of serious repercussions to the financial markets.

Hindsight is 20/20, but the irony we see in our backvision is chilling.

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(Excerpt from a client folio published by Morgan Stanley)

Financial Crisis/Economic Rescue

Obama envisions fiscal policy as a central tool for spurring the economy and blunting the coming recession. To build upon the first economic stimulus package passed in February 2008, Obama supports passage of a second stimulus bill to inject infrastructure and benefits-related spending into the economic engine (Obama did not vote on the final version of the first stimulus package). Obama has proposed a twoyear, $175 billion total package, with:

(more…)

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