O’Reilly vs. Frank - Great Video
I’m normally not a fan of O’Reilly, but I love this.
Entries Tagged as 'Credit Meltdown'
Subprime Meltdown - Fannie May is Democrats’ Enron
Following is a video of a 2004 congressional hearing focused on warnings by OHEA, the regulator of Fannie Mae, that the practices of Fannie Mae are setting the entity up for a giant crash. Additionally, OHEA warns about fraudulent accounting practices at Fannie Mae under the leadership of Franklin Raines.
The Democrats on the committee repeatedly say that Fannie is just fine and that the regulator is imagining problems where none exist. Franklin Raines was, of course, forced out of Fannie because of accounting fraud in the millions of dollars.
The Fannie/Freddie push for sub-prime mortgages is the single biggest cause of the current credit meltdown. Of course, the Democrats are blaming a failure of regulation when, as the video clearly demonstrates, they were trying to crucify the regulator who was warning them of serious problems with Fannie.
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