Blame Clinton for Fannie Mae breakdown
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Posted: October 07, 2008
1:00 am Eastern
© 2008
There are many people to blame for the current economic crisis and the nearly $1 trillion taxpayer bailout designed to fix it.
I believe Sen. Chris Dodd, D-Conn., and the chairman of the Senate Banking Committee, should have been forced to resign for his failure to see this debacle coming. I believe Rep. Barney Frank, D-Mass., and chairman of the House Banking Committee, who proudly proclaimed Fannie Mae and Freddie Mac sound just last July, should be forced to resign in disgrace. And I believe Sen. Charles Schumer, D-N.Y., who irresponsibly started the first bank run at IndyMac as surely as the miserly Mr. Potter did in "It's a Wonderful Life," should be tarred and feathered and run out of Washington on an Acela Express Amtrak rail.
All informed people today also know about the role of Franklin Raines defrauding tens of millions to line his own pockets with bonuses. He should be breaking rocks at Sing Sing, not flirting with a Cabinet post in a Barack Obama administration.
But little has been mentioned about the very public role of the Clinton administration in pressuring Fannie Mae to expand mortgage loans to low-income people simply not qualified for them.
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