By Ann Coulter
The Republicans are back in charge in the House of Representatives this week and not a moment too soon!
Forget stimulus bills and shovel-ready bailouts (for public school teachers who need shovels for what theyre teaching) 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.
As even Obamas treasury secretary admitted in congressional hearings Fannie and Freddie were a core part of what went wrong in our system. And if its something Tim Geithner noticed its probably something thats fairly obvious.
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.
Believe it or not the loans went belly up banks went under and the Democrats used taxpayer money to bail out their friends on Wall Street.
So far Fannie and Freddies default on loans that should never have been made has cost the taxpayer tens of billions of dollars. Some estimates say the final cost to the taxpayer will be more than $1 trillion. To put that number in perspective for a trillion dollars President Obama could pass another stupid useless stimulus package that doesnt create a single real job.
Obamas 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 (which in a game of bad metaphor Scrabble would have been a double word score).
Fannie was pressuring banks to write mortgages with no money down and no proof of income. What could go wrong?
In 2004 Bushs White House Chief Economist Gregory Mankiw warned that Fannie was creating systemic risk for our financial system. In response Barney Frank went to a champagne brunch with his partner just because.
Democrats saw nothing of concern in the Fannie debacle. Bad mortgages dont contain sodium do they? They dont engage in hate speech. And they dont emit carbon dioxide. There was nothing to catch a Democrats eye.
In 2005 when the housing bubble burst Sen. Chuck Schumer D-N.Y. introduced a bill allowing Fannie Mae to buy up even more schlock mortgages apparently reasoning that if owning some toxic mortgages is bad owning lots of them must be better!
He accused Republican opponents of his suicidal bill of being against affordable housing. (And that is a specific example of how liberals love the poor so much they promoted policies to create millions more of them.)
As late as 2008 Sen. Chris Dodd D-Conn. who had received more than $133000 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.
(Amazingly Dodd was only the second most embarrassing Democrat to run for president in 2008 but only because John Edwards was also running that year.)
As the titanic losses were racking up Fannie Maes operators Franklin Raines and Jamie Gorelick disguised the catastrophe by orchestrating a $5 billion accounting fraud -- all the while continuing to pressure banks to make absurd politically correct loans and denouncing Republicans as enemies of the poor.
In Gorelicks defense at least when she was wrecking the economy she wasnt able to wreck national security by building any more walls between the FBI and the CIA.
Have you ever noticed that whenever theres a major calamity in this country the name Jamie Gorelick always pops up? I think Ill pull some articles about the Great Chicago Fire from Nexis to see if there was a Gorelick living on Catherine OLearys block.
As Peter Schweizer points out in his magnificent book Architects of Ruin which everyone should read Enrons accounting fraud was a paltry $567 million -- and it didnt bring down the entire financial system. Those involved in the Enron manipulations went to prison. Raines and Gorelick not only didnt go to jail they walked away with multimillion-dollar payouts courtesy of the taxpayer.
(Heres more fascinating Jamie Gorelick trivia: That giant wall she built between the FBI and the CIA making 9/11 possible? It was financed with a risky loan from Fannie Mae.)
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.
Lets 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.
Ann Coulter is a columnist and author of Guilty: Liberal Victims and Their Assault On America.
By Ann Coulter
The Republicans are back in charge in the House of Representatives this week and not a moment too soon!
Forget stimulus bills and shovel-ready bailouts (for public school teachers who need shovels for what theyre teaching) 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.
As even Obamas treasury secretary admitted in congressional hearings Fannie and Freddie were a core part of what went wrong in our system. And if its something Tim Geithner noticed its probably something thats fairly obvious.
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.
Believe it or not the loans went belly up banks went under and the Democrats used taxpayer money to bail out their friends on Wall Street.
So far Fannie and Freddies default on loans that should never have been made has cost the taxpayer tens of billions of dollars. Some estimates say the final cost to the taxpayer will be more than $1 trillion. To put that number in perspective for a trillion dollars President Obama could pass another stupid useless stimulus package that doesnt create a single real job.
Obamas 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 (which in a game of bad metaphor Scrabble would have been a double word score).
Fannie was pressuring banks to write mortgages with no money down and no proof of income. What could go wrong?
In 2004 Bushs White House Chief Economist Gregory Mankiw warned that Fannie was creating systemic risk for our financial system. In response Barney Frank went to a champagne brunch with his partner just because.
Democrats saw nothing of concern in the Fannie debacle. Bad mortgages dont contain sodium do they? They dont engage in hate speech. And they dont emit carbon dioxide. There was nothing to catch a Democrats eye.
In 2005 when the housing bubble burst Sen. Chuck Schumer D-N.Y. introduced a bill allowing Fannie Mae to buy up even more schlock mortgages apparently reasoning that if owning some toxic mortgages is bad owning lots of them must be better!
He accused Republican opponents of his suicidal bill of being against affordable housing. (And that is a specific example of how liberals love the poor so much they promoted policies to create millions more of them.)
As late as 2008 Sen. Chris Dodd D-Conn. who had received more than $133000 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.
(Amazingly Dodd was only the second most embarrassing Democrat to run for president in 2008 but only because John Edwards was also running that year.)
As the titanic losses were racking up Fannie Maes operators Franklin Raines and Jamie Gorelick disguised the catastrophe by orchestrating a $5 billion accounting fraud -- all the while continuing to pressure banks to make absurd politically correct loans and denouncing Republicans as enemies of the poor.
In Gorelicks defense at least when she was wrecking the economy she wasnt able to wreck national security by building any more walls between the FBI and the CIA.
Have you ever noticed that whenever theres a major calamity in this country the name Jamie Gorelick always pops up? I think Ill pull some articles about the Great Chicago Fire from Nexis to see if there was a Gorelick living on Catherine OLearys block.
As Peter Schweizer points out in his magnificent book Architects of Ruin which everyone should read Enrons accounting fraud was a paltry $567 million -- and it didnt bring down the entire financial system. Those involved in the Enron manipulations went to prison. Raines and Gorelick not only didnt go to jail they walked away with multimillion-dollar payouts courtesy of the taxpayer.
(Heres more fascinating Jamie Gorelick trivia: That giant wall she built between the FBI and the CIA making 9/11 possible? It was financed with a risky loan from Fannie Mae.)
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.
Lets 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.
Ann Coulter is a columnist and author of Guilty: Liberal Victims and Their Assault On America.
