Bailout Politics
 

On Oct 2, 12:57*pm, Billy Burpelson wrote:
wrote:
Five years ago, Barney Frank vouched for the "soundness" of Fannie Mae
and Freddie Mac, and said "I do not see" any "possibility of serious
financial losses to the treasury."

Five years ago they -were- solvent. So what's your complaint? -- that he
didn't have a crystal ball to see into the future?

Sheesh...whatta moron.

Winter 2000 - The Trillion-Dollar Bank Shakedown That Bodes Ill for
Cities

The Clinton administration has turned the Community Reinvestment Act,
a once-obscure and lightly enforced banking regulation law, into one
of the most powerful mandates shaping American cities—and, as Senate
Banking Committee chairman Phil Gramm memorably put it, a vast
extortion scheme against the nation's banks. Under its provisions,
U.S. banks have committed nearly $1 trillion for inner-city and low-
income mortgages and real estate development projects, most of it
funneled through a nationwide network of left-wing community groups,
intent, in some cases, on teaching their low-income clients that the
financial system is their enemy and, implicitly, that government,
rather than their own striving, is the key to their well-being.
[...]
http://www.city-journal.org/html/10_...on_dollar.html

Sheesh...whatta imbecile!