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Location: Pantego, Texas, United States

Tuesday, September 16, 2008

Here is more about the Fannie Mae and Freddy Mac fiasco. For many years the politicians used these agencies as a slush fund. Both political parties were involved. Bush tried to do something about the probelm in 2002, but Congress wanted no part of reform. Democrats want to blame Bush, but he is probably the least culpable. I saw Steney Hoyer blame Cheney today, because Cheney allegedly said "debt doesn't matter." I'll assume that if Cheney actually said that, that Hoyer took it out of context. Anyway, Hoyer said the Cheney's comment was taken by everyone as a sign that anything goes. Hoyer sort of acknowledged that the bad accounting practices and outright fraud started long before Prsident Bush got to Washington. Hoyer and Pelosi both said they were trying to fix the problem, but somehow Bush prevented that. Curious since Bush had proclaimed Fannie Mae and Freddy Ma to be corrupt. The record does show that Democrats got the most money from Fannie Mae and Freddy Mac. Here is more about this from the blog Flopping Aces (read the comments, too):

http://www.floppingaces.net/2008/09/16/financial-crisis-a-democrat-scandal/#more-8643

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