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September 25, 2008
Democrats Are To Blame For This Mess
This video from Fox news just came out yesterday, and it is an EXCELLENT report on the origins of this mess.
This is a Democrat-made mess.
by Rush Limbaugh
The headline in the New York Times today: "McCain's Aide's Firm was Paid by Freddie Mac -- One of the giant mortgage companies at the heart of the credit crisis paid $15,000 a month from the end of 2005 through last month to a firm owned by Senator John McCain's campaign manager," Rick Davis.
The McCain people are livid. They have put out a response on their website that refutes all of this.
This is not even bias. This is propaganda. It is false, it is provably false, and what it ignores is that Obama -- and they don't even mention it! -- Obama received $109,000 from Freddie Mac or Fannie Mae, one of the two. In just two and a half years in the Senate. It took Chris Dodd about nine years to accrue $120,000 from Fannie Mae. Obama did it in less than two years. How the hell does that happen? What the story also does not mention, ladies and gentlemen, is that it was John McCain who authored and cosponsored legislation to make stricter regulation oversight of both of these things, Fannie Mae and Freddie Mac, going back to '05 and to '06.
McCain is the one guy -- a lot of Republicans, the president, a lot of Republicans -- who came in and said, "You guys are out of control in there and this is going to lead to a major problem," tried to set up new regulations. The Democrats blocked it at every turn. I'm at a loss to explain this, other than to describe it as simply the New York Times as willingly, openly, and in-front-of-the-world decided to become an official arm of the Obama campaign. This is an unpaid ad is what this is. This is an unpaid campaign ad filled with propaganda that is designed to destroy McCain.
Guess what, folks. Paul Begala was also a consultant here. Not a lobbyist, he was a consultant here.
He was a paid consultant to Freddie Mac until this month, and who is Begala for in this whole race? Look it, the bottom line in this damn thing is this. It was constructed and run by Democrats. It is filth. It is raw sewage sulking around in there, and it's of their making, and it has presented a crisis to the US economy, and it was all based on liberalism. Liberal, socialist ideas created Fannie Mae and Freddie Mac and then raped them and distorted their original purpose, when the Democrats turned this thing into nothing more than a personal piggy bank for each other and their party.
How Democrat Thieves Looted Fannie Mae and Freddie Mac
by Rush Limbaugh
Now, let's review a little history here. Long before the subprime crisis, the Bush administration not only warned of impending calamity, they had a plan to avert it. Fannie Mae, under the leadership of Clinton appointee Franklin Raines, who's now an Obama insider, economic advisor, and Freddie Mac, had issued over one-and-a-half trillion dollars in loans, but their accounting was in shambles. The agency that Congress set up to monitor them had failed to rein 'em in, so on September 11, 2003 -- this is five years ago -- President Bush proposed the agency that Congress set up to monitor them. He proposed what the New York Times called the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis. The New York Times called it that. Central to Bush's proposal was creating a new agency to oversee Fannie and Freddie.
Franklin Raines, a hundred million dollars over I think seven years working at Fannie Mae while running it into the ground. He was also OMB director working for Clinton, making his usual $150,000 a year. That's chump change. These people go to Washington, and they siphon stuff. all of these programs are fraudulent. How many congressmen have we heard about, these stories, they arrive with nothing and they leave with a net worth of millions. There's only one way this can happen, and that is deals with contributors, lobbyists. So it's the largest stash of money that's just waiting to be taken in the form of legitimate grants, commissions, personal fees for what have you. It's just waiting there to be grabbed. And guess where liberals gravitate? Washington, DC. You know, we conservatives look at Washington as someplace we want to be smaller. We don't target our lives to take control of government. We target our lives to try to limit its size and influence. Liberals, government is God, government is religion, government is their nirvana. They seek jobs there for the purpose of infesting the place with each other in lifetime-appointed positions so as to forever control as much of life in this country as possible, and when they can, grab a little from the till. And they do it.
Even though Bush proposed a new oversight committee, the Democrats said no way. They cried foul. Barney Frank said these two entities, Fannie Mae, Freddie Mac, they're not facing any kind of financial crisis.
Barney Frank, "They're not facing any kind of financial crisis." Melvin Watt, Democrat, North Carolina, he agreed. He accused Bush of wanting this oversight committee so he could weaken the bargaining power of poorer families
So this was nothing more than Barack Obama-type cynicism and racism, Melvin Watt accusing Bush of weakening the bargaining power of poor families. So, Democrats did not pay any attention to any of the problems going on, they looked the other way. In fact they made the problems even worse by extending loans to people in greater numbers who couldn't pay them back. So, instead of solving the problem, Democrat insiders kept using Fannie Mae and Freddie Mac as personal piggy banks, Clinton-era policies fueled the giveaway that is now in the famous words of Jeremiah Wright, coming home to roost. Democrats fought every effort, every reform, and now they're rewriting history. It's just a sitting duck. It's just a sitting duck issue.
Next we have Daniel Mudd, 2005 on Capitol Hill, Fannie Mae, Interim CEO.
From an old Tape on Mudd ....this is his interim swearing-in ceremony, Daniel Mudd. He's phrasing the Congressional Black Caucus for helping save Fannie Mae.
MUDD: I am humbled to come here today to reaffirm the friendship and the partnership between Fannie Mae and the Congressional Black Caucus. Fannie Mae is determined to keep tearing down the barriers to deliver on the American dream and that means we need to work together with the CBC.
Rush: He's phrasing the Congressional Black Caucus for helping save Fannie Mae. This is all about Fannie Mae, Freddie Mac, out of control. They had a regulatory agency looking over their shoulder, they had no authority, they were in trouble starting all the way back in 1997.
I know Obama's running around blaming Bush and the Republicans and so forth, which is typical, but this is a sitting duck issue for McCain and Palin to blame the real culprits here, and that is Democrats in Congress.
I'm telling you when it comes to this stuff, whether it's Hurricane Katrina and the aftermath, I don't care whatever problem you talk about, all roads lead to Congress, in this case the Democrat Congress back in the nineties. Congress writes the laws. Congress sets up the way these government-run institutions, even with so-called private sector involvement, are going to operate. And then when the excrement hits the fan, guess who gets to act like they were clueless and had no idea what was going on and they get to investigate? The very people who messed it up, set it up in the first place. The very people who create the problem then investigate it as though they were innocent bystanders and spectators and then they give themselves even more control of the mess they made ostensibly out of benevolence to fix it. And remember all this chatter during campaign finance reform that money in the electoral process was corrupting good people, and I never thought that was the case.
I never thought that our electoral system and campaign contributions and donations was corrupting in and of itself, but I'll tell you, that large stash of money sitting around waiting to be looted by people in Washington, various degrees of power, I am telling you there is a level of corruption in that town with people thinking that all money is theirs, what you end up with is what they decide you should have. They do not realize that that big pile of money is produced by one thing, the collective work and productivity of the American people. If the American people didn't work and produce and weren't paying confiscatory taxes, that big pile of money wouldn't be there. These people create nothing; they produce nothing. They gum up the private sector, they clog it you with all kinds of things, then they act like they had nothing to do with it, then they come in and fix it and appoint themselves an oversight role that gives them even more power over the so-called fixed situation.
The point is, this problem started back in the nineties with the Clintons demanding the end of redlining. That's really where this starts, the end of redlining. Redlining was a bogus charge that lending institutions would look at the race of the applicant and just refuse on the basis of race, not on the basis of anything else, it was racist, redlining was racist, and I don't doubt that it happened in some cases. So the fix for it, always an overstep, it's always an overreach. So to extend the American dream to everybody, they said, "Get rid of redlining and loan money to people that can't pay it back. That's the way we're going to fix it." It's sort of like affirmative action.
We lent more money to people that can't pay it back than any company in history. And that money is now gone! And, by the way, we're not a company; we are a government-run outfit. This whole notion that Fannie Mae, Freddie Mac are private sector things with little government ownership, you can't have any government ownership in a private sector entity and still call it private sector.
So here this guy, MUDD, is, he's showing up, this is after Frank Raines, all this corruption, this is 2005, and this guy shows up and he falls on the sword for the Congressional Black Caucus, you're our hope, you're our dream, you are the people who kept us together and this and that, you are our family. I humbly ask you to help us and to help me. Now, what the hell does this tell you that the root of the problem is?
More of what MUDD said is played by Rush with Rush interjecting throughout the playing of the audio tape:
MUDD: We will work hard inside our company to resolve the serious matters before us, to put our house in order, and to forge a new future.
RUSH: That really worked.
MUDD: And all the while, you will see Fannie Mae reaching out and listening to the caucus.
RUSH: Yeah.
MUDD: Over a century of endeavor you have earned the reputation as the conscience of Congress.
RUSH: Don't make me gag.
MUDD: In many ways, I want to tell you today you're also the conscience of Fannie Mae.
RUSH: Well, now we know.
MUDD: -- keep us on course to serve those who need serving the most.
RUSH: There you have it, all roads lead to Congress. I mean I have never heard somebody kiss ass in public like this in my life. I mean I may have. I just don't remember it. But I mean this guy, is he still around, or is he sick with anal poisoning? Daniel Mudd, anybody seen Daniel Mudd lately? This, ladies and gentlemen, identifies the el problemo, for those of you in Nevada, Florida, Colorado, and Nebraska listening to Obama ads.
RUSH: By the way, we found out where Daniel Mudd, by the way, he's Roger Mudd's son, of CBS fame. This is Braden Keil at the New York Post from just three days ago. "As more than a million US homeowners face devastating mortgage foreclosures, ousted Fannie Mae CEO Daniel Mudd continues to live in an opulent Washington, DC, mansion replete with expansive gardens, servants' quarters and a home theater. Mudd, whose former company," Fannie Mae, don't call this a company "is being bailed out by billions in taxpayer dollars, calls home a 22-room Colonial mansion on Newark Street in tony Cleveland Park, built on the former property of President Grover Cleveland. The eight-bedroom, eight-bath pad includes large public rooms with fireplaces, a home theater, a gym, a wine cellar, a solarium, servants' quarters, a terrace off the master-bedroom suite, and a gourmet kitchen. The gated, landscaped property also features a pool, fountains, gardens and a guesthouse.
"The property is so lavish that some company employees dubbed it 'Mudd Manor.' And they're furious that the executive at the helm of the ship as it sank into profound crisis has surfaced relatively unscathed, at least for now. 'Hey, he lost his limo and corner suite [at the office], but Mudd Manor is not a bad place to contemplate your next move,' said a bitter Fannie Mae employee who requested anonymity. 'Most Fannie Mae employees are reeling from their employee stock-option-plan account balances' going to cents on the dollar.' Mudd, the son of former newsman Roger Mudd and descendent of Dr. Samuel Mudd, who treated Lincoln's assassin, John Wilkes Booth, did not return calls for comment." Now, by the way, something else you need to know here. "Under the terms of his employment contract, Daniel Mudd," who you just heard bowing down and kissing the rear of the Congressional Black Caucus in 2005, "Under the terms of his employment contract, Mudd could collect $9.3 million in severance pay, retirement benefits and compensation, as long as his dismissal was 'without cause.' His salary last year was $900,000, although in a radio interview last month, he didn't deny reports that he raked in a total of $43 million in stock options, bonuses and overall compensation through the years."
So you add this to Franklin Raines' 100 million and Jim Johnson, what he ever got out of it, and Jamie Gorelick's part of the group that got $75 million out of Fannie Mae, and you see precisely what this was. It was indeed a Democrat Party piggy bank disguised as a lending agency for people who couldn't afford anything. Now, the piece de resistance. "Democratic Sens. Barack Obama, Chuck Schumer, and Jack Reed have written to Treasury Secretary Hank Paulson to object to golden parachutes for Mudd and ousted Freddie Mac Chairman Richard Syron, saying it would be 'a gross violation of the public trust.'" Yeah, they had to do that. Obama already got his money out of there in the form of campaign contributions and so forth.
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Wild Thing's comment..........
I realize this is a LONG post and I am so sorry, but this is so important to get these facts. Rush has links at his site to back up everything he said and played on this show.
Enough of the lies from the left blaming Bush, McCain and what the heck Palin. This above is from facts, the in your face to the democrats facts that we should know about.
What is the difference in Democrats and terrorists? The terrorists want us dead. They both want to destroy our country, they both have an agenda to take over our country, they both lie, and they BOTH destroy everything they are involved with. Like the way the terrorists destroyed the beauty and wonderful farms the Israeli's kept in Gaza, the terrorists went in and burned and destroyed them.....and this was AFTER Gaza was handed over to the evil terrorists!!!!
The same thing with the democrats they get into our politics and destroy commerce, busiiness ( small and large), want to tax we the citizens to death, lie, cheat and steal. Are the most corrupt of both parties and are the enemy within our country. They keep us from drilling where we should and could be for oil that we have in abundance. They could care less if their own voters are paying big money for gas and with winter coming.
Regarding the military both democrats and terrorists are on the same side imo. I am speaking of the democrats of today and for the last 50 years.
They mess up and then blame those that kept warning that things were going wrong and needed to be fixed. Well I am sick of it!!!!!!
Posted by Wild Thing at September 25, 2008 04:48 AM
Comments
As a nation, I guess we deserve what's happening. We continually reelect these SOB's and they're sticking it to us big time. They thumb their noses at us because they know, as a people, we're too stupid to see them for what they are.
I think term limits of 6 years for Representatives and 12 years for Senators will do a lot to stop this empire building and fleecing of the American People.
Isn't it amazing that how Michelle Obama was saying that only a few years back they were struggling to pay off college loans and now they're millionaires.
Posted by: BobF at September 25, 2008 09:26 AM
I've got a question?
In 2005 didn't Republicans control both Houses of Congress? If so, how could Democrats block the legislation mentioned in the video clip? I guess it was something we all here complained about prior to the 2006 elections; Republicans in Congress not having the kahonas to stand up to Democrats. If they had, we might not now be in this financial mess.
Posted by: BobF at September 25, 2008 09:36 AM
We can blame ourselves as voters to a degree. We can blame the political partys for giving us bad choices to vote for. We can blame the MSM for it's horribly biased reporting. There is plenty of blame.
I put most of my blame on an entrenched political mafia in Washington DC. It includes career politicians, their families, the political party hierarchies, lobbyists, financial officers, leftist media types, crooked business executives and assorted other criminals. They are all feeding at the public trough of tax money.
There is little we citizens can do about it except to vote as best we can. This is why so many of us are so thrilled by Sarah Palin. She is a DC outsider. She gives us hope. Lots of us love Sarah and will optimistically vote for her even though we don't like McCain.
Posted by: TomR at September 25, 2008 10:03 AM
Well, the Dems are really, really good at rewriting history, so I'm not at all surprised about this.
They remind me of that brat kid at school who started all the trouble and then pointed their finger at others and acting indignant when asked who started it.
I have written many times on requests for donations from the RNC, "I don't donate to RINOS. When you all start acting like Republicans again, get back to me and maybe I'll reconsider."
The sad part is too many folks do not read blogs and only know what's being put out in the newspapers and on TV. Or just don't care.
Can we throw the tea in the harbor now??
Posted by: yankeemom at September 25, 2008 10:05 AM
Threatening lawsuits, Clinton's Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for a mortgage. That isn't a joke -- it's a fact.
Hillary should know about this. She and the Felon made up this mess and the willing accomplices of the democrat party went along and protected the whole scheme from the light of day.
This is how we got into this mess and it is a secondary piggy bank for the democrat party. The media is doing yoemans work to hide this fact from the public. This started during the Clinton administration and this is how far we have slid down the rathole of bad loans.
The CEOs a the Fannies were cooking their books to look like they were actually making money to increase the size of their bonuses.
Now Reid and the rest of them are running around like rats in a basement after the light has been turned on trying to blame Bush and the Republicans only this time the Republicans had nothing to do with it.
Posted by: Mark at September 25, 2008 11:25 AM
We all know what the next step is, appoint a commission to investigate the failure. Who to best head up that investigation? Barney Frank and Chris Dodd? They are the banking experts and most qualified in this incestuous relationship. BTW who sanctioned Henry Paulson as Treasury Secretary and who appointed Ben Bernanke? Kinda like the arson being trapped in the burning building and blaming the firemen for his dilemma. Hell we can sell all that glut of bad mortgages to the the new citizens Jorge has been sponsoring.
Posted by: Jack at September 25, 2008 01:48 PM
BobF, yes we did complain, and I think even though the dems are the biggest to blame in this so are Rep. for not coming down hard when they knew what was going on. That look the other way thing too is rampant, don't make waves kind of thing. grrrrrr
It is the dems fault but at least our side should have done something. I hope the republicans finally realize now this is war and all democarts are our enemy and the enemy of our country.
And the worst part is we the people are the ones that end up with the bill once again for their bs.
Posted by: Wild Thing at September 25, 2008 03:52 PM
A commission to investigate the failure? Would this be like the 9/11 commission whitewash/ report? Minions like Sandy Berger and Jamie Gerlick rushing to sanitize files? A truncated timeline that doesn't start at the root cause? Hard to imagine a bigger waste of the taxpayers money (other than the bailout fiasco). At this point the alternative media seems to be doing the yoemens work of the investigation. If Bambi does get elected, enacts the "fairness" doctrine, the alternative media will struggle mightly against having the truth squashed and the full and foul details of this mess will never come out.
One of the commenters here blames the entrenched political mafia. How true. Between the gerrymandering and various propaganda arms of the established parties, changing out congress critters becomes a formidable challenge. For many of us it is "better the devil that you know than the one that you don't". That said, the word of the day has to be vigilance. Citizens proved in the debate on amnesty that individuals can make a difference. Call it behavior modification BEFORE the ballot. Letting them get too far afield makes the correction more difficult (I learned that in dog training class :-))
Posted by: yatalli at September 25, 2008 03:58 PM
Tom you right that is just how it is. Plenty of blame to go around and the main thing I am just so glad about is Sarah Palin is in there for us, the conservatives. I love so much that she is not a Senator, that she has taken a stand on things that were not popular and she put her citizens as something important to her and did not go the route of big government.
Posted by: Wild Thing at September 25, 2008 03:59 PM
Yankeemom, good, that is what I have been doing too. If it is a questionaire I fill it out and then where it asks for a donation I have put the same thing you said. I hope a lot of others have done that as well.
Posted by: Wild Thing at September 25, 2008 04:03 PM
John McCain and Sarah Palin should repeat this story and reference the video over and over again at every opportunity including rallies, interviews, mailings, ads, and debates. Rub the Dem's noses in it until they stop crapping on the public with it is all Bush's, McCain's, and the Republican's fault.
Posted by: Les at September 25, 2008 04:09 PM
Mark good grief.
"Clinton's Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for a mortgage"
I swear I am so furious with these people Mark. Sometimes I just have to walk outside, go ride my bicycle or work out an extra time at the gym just to be able to handle the anger I have toward the Democrats.
Posted by: Wild Thing at September 25, 2008 04:18 PM
Jack, I read where Henry Paulson was appointed during the Clinton regime and Bush just let him stay. GRRRRRR They really are all the same, the Bush family and the Clinton's. I am soooo sick of this crap.
Posted by: Wild Thing at September 25, 2008 04:21 PM
Les, I agree, I sure am going to do that with dems I meeet. This is all ammo for me and I will use it too. I agree with you that would be good if McCain could even have an ad with naming names in it.
Posted by: Wild Thing at September 25, 2008 11:45 PM
yatalli, thanks for sharing about that, it is interesting.
Posted by: Wild Thing at September 25, 2008 11:47 PM
