Herb wrote: “What socialists? You mean the ones scrambling to save our free enterprise system by making it…well, solvent again? Oh, okay…”
Yeah, the ones that presided over the subprime mortgage meltdown that precipitated the whole slide in the first place. Let’s connect some dots…Janet Reno strongarms mortgage lenders into subprime loans under the cloak of the Community Reinvestment Act. They respond by engineering ARM’s and derivitives. Franklin Raines, Fannie Mae CEO (and Obama economic advisor during his campaign)cooks the books during his tenure for $6 billion to trigger $90 million in bonuses for himself and rendering Fannie Mae insolvent. Makes Ken Lay’s Enron scandal look like a kid stealing a pack of cigarettes. Anyone but me curious why Raines isn’t in prison? Guess who’s on Fannie’s board of directors at the time? Rahm Emanuel and Jamie Gorelick, now prominent cabinet members. It’s the early part of W’s administration, and he tries NINE TIMES to get Chris Dodd and Barney Frank to head off the disaster by implementing some oversight via their heading up House and Senate Finance Comittees. Have you seen the CSPAN video of Dodd, Franks claiming everything is just fine, there’s no crisis coming? I have. Dodd gets a sweetheart, no interest mortgage from Countrywide, how nice. Barney’s boyfriend has a major gig at Freddie Mac, how adorable. Fast forward to today and they’re all posturing and claiming that the bankers responsible will have some ‘splainin’ to do (note the omission of Senators and Congressmen). Then there’s the magnanimous claim by Obama that 95% of taxpayers will get a tax refund! But wait, the bottom 40% of wage earners don’t pay federal income tax. Sounds a lot like redistribution of wealth. So yeah, those socialists, the ones that caused the trainwreck to begin with.
