"And it was Frank and Waters who swore to Heaven above that nothing was amiss with the federal lending agencies, one of them run by Democrat Andrew Cuomo, that helped create the subprime mort-gage crisis, itself driven in large part by racially-driven lending.
If Mr. Dodd and his friends want to lend money to the auto industry, so be it. If they don’t, that is their option. But given their role in wrecking the American economy, they should really refrain from giving advice to anyone on how to run anything."
Would hearing from the horse's mouth be helpful? When "Rep. Edolphus Towns (D-NY) asked the four CEOs whether poor people caused the current financial crisis. All said “no”:
Richard Syron, former Freddie CEO: “I would think that it wasn’t mostly trying to do things for poor people.”But hey, these guys are just fat cats, what do they know? Right? According to the Southern Plantation System, it's ok to ALWAYS blame the poor. After all, we must preserve the plantation against all contamination by the more objectionable elements of our society. God Bless the South, suh!
Daniel Mudd, former Fannie CEO: “[W]hen the market goes down, it’s the folks who are the closest to the margin who — who get hurt first and longest every time.”
Leland Brendsel, former Freddie CEO: “I cannot recall ever being forced to make — or to purchase a mortgage loan that I didn’t feel, as a matter of policy at Freddie Mac, was a good mortgage loan, a sound mortgage loan, and an attractive mortgage loan for the homebuyer or the owner of an apartment building.”
Franklin Raines, former Fannie CEO: “I do not believe that poor people are the cause of the current financial crisis. … Most of the losses, as I read the record, have come on mortgages that were made to middle-class and upper-middle-class people, not to poor people.
Just for good measure:
Nobel-winning economist Paul Krugman and Center for Economic and Policy Research co-director Dean Baker, have also explained that while Fannie and Freddie made many bad decisions, they weren’t primarily to blame for the financial crisis. At a hearing in September, former top government economic experts agreed that conservatives were pushing myths, rather than facts. [EMPHASIS MINE]Now with regards to the following:
"But Sen. Dodd’s suggestion that GM fire its top executive may be a nonpareil example of chutzpah. In short, is this man kidding?"Chutzpah: shameless audacity; impudence.
Mr. editoggor, Chutzpah? Really? Are you talking about the GM CEO who LOST 10 million bucks per quarter for his company when the economy was supposedly humming along nicely? Are you talking about the company that historically has REFUSED to modernize and has INSISTED on selling products that feed our addiction to foreign oil?
Are you accusing, yet again, the Democrats of being unable to stop the Republican Party from feeding at the trough, enriching themselves and their cronies while letting the infrastructure, the health care system, the city of New Orleans, the national defense, and the good will and reputation of our great nation fall in the gutter? Chutzpah sir?? Are you serious?
1 comment:
Great info, i think that getting as much information you can about any financial issue, whether it be a mortgage loan , title loan, etc.
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