Now that Obamas first year is behind us, and hopefully his benign payback to the lefts hopey changie agenda a specific focus on what the real problems are and how the political community is to blame for our economic woe’s. In a report that was released in the heat of the health care battle this summer, the committee on oversight and government reform deftly pinpointed the smoking gun to the current economic crisis and the players involved.
Not surprisingly numerous high level Democratic and Republican names litter the pages of the 28 page tome on how Fannie Mae and Freddy Mac’s involvement with the help of the well placed politicians and lobbyist’s practically guaranteed the bursting of the housing bubble. The conclusions and sub text further cement the fact that neither government or politicians are capable of managing any enterprise without getting their pound of flesh.
Also within the pages of the report the names Barney Frank, Chris Dodd, Bill Clinton, Peter Orzog, Countrywide, Larry Summers, Rham Emanuel, and lastly Chuck Shumer. Ironically for the exception of a few names these individuals have been tasked with “cleaning up the mess from the past”. In pure political form the ones who created the mess are now the brave souls who will right the ship with the newly proffered Financial Reform bill now in the house.
The report, which can be read here, spins a tale of, cooked books, favoritism, outright tortuous interference, and copious amounts of cronyism all happening in full site of the regulators tasked to prevent such fraud. The report shows that the proper regulatory oversight was in place but was cajoled, manipulated, and threatened to turn a blind eye to the political infighting. This fact is highly relevant in that with the proposed “Financial Reform” legislation now being discussed by the very same offenders of the past policy is nothing more than a political game of propaganda to detract from the real causes of the failure of Fannie and Freddie Mac.
If you read the 28 page report (you should) you gain an understanding on how the machine works, also evident is the prevailing attitude that the politicians cared little about expanding home ownership, but were more interested in placating and expanding their voting bases. The pandering, back room deals, and favoritism shown in the Fannie and Freddie downfall add to the continued mountain of evidence that government should not be involved in the management of any free enterprise, and without the threat of failure, accountability or fiscal restraint it came down to not if the GSE’s would fail but on who’s watch.
As we usher in a new decade “fundamental change” in fact must take place, but where that change must be fostered is on the shoulders of the people, the followers must become the leaders no longer accepting the hollow promises of our politicians rote. The genius of the American system of freedom is we “currently” have choice, we just have to become better at remembering that key fact and put it to work, or we all will be learning Mandarin in due haste.
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