Posted by
MrWebsmith on Sunday, November 30, 2008 4:30:53 PM
Since many in the mainstream media as well as the majority of our elected officials seem to have a lack of understanding (or a lack of fortitude?) concerning the true causes of the mortgage meltdown, I decided that spelling it out letter by letter may be of assistance.
F - Frank, Barney - The guy who pledged allegiance to the soundness of agencies he knew were not on solid footing! He should be thoroughly investigated for, among other things, obstruction of justice and conspiracy to commit fraud!
A - A.C.O.R.N. - You know, the advocate corruption of regulators and neighborhoods group, a.k.a. friends of Obama. The organization that bullied banks into making bad loans but looks the other way when its own affiliates have 200+ tax liens.
N - Nancy Pelosi - Promised an ethical House as speaker but exempted her hubby's businesses from minimum wage increases. She is the quintessential liberal politician. The lowest Congressional approval ratings ever have resulted from her leadership and yet it is always someone else's fault.
N - Negligent - Defined in Webster's Dictionary as "habitually failing to do the required thing." As our employees (yes, everyone one of you in Congress is elected to work for us, rather than against us) where was the oversight, where is the accountability? Such gall you have in accusing others of the very crimes you have committed as public servants!!
I - Interstate Banking And Branching Efficiency Act of 1994. Banks no longer had to compete locally, now they could branch out from coast to coast, as long as they remained in the good graces of Janet Reno by making subprime loans under the Community Reinvestment Act.
E - Earmarks - A world of bringing home the bacon while claiming ignorance about your own favorable treatment (Yes, I'm talking about you Chris Dodd, Kent Conrad, Joe Biden, and several others in the world's most exclusive club.)
M - Moses, Herb - Rep Frank's heart throb while Moses was an executive at Fannie Mae. So, Barney was involved in making laws that would/could/did benefit his lover's GSE initiatives. Well, did Frank block efforts at regulating Fannie Mae because he was trying to prevent a scandal at Fannie Mae or an enraged lover's wrath? Thanks Barney for screwing the taxpayers, couldn't you have kept that sort of thing between the two of you?
A - Accounting standards - Enron, MCI, Lehman Brothers, and Citigroup pale in comparison to Fannie Mae and Freddie Mac. Yet, the very elected officials who caused this crisis are grilling others at hearings! If you egotistical brats left a private company is such disarray you "representatives" and Senators would be spending time in the big house - and hopefully, even now justice will be served and so will the guilty parties who committed fraud against the citizens they were elected to represent!
E - Emanuel, Rahm - During a period of time when Freddie Mac was accused of campaign finance violation and accounting irregularities, Rahm was on the board of Freddie Mac and refused efforts to right the ship.
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Ken Lay, Bernie Ebbers, other former executives sit in jail while Senators and Representatives who caused this present crisis condescendingly feign anger at those who were only attempting to comply with the very laws Congress had forced on the industry? We're not done yet! In a future entry we'll learn how to spell FREDDIE MAC.