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Citigroup Inc. Message Board

  • fastmoneydave fastmoneydave Oct 4, 2008 9:58 AM Flag

    How this Nightmare Started!!God help us.


    Hay Investors and taxpayers What caused some of this Nightmare & mess the finanacials are in??
    For starters this mess was 15 years in the making. Let me make the 15 year story short.
    The democrats blocked reform at ever corner. Just as Republicans got blamed for Enron, WorldCom and other early 2000s scandals that were actually due to anything-goes Clinton era, the liberal media are now blaming them for the mortgage meltdown. But Republicans tried repeatedly to bring fiscal sanity to Fannie and Freddie. Democrats opposed them. Especially Sen. Chris Dodd & Barney Frank, who now run Congress key banking panels. History is utterly clear on this. After Treasury Sec. Lawrence Summers warned Congress in 1999 of systemic risk posed by Fannie and Freddie, Congress held hearings the next year. But nothing was done. Why? Fannie and Freddie had donated $millions$ to key congressmen and radical groups, ensuring no meaningful change would take place. We manage our political risk with the same intensity that we manage our credit and interest rate risks, Fannie CEO Franklin Raines a former Clinton official and current Barack Obama adviser, bragged to investors like you and me. McCain urged change as was one of three sponsors of a Fannie-Freddie reform bill that said American taxpayers will continue to be exposed to enormous risk that Fannie-Freddie posed to the housing market and the whole economy. John McCain was correct. Sen. Harry Reid now Majority Leader accused McCain and the GOP of trying to cripple the ability of Fannie-Freddie to carry out their mission of expanding homeownership so the McCain bill went nowhere. Shame on Chris Dodd, Barack Obama, Barney Frank, Nancy Pelosi and any democrat or Republican who took money from Fannie and Freddie and now are blaming the wrong people for their sins.

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