"Lawmakers, particularly Democrats, leaned on Fannie and Freddie to buy and hold those troubled debts, hoping that removing them from the system would help the economy recover. The companies, eager to regain market share and buy what they thought were undervalued loans, rushed to comply."
The Democrats led the charge into disaster.
"“I’m not worried about Fannie and Freddie’s health, I’m worried that they won’t do enough to help out the economy,” the chairman of the House Financial Services Committee, Barney Frank, Democrat of Massachusetts, said at the time. “That’s why I’ve supported them all these years — so that they can help at a time like this.”
Well that and the fact that Frank's gay lover worked there and the top Democrats got hundreds of thousands of dollars in donations from them. In fact, after only a few short years in the Senate Obama is number two on the list. Why do you suppose that is?
So, how are Obama's advisers who created the world's worst financial crisis doing?
"Mr. Raines and Mr. Howard, who kept most of their millions, are living well. Mr. Raines has improved his golf game. Mr. Howard divides his time between large homes outside Washington and Cancun, Mexico, where his staff is learning how to cook American meals."
The Times fails to mention that the two now work for Obama.
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