Video: Republicans Call for Regulation of Fannie Mae & Freddie Mac, Democrats Refuse
This video effectively kills dead the spin the Democrats have been putting forward that this entire thing is due to Republicans blindly favoring deregulation.
The Republicans in this video are calling for more regulation (you don’t see that very often), and the Democrats are insisting that Fannie Mae and Freddie Mac are just fine.
Of course, a few weeks ago we found out–to our woe–how “just fine” they were, and how wrong the Democrats were.
Around 3:17 there is a money clip of Republican Congressman Christopher Shays calls out the Democrats opposing the plan for taking campaign contributions from Fannie and Freddie and their lobbyists.
September 29th, 2008 at 11:30 am
Jim “Mad Money” Cramer says new regulations won’t help nearly as much as sending some people to jail.
If you lie on a an application to get a mortgage, that’s fraud, right? Misrepresenting mortgages in order to package them up and resell them, that would surely be fraud as well.
The clang of prison doors shutting would surely resound on Wall Street….
September 29th, 2008 at 11:54 am
Some in DC would probably be appropriate as well.
September 29th, 2008 at 11:55 am
There is certainly no doubt that a lot of people involved in creating this crisis should go to jail (Franklin Raines and Jamie Gorelick, among others involved at Fannie and Freddie, would be a good place to start).