This video shows excerpts from the 2004 hearings in which Republicans, at the urging of the President, were working to provide new oversight and stricter controls on Fannie Mae and Freddie Mac. In the video, you very clearly hear Republicans argue that a failure to regulate the GSEs could result in financial problems.Democrats uniformly opposed the efforts to provide stronger oversight for Fannie and Freddie, even after both of these companies expressed support for the resulting legislation. Ultimately, the legislation was voted down in committee along a party line vote, all Democrats voting against stronger regulation.
Of course, yesterday, Speaker Pelosi went on a rant against the President and Republicans for a “do nothing” attitude which she claims led to the crisis. Well, the truth speaks for itself, and this video shows you in no uncertain terms where the problem began.
And please watch the video to the very end when you will see President Clinton, in a recent interview on ABC News, admit the problem resides with the Democrats who resisted efforts to tighten up on Freddie and Fannie. Don’t believe me? You can hear it all for yourself.
"I sincerely hope really bad things happen to you in proportion to the poison you spread on the 'net. Unless you repent. And I'd still spit on you." {Jim Carruthers}
"From what I've seen Flanagan is a nice, polite fellow with relatively moderate views." {Dave Nalle}
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