Who among us has forgotten the sorry spectacle of liberal Democrats including Nancy Pelosi and Harry Reid, our holier-than-thou leaders of the Congressional House of Representatives and Senate respectively, trying to place the blame for the financial mess and collapse of the two very large Government Sponsored Enterprises (GSE) Fannie Mae and Freddie Mac, on the Bush Administration and Republicans in general.
This outright embarrassing display of the Clintonesque denial technique when applying the cover-up to a very damaging result of a project gone wrong, with no apparent shame while doing so, was repeated over and over by both of those high ranking office holders along with most of their minions. It was a ham-handed attempt to cover their own sorry posteriors from the mistakes and errors made within their liberal ranks when the walls of the two GSE’s began to crack.
Even after those walls had collapsed and crumbled the litany of blame issued by the liberal Dems showed no sign of easing even when evidence of the unstable beginnings of the process during the ultra-liberal Democrat Carter Administration was uncovered and then further exacerbated by worsening practices during the Clinton Administration were introduced for the public to see. The denial process was in high gear and all liberals were trumpeting the lyrics of the “blame the Republicans” mantra for all to hear.
But there is always one thing that the liberals don’t do very well, and that is to cover all parts of their backsides; they always leave an opening where the ultimate truths eventually escape into the sunlight. And in the case of Fannie Mae and Freddie Mac, it was in the form a Fox News program which was caught on videotape for all to see. But even then, the CYA brigade of the Democrat party allegedly jumped in and threatened a proprietary rights lawsuit if the videotape was run on You Tube.
There is now a Fox News videotape which has apparently been furnished by a strongly conservative Canadian website, ProudToBeCanadian.CA, and it is included here for your convenience in making up your mind about who is lying about who tried to correct Fannie Mae and Freddie Mac’s failing operations and who did nothing but deny and obstruct.
The tape clearly shows President Bush warning of the dangers in April 2001 and again in 2003, upgrading the problem as possibly going beyond housing. Calls by the White House to Congress to create an agency to regulate and supervise the two GSE’s were met with resistance from the House Finance Committee Chairman, Barney Frank, who vehemently denied any problems with the two entities saying there was “no crisis.” The requested legislation for controls was blocked by House Democrats and killed.
Meanwhile, in April, 2005, Federal Reserve Chairman, Alan Greenspan pointed out the dangers to the entire government financial system if the GSE’s were not reined in and sanctioned. But in the Senate, also in April, 2005, Charles Schumer a liberal Democrat senator from New York, testified at the Senate Banking Committee hearing that Fannie Mae and Freddie Mac “did a very, very good job.”
Then in the Senate in May, 2006, Sen. John McCain worried that he had been concerned about the regulatory structure that governs Fannie and Freddie which needed reforms without delay. Legislation for action at that time was also killed by the liberal Democrats.
So there is apparently no doubt that the liberal Democrats have lied before, during and after the total collapse of the two GSE’s, Fannie Mae and Freddie Mac regarding the inefficiency and insolvency of their operation without regulatory correction and have tried to shift blame and responsibility on to the Republican Administration as well as the party as whole.
They succeeded in convincing enough gullible Americans in order to get them to vote against the Republicans in the last election. Now ALL Americans, liberals who created the problems as well as those who stonewalled corrections, and ironically including conservatives who could have fixed the problem, will have to pay the price for their misguided voting on Nov. 4th.
Included with this report is a copy of the videotape done by Fox News reporter Brett Beaer covering the salient points made here in this column. This tape offers undeniable evidence and footage of those Republicans who were instrumental in trying to get changes in regulatory structuring for both Fannie Mae and Freddie Mac for several years before any collapses or failures happened which if they had been acted upon perhaps could have avoided the catastrophic happenings in 2008.
The tape also helps identify the liberals who stonewalled and defiantly defended the shoddy and damaging practices of both GSE agencies.
If this information could have gotten into the hands and possession of the American voters before the elections of 2008 we might be looking a brighter future for our country’s financial structure than is apparent today.
Cooperation between the in-power liberal Democrats and the more capable conservatives of the other party is not a practical reality with a socialistic minded President and a following Congress.
But Conservatives must get these truths out to the general public which will be shielded by liberal efforts to continue to deny.
Here is the link to the videotape: [url=http://www.youtube.com/watch?v=cMnSp4qEXNM&NR=1]http://www.youtube.com/watch?v=cMnSp4qEXNM&NR=1[/url]
Gerald A. “Jerry” McConnell, 92, of Hampton, died Sunday, February 19, 2017, at the Merrimack Valley Hospice House in Haverhill, Mass., surrounded by his loved ones. He was born May 27, 1924 in Altoona, Pa., the fifth son of the late John E. and Grace (Fletcher) McConnell.
Jerry served ten years with the US Marine Corps and participated in the landing against Japanese Army on Guadalcanal and another ten years with the US Air Force. After moving to Hampton in 1957 he started his community activities serving in many capacities.
He shared 72 years of marriage with his wife Betty P. (Hamilton) McConnell. In addition to his wife, family members include nieces and nephews.
