Before Mortgage Meltdown, Freddie Mac Lobbying Held Federal Regulators at Bay-"From a hefty lobbying budget to the use of free baseball tickets, Freddie Mac fended off any meaningful regulation in the years before the housing mortgage giant crashed, records obtained by The Associated Press show....The two companies owned or guaranteed over $5 trillion in mortgages....The Bush administration and Federal Reserve Chairman Alan Greenspan were sounding the alarm about the potential threat to the nation's financial health if the fortunes of the two mammoth companies turned sour. They did eventually, when they took on $1 trillion worth of sub-prime mortgages and when their traditional guarantee business deteriorated....In 2005....The AP previously described, in October, how Freddie Mac thwarted efforts to bring a tough regulatory bill sponsored by Republican Sens. Chuck Hagel of Nebraska, John Sununu of New Hampshire, Elizabeth Dole of North Carolina and John McCain of Arizona to a full Senate vote."-For more on the role that Fannie and Freddie had on this financial crisis that Obama completely misses in his interview on Meet the Press with Tom Brokaw see a trail of evidence that this is an issue overlooked in Big Media (ABC, CBS, ABC and PBS) with links at bottom of page.
Also, see Obama's interview on Meet the Press at http://www.msnbc.msn.com/id/24445166/ and notice how Tom Brokaw doesn't do really any job in asking any tough questions concerning Fannie or Freddie's involvement in the mortgage crisis and thus our economic crisis it is rather all about Bush and his tax cuts which I bet Obama will do the same. He says he may or may not tax hike the rich but see what his advisors said at No tax increases for the rich says Obama economic advisers. It's about job creation and economic recovery. Obama sounding more like Bush!!! and note that since then the markets have faired much better inspite of the recession news and unemployment news.
I am no expert but it is interesting that the Dow has dropped over 2000 points since election day.... till November 20th but the 21st the next day on Friday Obama made some big moves see No tax increases for the rich says Obama economic advisers. It's about job creation and economic recovery. Obama sounding more like Bush!!! and immediately the market bounced back and has done well since that weekend see: "U.S. stocks end up for second session on hopes for Fed moves -Dow Jones Industrial Average climbed 298.76 points, or 3.5%, to 8,934.18, its highest close since Nov. 7."
So, compared to the 2000 point drop from election day to Obama's selection of his economic team and Obama economic advisors stating there will be no tax hikes to anybody which includes the rich there has been about a 1400 point rebound!!!
And before you check out the trail of Freddie and Fannie's involvement in this economic crisis take note of this article: Unemployment Nearly as Bad as During Clinton-"A year into what we just heard is an official recession, unemployment hit 6.7 percent. That’s the highest for the Bush presidency. At this rate, it will soon get as bad as it was in 1993 – when Bill Clinton was president...While true, her Dec. 5 report left out that unemployment has been far higher in the intervening years. The last time unemployment was at this level wasn’t 1974 – it was October 1993 under Clinton. Unemployment peaked at 7.1 percent during the Big Dog’s term. It hit its 60-year high in 1982 at 10.8 percent under Reagan."-Now to be fair to Reagan he did start his first year in office arguably inheriting these high unemployment rates from Carter much like Obama will do from Bush but again what caused this economic crisis is just assumed with no critical analysis that it's Bush Tax cuts. There is much more to it and it is very possibly the Bush Tax cuts that Obama I believe probabily will concede that they do need to stay in place. The economy was going at records highs until about 08/2007 and then the mortgage crisis hit and since then all has gone down hill which gives for evidence that the mortgage crisis not Bush tax cuts is what has created this crisis. For further evidence see below...
New York Times not telling you the whole story once again
Media is not giving you the whole Mortgage Crisis story: Fannie and Freddie is Enron x 19/Microsoft Sized Monopoly/Leading Compaign Giver and Lobbyist
New York Times articles in 1999 and 2003 on the Economy
The Economy and what Big Media is not telling you...
Obama's connection with Fannie Mae and Freddie Mac ignored in Big Media. The Fact that Bush tried to reform Freddie and Fannie ignored in Big Media.
Orson Scott Card (Democrat who is also, highly critical of the free-market and capitalism) writes a powerful argument and telling piece!!! Must read!!.
$4.6 of the $6.6 trillion mortgage-backed securities at the heart of the financial crisis are from Government Sponsored Enterprises!!!!