Fannie and Freddie "Oversight"

The liberals say the reason Fannie and Freddie failed is "not enough oversight." But what do they do when the agency designed to have "oversight" on Fannie and Freddie tries to do so? They mock them and talk about how incompetent they are, saying "There's nothing wrong with Fannie and Freddie." We now know that is incorect. There WAS "something wrong" with them and they have now failed. The fact that Bush tried on twelve occasions to "look into" their operations and was rebuffed by Barney Frank and Chris Dodd (both Democrats). "Long before the sub prime crisis, the Bush administration not only warned of impending calamity, they had a plan to avert it. Fannie Mae, under the leadership of Clinton appointee Franklin Raines (who's now an Obama insider and economic adviser), and Freddie Mac, had issued over one-and-a-half trillion dollars in loans, but their accounting was in shambles. The agency that Congress set up to monitor them had failed to rein 'em in, so on September 11, 2003 -- this is five years ago -- President Bush proposed the agency that Congress set up to monitor them. He proposed what the New York Times called the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis. The New York Times called it that. Central to Bush's proposal was creating a new agency to oversee Fannie and Freddie." Did it happen? No; because Frank and Dodd, with the help of today's Obama finance adviser Franklin Raines, blocked it. These are ALL Democrats, but nobody (in the news media) seems to notice that. They BELIEVE the bull droppings that the "Republicans are at fault." How stupid can people be? With Democrats it's not stupidity, it's "covering up" their swindle. With the average American, it's "not paying attention to politics" that produces such ignorance. (Rush Limbaugh)