Tuesday, September 30, 2008

Economedy of Errors: Cartoonists View

Source: About.Com


Roger Snowden said...

Some of these are funny, but they actually have the facts a bit wrong.

The financial crisis was brought about the the failure of Fannie Mae, which is the semi-governmental company that funds mortgage lending.

It has been committing fraudulent accounting for years. About 2 years ago, John McCain tried to get a bill passed to stop this, and President Bush had also warned us in his State of the Union address.

But all of this was blocked by Barney Frank and Chris Dodd, in Congress. Congress created this mess, and Democrats who provided cover for Fannie Mae are responsible.

The recent CEO of Fannie Mae paid himself bonuses totally over $90 million. He is a former Clinton official. Other ex-Clinton people on the board also stole millions.

You won't read about this in the paper, since the press is completely in the tank for Obama, a fellow Democrat.

And McCain tried to stop it two years ago, but his efforts were stopped cold.

Obama is part of this problem, not the solution.

Anonymous said...

These were very funny...... LOL!


Quirky Indian

Vidooshak said...

Roger may, in fact, have a point there. This article from 1999 correctly predicted the 2008 debacle!!! And it unambiguously mentions the Clinton greed machine for creating the monster. Of course, a part-- a large part-- of the blame must also land on the clothes of the super-educated, super-smart white-collar bankers that supported and perpetuated this greed. On the way, losing the noble goal of "affordable housing for minorities" to "more bad loans, more fudging, more profits".

An excerpt:
Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

More at http://query.nytimes.com/gst/fullpage.html?res=9c0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&&scp=2&sq=Fannie%20Mae%20affordable%20housing%20HUD%201999&st=cse