Video: Newt in 2008 on Freddie Mac

Here is Newt in 2008 explaining how pathetically poor the operations of Fannie Mae and Freddie Mac were. Note at the very beginning that Newt issues a full disclosure about doing work for Freddie. He then goes on to chastise both institutions.

There have been a lot of past videos of Newt that have come back to haunt him during this election season. This is one that should do the opposite.



h/t Free Republic

Issa's First Subpoena Issued

As new chairman of the House Oversight and Government Reform Committee, Darrell Issa (R-CA) has a virtual buffet of things to choose from but it looks like the first official thing on his plate is a subpoena for documents relating to the Countrywide scandal made infamous in large part by former Connecticut Senator Chris Dodd (CT). Assuming Issa gets the documents he's subpoenaed - based on the success of Rep. Lamar Smith (R-TX) in getting documents he ordered from the Dept. of Justice, they won't just be handed over - there will be a lot of slugs under the rock.

Via Daily Caller:

Top GOP oversight official Darrell Issa is issuing his first subpoena as chairman of the House Oversight and Government Reform Committee to demand documents related to a “VIP” program that gave key lawmakers special deals on mortgages.

The subpoena will reveal for the first time the scope of the company’s VIP program and could ensnare scores of lawmakers, congressional staffers, officials and lobbyists. Sen. Kent Conrad and former-Sen. Chris Dodd received special deals, as did dozens of top Fannie Mae executives.

An Issa report on the sweetheart deals says, “legislators, congressional staffers, lobbyists and other opinion leaders…business partners, local politicians, home builders, entertainers and law enforcement officials” were part of the program. Until now, the public has learned the names of only a few.

If Issa is able to sink his teeth into this scandal, perhaps we will be able to publicly identify all of the players that had a role in the mortgage crisis that contributed mightily to wrecking out economy.

Read it all.

AUDIO: FRANCES FOX PIVEN CALLS FOR ECONOMIC COLLAPSE

Frances Fox Piven is back courtesy of some audio recordings of her that are within two months old. To listen to this, one must conclude that the mortgage crisis was an orchestrated attempt to destroy our financial system with Community Organizers providing the thugs and Democrats providing the legislation that would allow them to do it. One could probably conclude that Barney Frank and Chris Dodd knew exactly what they were doing. When you accept the premise that the housing meltdown was intentional, a lot of things make much more sense.

Via The Blaze:

AUDIO: OBAMA SAID SUB-PRIME LENDING A 'GOOD IDEA'

As the Sub Prime mortgage crisis was unfolding in 2007, the money trail led right to Fannie Mae and Freddie Mac. On September 17, 2007 Barack Obama spoke at Nasdaq and actually said the practice 'started off as a good idea, helping Americans buy homes who previously couldn't afford to.' Sounds like a 'Joe the Plumber' moment before the now infamous 'Joe the Plumber' moment right before the election.

Via Gateway Pundit



For the latest spin on this, check out this Reuters article, which basically says it wasn't the practice of lending to unqualified borrowers that caused the problem; it was predatory lending practices applied to minorities. In other words, those racist bankers, though forced to lend to unqualified applicants, were actually racist for demanding payment, I guess.

Obama represented ACORN in a lawsuit against Citibank in 1994 so it would make sense that he thought sub prime lending was a good idea. The incredibly bizarre aspect to this story is that all of this information was available before the 2008 election and Obama was still voted in to office.

Wow.

h/t to Gateway Pundit

VIDEO: BARNEY FRANK AND THE TULIPS TAPES

This is an utterly amazing video montage from Verum Serum, originally captured by C-SPAN 2. It is from a speech Barney Frank gave at the National Press Club on December 11, 2006. This was a month after huge Republican losses in the elections. As a result, the Democrats would control congress. That included Frank being named head of the House Financial Services Committee only weeks after this speech.

More at Verum Serum. As recently as this week, Frank sent a letter to the White House urging them to fight the Republicans, who wanted strict oversight and regulation of Fannie Mae and Freddie Mac included in the current Wall Street reform bill. This level of gall is amazing since Fannie & Freddie are the Government-Sponsored Enterprises (GSE) most responsible for the mortgage crisis. POLITICO reported on May 5th:

In the memo, a copy of which was obtained by POLITICO, Frank made the case that Freddie and Fannie are being managed responsibly, and aren’t doing further economic damage to themselves now that they’ve been taken over by the government.

Click here to see a three minute montage of Barney Frank lies. In addition to his "Tulips" metaphor, the best part comes at the very end when Frank is surprisingly and forthrightly "frank" about himself. It just goes to show that the truth can never remain hidden.



h/t to Verum Serum