Barney and Chris are making political hay out of hearings with the Lehman and AIG CEO. It must be a lot of fun fooling the voting public which pays little attention to economic fundamentals. All the public knows is that they're losing money. Understandably angry, it is easy for politicians to dissemble and deceive the voters.
Senate Banking Bigwigs like Barney Frank and Chris Dodd have resisted a stepped up hearing schedules on Fanny and Freddie. FAnny and Freddie hearings should be a priority on the hearing agenda. As it is, they're using AIG and Lehman hearings as a smokescreen so people can cluck, point the finger, get angry and not learn what and who caused the problems in the economy. It's a no-brainer--no money down "creative" mortgage financing to people who couldn't pay. This is the real red meat of the economic problems. But the Democratic pols want to postpone the real hearings and protect Democratic politicians.
Fanny and Freddie account for Six Trillion of the Twelve Trillion dollars in bad loans. Barney and Chris are protecting Obama's cronies and campaign advisors like Franklin Raines, Jim Johnson, and Jame Gorelick, all of whom walked away with millions as they ran the GSEs into the ground.
Barney and Chris need to resign from the House Banking Committees and be censured by the Senate and House. The rest of the CEOs, who got jobs through nepotism, need to be put in jail.
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