April 8, 2009
Dems ignored those Bush and McCain Warnings On Fannie Mae and Freddie MacTopics: Political News and commentaries
How soon we tend to forget (and the Democratas chose to ignore) that the financial crisis could largely have been prevented, were it not for the destructive impact of Fannie Mae and Freddie Mac - whose policies resulted in 25 million junk mortgages: Timeline shows Bush, McCain warning of financial crisis:
The Bush Administration and Senator McCain warned repeatedly about Fannie Mae and Freddy Mac and what thus became the 2008 financial crisis -- starting in 2002. Democrats not only resisted all reform efforts, but Barney Frank continued to declare them 'financially sound' despite clear signs of meltdown.
In a video that we've previously posted that substantiates the relevancy and importance of Bush and McCain's warnings , Peter J. Wallison of the American Enterprise Institute specifically highlights the destructive impact of Fannie Mae and Freddie Mac (whose policies resulted in 25 million junk mortgages), and concludes with four key lessons that explain how to avoid similar mistakes in the future. It is well worth taking the time to watch it all: Government Intervention, Regulatory Policy, and the Financial Crisis:
Related: Did the Fed Cause the Housing Bubble? (Some blame Fed but recognize Congress's reckless housing policies through Fannie Mae and Freddie Mac and the Community Reinvestment Act.).
Posted by Hyscience at April 8, 2009 9:54 AM
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