…we now have an opportunity, thanks to the New York grand jury, to probe perhaps the greatest financial crime ever — one that dwarfs Enron in size and scope.Investors Business Daily reports on the absolute double standards which saw Congressional Democrats drool over the down fall and conviction of corporate executives in the early 2000s yet in what is even a greater financial disaster, the $700 billion Wall Street bailout, no Democrats are yet even blamed for their part in bringing the U.S. financial house of cards down to a crashing heap left to gravel begging at taxpayers feet.
Yes, we're talking Fannie and Freddie.—Investors Business Daily
Companies like WorldCom, Enron, Tyco and Xerox all accused of cooking company books to make earnings appear greater than they were so that stock values would increase and executives would be paid millions in bonuses and other payouts were hit hard by Democrat politicians and executives and Republican politicians were both made to pay a price. (see story)
Several Execs were perpwalked out of towering corporate suites in handcuffs and tried as Democrats gleefully attempted and succeed to link Republicans to this corporate corruption.
This was the seeds of the 2006 sweep out of the Republican majority from Congress to be replaced by a Democrat majority.
How quickly we forget and how short is the American memory. As I recall Americans were incensed at the “culture of corruption”, so much so that they threw the bums out of office and with good reason.
But look in just two short years and trillions of stolen dollars in the housing markets Democrats are the new “culture of corruption” and the partisan media has not so much as mentioned the who, what, when, where, why and hows of true journalism in this the biggest story of our life time rather it is being virtually ignored, why?
There's lots of evidence that the two mortgage giants had become little more than taxpayer-guaranteed front companies for Democrats, who used them to reward supporters with cheap loans and to provide jobs for out-of-work politicians.Why? I’ll tell you why if partisan media were to cover this story like they covered hurricanes Rita and Katrina we would have 24hours of Democrats attempting to answer corruption questions in an election year and why their failed social policies destroyed the free markets and the U.S. economy.
This would immediately discredit anything that the Democrat nominee for President has to say about what he would do for the economy.
Speaking of the Democrat nominee for President if the partisan media would report this story there would be a number of names linked to the cause of this financial crisis.
As IBD reports, Jim Johnson, former Walter Mondale aide, became head of Barack Obama's vice presidential search committee. Franklin Raines, who headed Fannie from 1998 to 2004, the years of its worst excesses, pocketed nearly $100 million in pay and bonuses from Fannie. He, too, became an adviser to Obama.
Other Fannie-Freddie alumni did equally well. Rep. Rahm Emanuel has been front and center in crafting a new rescue bill. Ex-Clinton Justice official Jamie Gorelick careens from career catastrophe to catastrophe, and still gets top jobs. It pays to have ties.
Meanwhile, as previously documented, Rep. Barney Frank and Sen. Chris Dodd repeatedly thwarted reforms. Rep. Maxine Waters, Speaker of the House Nancy Pelosi, Senate leader Harry Reid and Presidential hopeful Barack Obama can be added to that list as well.
A Democrat controlled Senate has kept the facade up by voting to pass the bail out bill something that the House of Representatives couldn’t do.
The failed leadership of the Democrat House couldn’t pass a $700 billion dollar Wall Street bailout to cover up, money stolen in the Fannie Mae and Freddie Mac scandals, so the Senate attempted to conceal the corruption by passing their version of the bill chocked full of pork, and their bill will bail out the wealthiest on Wall Street not the middle class main street American. (see story)
Yet as of this post not one Democrat that is responsible for this world wide financial pandemic is yet to be arrested or blamed for their part in the sheer criminality that brings the western world to its financial knees.
The U.S. financial house of cards continues to fall down all around the American middle class, main street America, yet in complete ignorance and irony, main street is about to elect the ones responsible for their sufferings Sen. Barack Hussein Obama and his Democrat allies.