UPDATE III: If you liked my “In Plain English – How this mess happened” article linked below – someone made a video version that says the same thing. Enjoy and learn.
Now Back to our original story.
Democrats on the banking committee’s have been brazenly lying about all of this for years so they cannot be trusted. Why do I say that? Because the regulatory agency that reports to Congress has been warning them or YEARS that this was coming and they blocked all attempts to reform it as we have demonstrated with the evidence and the government documents HERE, HERE, HERE and HERE.
UPDATE: The New York Times predicted the possible collapse of Fannie Mae and Freddie Mac in 1999! Read HERE.
UPDATE II: House Votes NO on bailout!
People are blaming partisan back and forth for the reason, but the truth is that while the improvements the House Republicans insisted on did improve the bill, the oversight on the mortgage industry was still not up to par; too many political appointees, not enough real bank regulators, which is what caused this whole mess in the first place.
Another problem with this bill is that the banks would get these funds, but have no obligation to continue extending credit to medium risk credit worthy people, smaller banks, farms and companies. If the object is to get some solvency into these banks in trouble because of the mortgage crisis, shouldn’t we demand that they still behave as responsible banks instead of just sitting on a huge wad of taxpayer cash to only act as a soft and fluffy cash barrier to their own risk? The object of the bill is to get banks in the position to be responsible lenders again so the economy doesn’t shut down; this bill doesn’t do that.
UPDATE IV: —–>MUST SEE Video HERE go view it. <——
We have that video on youtube now: