Alan Greenspan and the Federal Reserve Warned Congress – Greenspan Testified for McCain’s Bill to Fix Fannie Mae and Freddie Mac in 2004 and 2005 – Democrats Voted No in House and in Senate Blocked it Along Party Lines!

Brit Hume covered this story on Sept 23 and came to the same conclusion as we did here at IUSB Vision.

The Republicans, in a bill co-sponsored by John McCain,  tried to change the Fannie Mae and Freddie Mac oversight regulations to those that are used by bank regulators. The bill to change the oversight rules was eek-ed by the Senate Committee in a party line vote with Democrats against it, but since Democrats were filibustering most significant legislation they didn’t like the Republicans did not have the 60 votes to pass it. Not one Democrat would budge.

Editors note: a reader (see below) commented that he takes issue with the paragraph above about the Democrats filibustering all significant legislation they didn’t like in the Senate to stop provisions they opposed.

We could write a new article presenting a list of legislation and amendments that was stopped because the Democrats were stopping cloture constantly by abusing the filibuster rule. It is a VERY long list. Remember the judicial nominees that were blocked for months and months and some never got a vote… etc…

Some partisans may not like it but the statement above is essentially true.

Examining the inverse – should I say that the Democrats were voting for and or making sure that they were not filibustering legislation that they didn’t like?? – Editor]

Freddie Mac and Fannie Mae answer to the banking committee’s in Congress – NOT the Treasury Dept, and are monitored by a small agency called OFHEO to report to the committee’s, so Congress KNEW this was coming and have for years as we have covered HERE, HERE and HERE.

Alan Greenspan testified in favor of the reforms (transcript HERE and HERE) and warned:

If we fail to strengthen GSE regulation, we increase the possibility of insolvency and crisis. … As I concluded last year, the GSEs need a regulator with authority on a par with banking regulators, with a free hand to set appropriate capital standards, and with a clear and credible process sanctioned by the Congress for placing a GSE in receivership, where the conditions under which debt holders take losses are made clear.

Hotair.com has the following commentary:

By special request of Ace. Nothing here you haven’t read and/or heard before, but Fox deserves a little publicity for being willing to challenge the narrative. Especially now that we’re about to be told it’s McCain’s campaign manager and his lobbyist pals, not the Democrats they lobbied who actually cast the votes, who are the real culprits in all this. The FBI: Doing the (after-the-fact) oversight job Congress wouldn’t.

UPDATE: Bloomberg News covered the story and gives similar information.

UPDATE II:Fox updated the story and has a devastating new report. The Report mirrors the investigation IUSB Vision Published HERE, HERE, HERE and HERE. Hotair.com comments on this new report from Fox HERE.

Every facet of the mortgage crisis story, who benefited and who is lying can be found HERE, HERE, HERE, HERE, HERE, HERE, HERE, HERE and HERE. – Editor

Aurora Colorado School Suspends 5th Grader for Wearing Anti-Obama Shirt

Another lawwuit that a shool will lose. Another group of leftist administrators who have no regard for freedom of political speech.

The school says that the T-Shirt was a distraction. Nice try, it is just a shirt, not much different than the black armbands case in during the Vietnam War (Tinker v. Des Moines). It was not a school sponsored speech event where it was the school speaking and not an individual student and did not promote illegal behavior (Morse v. Frederick), it was not packed with sexual innuendo that is a distraction in a public school (Bethel School District v. Fraser), the message did not contain obscenities. It is pure political speech by an individual student. It is the MOST protected form of speech. The school encouraged students to wear patriotic kinds of speech that day so they were inviting a political message, so it was all about content.

My advice to this young man and his family: sue them and make them pay and make them face public humiliation for it. 

Now the school has changed it’s tune and says that suspending the student had nothing to do with the shirt, but it was about disobedience because he would not take the shirt off…. and no sane judge or member of any jury is going to buy such a preposterous argument.

Take them to the cleaners kid, you are right.

Hotair.com comments here and they take a similar take. Malkin too.

In honor of the Aurora School District I bequeeth to power hungry, control freakish, elitist, law breaking and foolish administrators a proper tribute…

Biden Admits Obama Campiagn Lying About Clean Coal Energy for America…”Let China Have It”

Great give it all to China….

Problem: While the Obama campaign says it supports new technology and alternative energy including “Clean Coal”, the Democrats while paying this lip service to it have opposed it with votes.

Hotair.com comments HERE:

Joe Biden visited Virginia on Saturday, saying that he was a “hard-coal miner” and that it was “nice to be back in coal country” while Obama supporter, Congressman Rick Boucher (D-VA) said “Senator Obama’s a friend of coal.” But just two days later in Ohio, Senator Biden said he wants “no coal plants here in America” and that he and Senator Obama are “not supporting clean coal.”

It is no secret that America is the “Saudi Arabia of Coal” and like our domestic oil, wind, nuclear and natural gas resources much of it just sits there. We can get them in a clean and safe way, yet anti-capitalists disguising themselves as “green activists” and their friends in the Democratic Party make the United States the only country in the world who refuses to expand its own domestic sources of energy.

Biden also deliberatly muttles and confuses the difference between “Clean Coal Technology” and the 1940’s style old “dirty coal” technology that China uses.

“Clean Coal Technology” is one of those new technologies that allows us to use old style energy sources in a much cleaner way. We had an opportunity to have a clean coal energy facility in Northern Indiana and you guessed it, Democrats and anti-capitalist extremists managed to scare politicians into saying no; costing us energy and many high paying jobs. British Petroleum wants to modernize a refinery here in northern Indiana and every Democrats in the Indiana Congressional Delegation (including our Congressman Joe Donnelly)opposed it even though the result would have been less emissions (on a side note Donnelly has been a real disappointment and many fair minded Democrats I know want him out).

Biden got busted in another lie/gaffe…

Politico had interesting coverage of this:

“When the stock market crashed, Franklin Roosevelt got on the television and didn’t just talk about the princes of greed,” Biden told Couric. “He said, ‘Look, here’s what happened.'”

As Reason’s Jesse Walker footnotes it: “And if you owned an experimental TV set in 1929, you would have seen him. And you would have said to yourself, ‘Who is that guy? What happened to President Hoover?'”

If this had happened to Governor Palin it would have been all we would have heard about for weeks. The elite media would have went ballistic. I have seen partisans and leftist professors deny the obvious truth of leftist elite media bias. This election the bias and media corruption is so bad that such professors have all the credibility of a holocaust denier. Hotair.com comments HERE.

Where is the elite media doing any fact checking??? Oh that’s right journalism is dead. 

UPDATE McCain Coal Ad