The IUSB Vision Weblog

The way to crush the middle class is to grind them between the millstones of taxation and inflation. – Vladimir Lenin

Democrats Run hearings in Congress to “Investigate the Mortgage Collapse” but Refuse to Look at Fannie Mae and Freddie Mac and Congress’ Huge Role in the Debacle. Democrats Refuse to Even Summon Documents from Fannie and Freddie.

Posted by iusbvision on October 7, 2008

Hotair.com has comments and the video of Republican Chris Shays taking the Committee for this sham of a hearing. Folks the two big problems with our economy are bad energy policy and bad mortgage industry policy – in both cases Democrats have said NO to reforms year after year after year.

Hotair.com:

Democrats have begun a search for the culprit in the financial collapse in a manner somewhat akin to the OJ Simpson search for Nicole Brown and Ron Goldman’s murderer. The Hill reports that Henry Waxman’s Oversight Committee hearing grilled Lehman Brothers executives over CEO pay and “deregulation”, but never mentioned the names Fannie Mae and Freddie Mac. Republicans found that more than a little strange:

Democrats aimed their harshest attacks at deregulation and CEO pay, using former Lehman Chairman and Chief Executive Officer Richard Fuld as an example during a recess hearing of the House Oversight and Government Reform Committee.

Chairman Henry Waxman (D-Calif.) also released internal documents showing Lehman’s compensation committee recommended $20 million in “special payments” to three departing executives on Sept. 11, four days before the firm filed for bankruptcy.

Republicans, for their part, launched a campaign to pin the financial meltdown on Fannie Mae and Freddie Mac, and attacked Waxman for not holding a hearing to dig into the now-nationalized mortgage giants.

“Any hearing on oversight that does not begin with Fannie and Freddie and [former Fannie Mae CEO] Franklin Raines will be a sham,” said Rep. John Mica (R-Fla.). “This is like investigating a train robbery and only talking to the dining car stewards.”

Christopher Shays ripped the Oversight Committee for its refusal to investigate Congress itself.

Our complete coverage of the mortgage bailout crisis, who got paid, who benefited and who is lying, is HERE, HERE, HERE, HERE, HEREHERE, HEREHERE and HERE. – Editor

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