COMMENTARY by Kay B. Day
This video says more than I can ever say about what happened with Freddie Mac and Fannie Mae. As pundits and mass media praise certain Democrats, don’t be fooled. There were key legislators whose inaction helped spur this meltdown. Furthermore, had Sen. John McCain not gone to Washington, the House Republicans would have not even been heard. It’s my opinion we got a far better deal when they followed McCain’s advice to appoint a representative and demand participatory rights. After McCain decided to return to Washington before the debate, Sen. Barack Obama returned as well. Thanks to Ant at RedState for finding this.
Don’t be fooled by politicians’ promises to return any of this money to the majority of American taxpayers. In the outline supplied by Reuters, the following provision shows Rep. Nancy Pelosi, Sen. Harry Reid and friends are returning the money to the same socio-economic and financial sector that figures in this meltdown. The bailout, “Would direct 20 percent of any future profits from the bailout fund to the Affordable Housing Fund and the Capital Magnet Fund to meet U.S. housing needs.” This is the provision House Republicans oppose and this is part of what Pelosi means when she aims to return money to the “taxpayers.”
Note: the video is from a partisan perspective and interviews have been truncated. But it’s still an impressive piece of information you are not likely to find covered by mainstream media or within news pages of certain large Internet search engines. Moreover, a spokesperson for Sen. Barack Obama's campaign told The Washington Post Franklin Raines has "never advised Senator Obama about anything, ever." You can read analysis on that at the newspaper website. Click on 'References' below for sources related to Fannie Mae, Freddie Mac, and the injustices levied by these programs on the American taxpayer.