By Kevin “Coach” Collins
The financial crisis has boiled over. The Democrats who tried to hid it took a beating in yesterday’s vote on the 700 billion dollar bailout of the mortgage industry. They have no one but other Democrats to blame. This whole crisis was created, lock stock and barrel by greedy arrogant Democrats in and around the Clinton administration.
They created Fannie Mae, the quasi public corporation, to deliver mortgage money to many poor White and minority voters. They gave our money away to insure mortgages for far too many clients who could not pay for their new homes.
Nevertheless, this meant nothing to the Democrats because Fannie became their private piggybank. They just watched and slinked away as the whole thing collapsed. It’s all blowing up in their faces.
All they can do is cry racism and try to run away.
Until 2004 Franklin Raines, a Black man and one time Clinton Budget Director, ran Fannie Mae. During that period Raines repeatedly fabricated Fannie’s earnings reports to justify huge salaries and bonuses. In other words Raines and his staff lied out of sheer greed and it was shareholders and American taxpayers be damned.
Raines ran Fannie like a Ponzi scheme, relying on a sleeping federal government’s inability to detect his crimes. The whole operation was built on a never ending source of credit backed by,….. well actually nothing.
Now the very Congressional Democrats who enriched themselves on this scheme are trying to shovel our money onto it to make it disappear.
Fortunately for we taxpayers the House Republicans hid the shovel and stopped this outrage. They have stood up for us. Now we have to stand up for our warriors in the arena. Let our Republican leaders know you support them. They need us now more than anytime in our lifetimes.
Along the way, Fannie Mae employees have donated substantial amounts of campaign cash to the very same Democrats that have the power to punish this thievery. It is laughable to think that leading Congressional Democrats like Barney Frank and Chris Dodd and Nancy Pelosi and Harry Reid would do anything but what they have done: try to make this go away as fast as possible with no investigations. Each of these Democrats are hell bent on burying the stink from this mess with a pile of taxpayer money and endless feel good stories from a compliant overwhelmingly Democratic supporting media. We can’t let that happen.