If Obamacare isn’t enough of a demonstration of the
incompetence of the federal government, we have Fannie Mae and Freddie Mac
stepping up to the plate once again. These corrupt organizations have sued Bank of
America for fraud and have won. This is
theater of the absurd.
Must we remind everyone that it was Democratic operatives
who ran these government sponsored entities.
It was scoundrels like James Johnson who brokered deals with Countrywide
that brought about this whole housing crisis.
Here is a quote from the book Reckless Endangerment that sums up the
relationship between Fannie Mae and Countrywide:
It was no coincidence that Countrywide’s operations
were so intertwined with Fannie Mae’s and so similar. Both companies had the same goals to achieve
and the same enemies to defeat. And for
years, Mozilo’s friendship with Johnson had given him a front-row seat for the
Fannie Mae way – the deep political focus, the co-opting of regulators, the
manipulation of public opinion, and extensive granting of to friends and
potential foes.
It’s tragic enough that players like Angelo Mozilo and
James Johnson, the two players who almost destroyed the U.S. economy, was able
to walk away scot free, now Bank of America has to pay the price for Fannie Mae
and Countrywide’s sins. And let’s not forget the accusations that the Federal
Reserve and Treasury Department threatened then CEO Ken Lewis if he didn’t make
the deal.
But hey, let’s have the government takeover our
health care system. What could possibly
go wrong?
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