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Today, four former CEOs of Fannie Mae and Freddie Mac testified before the on how their companies’ actions may have “contributed to the ongoing crisis.” Blaming Fannie, Freddie, the Community Reinvestment Act (CRA), and low-income people is one of conservatives’ favorite talking points. In September, Rep. Michele Bachmann (R-MN) touted an article criticizing the CRA for pushing “Fannie and Freddie to aggressively lend to minority communities.”
But as the Wonk Room’s Pat Garofalo points out, at the beginning of today’s hearing, Chairman Henry Waxman (D-CA) said that 400,000 documents amassed by the committee showed that the right-wing claim is nothing more than a conservative myth. Later in the hearing, Rep. Edolphus Towns (D-NY) asked the four CEOs whether poor people caused the current financial crisis. All said “no”:
- Richard Syron, former Freddie CEO: “I would think that it wasn’t mostly trying to do things for poor people.”
- Daniel Mudd, former Fannie CEO: “[W]hen the market goes down, it’s the folks who are the closest to the margin who — who get hurt first and longest every time.”
- Leland Brendsel, former Freddie CEO: “I cannot recall ever being forced to make — or to purchase a mortgage loan that I didn’t feel, as a matter of policy at Freddie Mac, was a good mortgage loan, a sound mortgage loan, and an attractive mortgage loan for the homebuyer or the owner of an apartment building.”
- Franklin Raines, former Fannie CEO: “I do not believe that poor people are the cause of the current financial crisis. … Most of the losses, as I read the record, have come on mortgages that were made to middle-class and upper-middle-class people, not to poor people.”
Watch it:
Congress passed the Community Reinvestment Act in 1977, requiring banks “to lend throughout the communities they serve.” In the 1990s, greater mortgage lending to lower-income households by CRA-coveed banks increased the homeownership rate for lower-income and minority families. As CAP scholar Tim Westrich has written, “The real culprits in the mortgage mess are non-bank mortgage companies — not covered by CRA — that originated the lion’s share of bad mortgages at the heart of the crisis. They made an estimated 50 percent of subprime loans in 2005.”
Numerous other scholars, including Nobel-winning economist Paul Krugman and Center for Economic and Policy Research co-director Dean Baker, have also explained that while Fannie and Freddie made many bad decisions, they weren’t primarily to blame for the financial crisis. At a hearing in September, former top government economic experts agreed that conservatives were pushing myths, rather than facts.
Source: Think Progress
By David Horowitz
The continuing efforts of a fringe group of conservatives to deny Obama his victory and to lay the basis for the claim that he is not a legitimate president is embarrassing and destructive. The fact that these efforts are being led by Alan Keyes, a demagogue who lost a Senate election to the then-unknown Obama by 42 points, should be a warning in itself.
This tempest over whether Obama, the child of an American citizen, was born on American soil is tantamount to the Democrats’ seditious claim that Bush “stole” the election in Florida and hence was not the legitimate president. This delusion helped to create the Democrats’ Bush derangement syndrome and encouraged Democratic leaders to lie about the origins of the Iraq war, and regard it as illegitimate as Bush himself. It became “Bush’s War” rather than an American War — with destructive consequences for our troops and our cause.
The birth-certificate zealots are essentially arguing that 64 million voters should be disenfranchised because of a contested technicality as to whether Obama was born on U.S. soil. (McCain narrowly escaped the problem by being born in the Panama Canal zone, which is no longer American.)
What difference does it make to the future of this country whether Obama was born on U.S. soil? Advocates of this destructive campaign will argue that the constitutional principle regarding the qualifications for president trumps all others. But how viable will our Constitution be if five Supreme Court justices should decide to void 64 million ballots?
Conservatives are supposed to respect the organic nature of human societies. Ours has been riven by profound disagreements that have been deepening over many years. We are divided not only about political facts and social values, but also about what the Constitution itself means. The crusaders on this issue choose to ignore these problems and are proposing to deny the will of 64 million voters by appealing to five Supreme Court Justices (since no one is delusional enough to think that the four liberal justices are going to take the presidency away from Obama). What kind of conservatism is this?
It is not conservatism; it is sore loserism and quite radical in its intent. Respect for election results is one of the most durable bulwarks of our unity as a nation. Conservatives need to accept the fact that we lost the election, and get over it; and get on with the important business of reviving our country’s economy and defending its citizens, and — by the way — its Constitution.
Source: NRO
Here’s the full Bachmann interview with Chris Matthews’ Hardball which almost cost Rep. Michele Bachmann her seat. But more frightening than this singular interview ~ was the overall direction that the Republican Party was preparing to take once elected. Dividing the country into pro-American and anti-American areas, its people into God and the Godless and advocating for McCarthy style checking of ‘liberal’ members of Congress for possible pro and anti-American leanings. Where was McCain planning to take the country if he were elected and how was he planning to control these elements of his Party?
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Bachmann praises Obama’s win, now
After suggesting that Barack Obama had anti-American views in an exchange three weeks ago with MSNBC host Chris Matthews, Rep. Michele Bachmann (R-Minn.) told Politico Thursday that she was “extremely grateful that we have an African-American who has won this year.” She called his victory “a tremendous signal we sent.”
“I have not seen the United States as a racist nation,” said Bachmann, who represents Minnesota’s 6th Congressional District, in the east-central part of the state. “In my district, I don’t sense racism, and that’s why I’m thankful that hopefully this will send a national signal across our country that America is not a nation made up of racists. … On the same hand, I hope that the national media will not confuse disagreement with Obama’s policy positions with being consumed [by] racism.”
Some analysts had written off the linguistically intemperate Bachmann as a casualty of her calamitous “Hardball” interview, but she graduated to being a sophomore in the House of Representatives in Tuesday’s election.
In a telephone interview, Bachman said she was gratified that voters in her district didn’t “let the media intervene” in the race, which she ultimately won by three points over Democratic challenger Elwyn Tinklenberg. But in surveying the wreckage to her party that the election wrought, Bachmann was quick to acknowledge that, going forward, “clearly the views and opinions of conservatives won’t be prevailing.”
As she looks ahead to her next term in Congress, Bachmann, a former U.S. Treasury attorney who now sits on the Financial Services Committee, said she’s hoping for a spot on the House Ways and Means Committee, the panel charged with writing tax legislation and bills affecting Social Security, Medicare, and other entitlement programs. Minnesota Rep. Jim Ramstad, a nine-term Republican who is retiring, is currently the only Minnesotan on that committee.
“My husband and I were Joe the Plumbers,” said Bachmann, referring to the 42-employee Christian therapy business she and her husband started, as well as the ubiquitous plumber from Ohio who was elevated to the status of Everyman during the campaign. “I think my business background and tax background works very well on Ways and Means.”
Bachmann said that she had always expected her race to tighten toward the end, but she seemed willing to accept the connection between her gaffe on “Hardball” and the closeness of her race.
“My opponent did not do a stellar job fundraising,” Bachmann said, noting that it was only after her interview on MSNBC that “there was money coming from [the Democratic Congressional Campaign Committee] and outside money, and that significantly impacted race.” Fundraising records show that her challenger raised more than $1.3 million in a week.
“What that did is, it opened the door for a phenomenal outpouring of negative media coverage. It was the echo chamber of the left media, and it was overwhelming, and that was difficult to overcome that level of vitriol.”
Bachmann said that aggressive Democratic organizing in her district this year, combined with the “great resources they had in trying to defeat me in ’06” made reelection a breakneck climb.
“I had laid a strong foundation,” Bachmann said, explaining how she pulled out the win. “That is something we knew all along. For two years I worked enormously hard in the district.”
“People knew that I am a serious member of Congress, that I take issues seriously, and that I worked extremely hard. … They know I’m not a nuanced politician that waffles and changes my mind with whatever is popular at the moment.”
After raising her national profile in cable news interviews about the presidential race and energy issues, Bachmann said her primary focus going forward will be the concerns of her constituents. She said her party would have to wait to see the specifics of the Democratic agenda, then offer “positive” alternatives.
“It was a decisive win [for Democrats] on every level: presidency, House and Senate,” Bachmann said. “Even in Minnesota, we passed a state sales tax increase. That’s pretty phenomenal when you think about the difficult environment of the economy. The fact we could pass a tax increase and have such a strong Democratic showing … it just shows what an overpowering Democratic year this was, and that’s why I feel very gratified to have survived the storm.”
Christopher Buckley
Christopher Buckley, in an exclusive for The Daily Beast, explains why he left The National Review, the magazine his father founded.
I seem to have picked an apt title for my Daily Beast column, or blog, or whatever it’s called: “What Fresh Hell.” My last posting (if that’s what it’s called) in which I endorsed Obama, has brought about a very heaping helping of fresh hell. In fact, I think it could accurately be called a tsunami.
The mail (as we used to call it in pre-cyber times) at the Beast has been running I’d say at about 7-to-1 in favor. This would seem to indicate that you (the Beast reader) are largely pro-Obama.
As for the mail flooding into National Review Online—that’s been running about, oh, 700-to-1 against. In fact, the only thing the Right can’t quite decide is whether I should be boiled in oil or just put up against the wall and shot. Lethal injection would be too painless.
Since my Obama endorsement, Kathleen and I have become BFFs and now trade incoming hate-mails.
I had gone out of my way in my Beast endorsement to say that I was not doing it in the pages of National Review, where I write the back-page column, because of the experience of my colleague, the lovely Kathleen Parker. Kathleen had written in NRO that she felt Sarah Palin was an embarrassment. (Hardly an alarmist view.) This brought 12,000 livid emails, among them a real charmer suggesting that Kathleen’s mother ought to have aborted her and tossed the fetus into a dumpster. I didn’t want to put NR in an awkward position.
Since my Obama endorsement, Kathleen and I have become BFFs and now trade incoming hate-mails. No one has yet suggested my dear old Mum should have aborted me, but it’s pretty darned angry out there in Right Wing Land. One editor at National Review—a friend of 30 years—emailed me that he thought my opinions “cretinous.” One thoughtful correspondent, who feels that I have “betrayed”—the b-word has been much used in all this—my father and the conservative movement generally, said he plans to devote the rest of his life to getting people to cancel their subscriptions to National Review. But there was one bright spot: To those who wrote me to demand, “Cancel my subscription,” I was able to quote the title of my father’s last book, a delicious compendium of his NR “Notes and Asides”: Cancel Your Own Goddam Subscription.
In 1969, Pup wrote a widely-remarked upon column saying that it was time America had a black president.
Within hours of my endorsement appearing in The Daily Beast it became clear that National Review had a serious problem on its hands. So the next morning, I thought the only decent thing to do would be to offer to resign my column there. This offer was accepted—rather briskly!—by Rich Lowry, NR’s editor, and its publisher, the superb and able and fine Jack Fowler. I retain the fondest feelings for the magazine that my father founded, but I will admit to a certain sadness that an act of publishing a reasoned argument for the opposition should result in acrimony and disavowal.
My father in his day endorsed a number of liberal Democrats for high office, including Allard K. Lowenstein and Joe Lieberman. One of his closest friends on earth was John Kenneth Galbraith. In 1969, Pup wrote a widely-remarked upon column saying that it was time America had a black president. (I hasten to aver here that I did not endorse Senator Obama because he is black. Surely voting for someone on that basis is as racist as not voting for him for the same reason.)
My point, simply, is that William F. Buckley held to rigorous standards, and if those were met by members of the other side rather than by his own camp, he said as much. My father was also unpredictable, which tends to keep things fresh and lively and on-their-feet. He came out for legalization of drugs once he decided that the war on drugs was largely counterproductive. Hardly a conservative position. Finally, and hardly least, he was fun. God, he was fun. He liked to mix it up.
While I regret this development, I am not in mourning, for I no longer have any clear idea what, exactly, the modern conservative movement stands for.
So, I have been effectively fatwahed (is that how you spell it?) by the conservative movement, and the magazine that my father founded must now distance itself from me. But then, conservatives have always had a bit of trouble with the concept of diversity. The GOP likes to say it’s a big-tent. Looks more like a yurt to me.
While I regret this development, I am not in mourning, for I no longer have any clear idea what, exactly, the modern conservative movement stands for. Eight years of “conservative” government has brought us a doubled national debt, ruinous expansion of entitlement programs, bridges to nowhere, poster boy Jack Abramoff and an ill-premised, ill-waged war conducted by politicians of breathtaking arrogance. As a sideshow, it brought us a truly obscene attempt at federal intervention in the Terry Schiavo case.
So, to paraphrase a real conservative, Ronald Reagan: I haven’t left the Republican Party. It left me.
Thanks, anyway, for the memories, and here’s to happier days and with any luck, a bit less fresh hell.
Related: Sorry, Dad, I’m Voting for Obama
Source: Daily Beast
Out Foxing Karl Rove 
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