Remember that mortgage collapse thing? Remember that it's all the banks' fault?
Not really--although I will concede that SOME banks were rotten. They were usually controlled by Democrat donors.
..."The FCIC majority misused its mandate for political purposes,"
Wallison writes, adding that the panel made sure its findings supported
Democrat demands for a "new New Deal" that would put even more of the
banking industry under federal control.
Democrats passed the Dodd-Frank Act in July 2010, six months before
the FCIC released its report — "a clear demonstration that the
Democratic Congress knew well in advance exactly what this
well-controlled commission would say." After Dodd-Frank shockingly left
Fannie and Freddie untouched, the FCIC excused the glaring oversight by
exonerating the toxic twins and their affordable-housing masters at HUD.
As a result, Fannie and Freddie, now under full federal control, are
back making low down payment loans to low-income borrowers, and the
Dodd-Frank-mandated Consumer Financial Protection Bureau is forcing
banks to ignore credit risks in the name of affordable housing.
A corrupt investigation led to corrupt reforms.
We could ask what the new-majority Republicans intend to do about this, but you know damn well what the answer is. Hint: "We're powerless to act." Translation: "We have no balls. "
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