With the Federal Reserve now bailing out AIG, Americans better learn about what is really going on, and they better demand it stops.

Americans are getting an earful and eyeful on the government’s handling of Fannie Mae & Freddie Mac.

On NPR, you will hear how the free market failed, in print, you will read how this is President George W. Bush’s fault.

Reality check:

• Fannie Mae was founded as a government agency in 1938 as part of Franklin Delano Roosevelt’s New Deal to provide liquidity to the mortgage market.

That is all you need to know. In the background is the fear Democrats have of the imposing collapse of much of the New Deal’s foolish enterprises. Just as Freddie Mac and Fannie Mae collapsed, so will social security and medicare.

President Bush wanted to reform these two disaters in 2003. He was fought tooth and nail by Democrats.

• ”I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” - Mel Watt, 12th District of N.C.

• ”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

The best part is that these GSEs, have been  Democratic slush funds and strongholds for their socio-economic experiments at our cost.

Huff Post Fundrace:

• 
• Here is Daniel Mudd, former CEO of Fannie Mae. This guy look like a Republican, what is that Chris Dodd bit about?

• 
• Here is Richard Syron, CEO of Freddie Mac. Hey look! It’s uncle Chris Dodd again!

The CEO’s donations are not overly incriminating. Let’s have a look at the top five cash-nabbers from these Government Sponsored Enterprises:

• 
• Source: Open Secrets.

The first Republican on this list is at number six and raked in less than $65,000. There only nine Republicans out of the top twenty-five recipients of GSE money, none of whom you would know by name. Democrat Rahm Emanuel comes in at #13 with $51,000+.

Now the recent history of these two circuses is even better. Franklin Raines was CEO of Fannie Mae until December of 2004. While liberals were writing books about evil President Bush, this guy was forced out because of committing fraud. He was later given a sweetheart settlement and allowed to keep most of our stolen money. He was an Obama economic advisor along with a former managing director with Lehman Brothers, James Johnson, who was caught up in the Countrywide Financial “Friends of Angelo” scandal.

Here is a bit on Raines from The Washington Post via DBKP:

• Inthe four years since he stepped down as Fannie Mae’s chief executive under the shadow of a $6.3 billion accounting scandal, Franklin D. Raines has been quietly constructing a new life for himself. He has shaved eight points off his golf handicap, taken a corner office in Steve Case’s D.C. conglomeration of finance, entertainment and health-care companies and more recently, taken calls from Barack Obama’s presidential campaign seeking his advice on mortgage and housing policy matters.

That’s change you can bank on.

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TRN wants to thank Atlas Shrugs, Michelle Malkin, Rush Limbaugh and the countless others out there who refused to give up on real American principles of free market economics, regardless of what party was screwing them up.

Filed under: Wisdom of the Ages by admin