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Jan 26 2015

Financial Crisis Inquiry Commission Looking Into 2008 Meltdown Exposed as Sham

Old news, Democrats will scoff. But if you’re like me and lost the equivalent of years of work in the 2008 meltdown, you might still be interested in who was responsible. The truth is coming to light:

In a just-released book, former FCIC [Financial Crisis Inquiry Commission] member Peter Wallison says that a Democratic Congress worked with the commission’s Democratic chairman to whitewash the government’s central role in the mortgage debacle. The conspiracy helped protect some of the Democrats’ biggest stars from scrutiny and accountability while helping justify the biggest government takeover of the financial sector since the New Deal.

Wallison’s sobering, trenchantly written “Hidden in Plain Sight: What Really Caused the World’s Worst Financial Crisis and Why It Could Happen Again” reveals that the Democrat-led panel buried key data proving that the U.S. Department of Housing and Urban Development and other federal agencies pushed the housing market over the subprime cliff. The final FCIC report put the blame squarely on Wall Street.

In 2009, then-House Speaker Nancy Pelosi appointed her California pal Phil Angelides, a long-time Democrat operative, to lead the commission. The fix seemed to be in, and Wallison’s account of the inner workings of the 10-member body confirms it.

See IBD for details on how the phony $10 million probe came up with the predetermined verdict that free enterprise caused the collapse, which in reality was the result of the federal government inflicting Affirmative Action on the mortgage industry.

As a result of the corrupt FCIC pinning the blame on capitalism,

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.

Those who don’t learn from their mistakes… But then, from the point of view of Democrats, the 2008 meltdown was no mistake. The financial chaos they had created through the Community Reinvestment Act allowed them to put Obama in power and to ram through the malevolent Dodd-Frank bill. Who knows what disasters the next government-instigated collapse will enable?

If the goal really were to figure out why the collapse happened, the government could have saved us the $10 million it flushed down the FCIC by watching this video instead:

On a tip from J.




29 Responses to “Financial Crisis Inquiry Commission Looking Into 2008 Meltdown Exposed as Sham”

  1. Rotohammer says:

    Bush raised concerns about Fannie and Freddie during his presidency, but Barney Frank and Franklin Raines assured us all that there was nothing to worry about.

    Now Fannie and Freddie are moving in to fancy new offices at a cost of $180 million:

    http://news.investors.com/ibd-editorials/012315-736092-washington-spending-run-up-taxpayer-bill.htm

  2. Rotohammer says:

    Bush raised concerns about Fannie and Freddie during his presidency, but Barney Frank and Franklin Raines assured us all that there was nothing to worry about.

    Now Fannie and Freddie are moving in to fancy new offices at a cost of $180 million:

    http://news.investors.com/ibd-editorials/012315-736092-washington-spending-run-up-taxpayer-bill.htm

  3. Dan Northrup says:

    I was fresh out of college and living in Southern California in 2003. Working my ass off trying to make a buck. I would see these sprawling office complexes. Working inside was idiot ex pizza boys making six figures. It was then that I knew something was really wrong. In 2009 I found out about the Credit default swap and I figured out what the real deal was. Build a crap company selling overvalued debt (sold by losers to losers) to hedge funds, then bet against yourself with derivatives. Been a downhill ride out here for the losers since the crash, but the rich scumbags have got it great.

  4. Dan Northrup says:

    I was fresh out of college and living in Southern California in 2003. Working my ass off trying to make a buck. I would see these sprawling office complexes. Working inside was idiot ex pizza boys making six figures. It was then that I knew something was really wrong. In 2009 I found out about the Credit default swap and I figured out what the real deal was. Build a crap company selling overvalued debt (sold by losers to losers) to hedge funds, then bet against yourself with derivatives. Been a downhill ride out here for the losers since the crash, but the rich scumbags have got it great.

  5. | says:

    I think this video is highly instructive as well:

    https://www.youtube.com/watch?v=ebWJ892h5dA

  6. | says:

    I think this video is highly instructive as well:

    https://www.youtube.com/watch?v=ebWJ892h5dA

  7. ouch! says:

    Barack HUSSEIN 0bama: the gift that keeps on giving.

    One would think this nation was on a suicide mission.

  8. ouch! says:

    Barack HUSSEIN 0bama: the gift that keeps on giving.

    One would think this nation was on a suicide mission.

  9. Rotohammer says:

    Yes, this is most of the dirty laundry in one smelly load. 7:35 is damning, with Franklin Raines assuring us what a sound investment mortgages are. So is Maxine Waters referring to the excellent leadership of Mr. Frank Raines.

    Not to go all racial on this, but it’s striking how the black members of congress really circled the wagons around Franklin Raines. Further, the Community Reinvestment Act (and how it is used to beat banks into submission) is pander for the black vote. I wish slavery had never been brought to this country. I’d say reparations have been paid in full, but we’re not done paying the bill for it.

  10. Rotohammer says:

    Yes, this is most of the dirty laundry in one smelly load. 7:35 is damning, with Franklin Raines assuring us what a sound investment mortgages are. So is Maxine Waters referring to the excellent leadership of Mr. Frank Raines.

    Not to go all racial on this, but it’s striking how the black members of congress really circled the wagons around Franklin Raines. Further, the Community Reinvestment Act (and how it is used to beat banks into submission) is pander for the black vote. I wish slavery had never been brought to this country. I’d say reparations have been paid in full, but we’re not done paying the bill for it.

  11. Conniption Fitz says:

    It was a politician orchestrated farce (and get rich quick scheme).

    Just like global warming/climate change.

  12. Conniption Fitz says:

    It was a politician orchestrated farce (and get rich quick scheme).

    Just like global warming/climate change.

  13. TotallyPeeved says:

    Please, go all race realist on this. Because pc, affirmative action and bra have killed this country.

  14. TotallyPeeved says:

    Please, go all race realist on this. Because pc, affirmative action and bra have killed this country.

  15. TotallyPeeved says:

    When does Rev II start?

  16. TotallyPeeved says:

    When does Rev II start?

  17. F.D.R. in Hell says:

    Rotohammer: “I wish slavery had never been brought to this country.”

    I’ll say this for the 1,000th time…
    — America should have picked its own damn cotton —

  18. F.D.R. in Hell says:

    Rotohammer: “I wish slavery had never been brought to this country.”

    I’ll say this for the 1,000th time…
    — America should have picked its own damn cotton —

  19. TED says:

    democRATS don’t learn, it’s all about making them FEEL good and us look bad (to those lacking in IQ anyway). If they can make a good LIE out of it they have accomplished their goal.

  20. TED says:

    democRATS don’t learn, it’s all about making them FEEL good and us look bad (to those lacking in IQ anyway). If they can make a good LIE out of it they have accomplished their goal.

  21. octa bright says:

    It was obvious from the start that a combination of fannie mae, freddie mac, bundling of mortgages, and the community redevelopment act caused the crisis. All that the report did was give the press an excuse (which they really didn’t need) not to dig deeper. The banks new that the mortgages were garbage but since they could sell them to fannie mae and avoid being investigated by the feds for discrimination they went along. fannie and freddie then bundled the mortgages and sold them as prime securties to investors world wide. Meanwhile some of the largest financial institutions sold insurance against the securities failing called credit default swaps. All this was allowed by federal legislation. To quote Gomer Pyle “Surprise, Surprise”.

  22. octa bright says:

    It was obvious from the start that a combination of fannie mae, freddie mac, bundling of mortgages, and the community redevelopment act caused the crisis. All that the report did was give the press an excuse (which they really didn’t need) not to dig deeper. The banks new that the mortgages were garbage but since they could sell them to fannie mae and avoid being investigated by the feds for discrimination they went along. fannie and freddie then bundled the mortgages and sold them as prime securties to investors world wide. Meanwhile some of the largest financial institutions sold insurance against the securities failing called credit default swaps. All this was allowed by federal legislation. To quote Gomer Pyle “Surprise, Surprise”.

  23. KHarn says:

    That joke was real funny back the 60’s. Now kindly shut the fuck up.

  24. KHarn says:

    That joke was real funny back the 60’s. Now kindly shut the fuck up.

  25. […] Financial Crisis Inquiry Commission Looking Into 2008 Meltdown Exposed as Sham […]

  26. rex freeway says:

    I preached this since Clinton started the ball rolling. Good to see I wasnt bitching in vain. Ive got people to nerve grate with this info….

  27. rex freeway says:

    I preached this since Clinton started the ball rolling. Good to see I wasnt bitching in vain. Ive got people to nerve grate with this info….

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