Posted by: bj | August 23, 2009

Bush warned Congress Repeatedly Beginning in 2001

President Bush, John Snow (Treasury Secretary), Allen Greenspan (Federal Reserve Chairman), and others repetedly warned Congress beginning in 2001 that we were facing huge economic risks if we failed to look into, and regulate Fanny Mae and Freddie Mac.   In fact McCain co-authored a bill in May 2006 to do just that.  The bill made it out of committee  with the democrats voting 100% against, but the Republicans never brought it up on the Senate Floor because they did not have the votes to pass it.   Charles Schumer (Democrat NY) and Barney Frank (Democrat Mass) repeatedly defended the practices and the soundness of both institutions.  Need proof.  See the utube video below.

http://www.youtube.com/watch?v=cMnSp4qEXNM&NR=1

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