Welcome to the Republic of Wall Street formally known as the United States of America. Once again "we the people" are being used as collateral to bail out the incompetence of our elected officials. The original focus was the point of origination but finally the real culprits are getting the exposure they deserve.
Certainly lenders have a role in this and nobody will defend them just look at all the print and media coverage. What has been missed all this time and is the epicenter or ground zero to this calamity has 
been the free wheeling secondary market Fannie Mae & Freddie Mac & racketeer friends on wall street. You can't find them now because they are floating away with the help of their golden parachute. (the recent exception to this is Fannie/Freddie CEO's).
Two men I have tremendous respect for and trust is Henry Paulsen (Treasury Secretary) and Ben Bernanke (Fed Chairman). They have been put into a no win situation and have been asked to square off with the Senate Banking Comittee to sit and listen to the sound of hot air coming out of Chris Dodd, (the chair of Banking Committee) and the other blow-hards on both sides of the political isle.
Now that the curtain has been pulled back we now with clarity can follow the money. Senator Elizabeth Dole (R) North Carolina in today's hearing points out that in 2005 the then Fed Chairman Greenspan warned that if Fannie & Freddie are not regulated the results will be a calamity in the markets. She also pointed out that when efforts were made to follow the recommendations 100 million was spent by the lobbyists for Fannie and Freddie to prevent more regulation. Obviously the lobbyist won and that is why we are here today.
By the way Chris Dodd (D) Mass the Chair overseeing the Banking Committee was the number one benefactor in campaign donations from Fannie/Freddie. Presidential candidate Obama was the second. Believe me there is blame throughout this entire congress. This Bush administration, the last three including Clinton, Bush 41 & Reagan administrations so this problem is bi-partisan in nature and the reason we are here today.
Listening to the questions from the senators wanting specifics quantified for them is laughable. Have you ever heard of any politician when they make promises or offer up a solution quantify those promises or solutions? Then the capper and there is always one idiot politician that asks...."Do you think Wall Street owes Americans an apology?" Are you kidding me? I hope that idiot finds a mirror and asks that question again replacing Wall Street with Congress!
This is a sad day for our system politically and financially. Strip this all back and the blame goes to our representatives....all of them. Give them a call or write to them and let them have it....THEY DESERVE IT!
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