Chairman of the House Financial Services Committee, Barney Frank and Senate Banking Chairman Chris Dodd should resign immediately. Both are responsible for overseeing these financial institutions in the House of Representatives and the Senate and this crisis occurred on their watch. Their failure is about to cost the American taxpayer at least $700 billion, more than the entire Iraq war cost.
A review of recent Congressional history reveals that Barney Frank and Congressional Democrats have been obstructing attempts by Senator John McCain and President Bush to fix the problem for the past four years. A U.S. News article chronicles Frank’s obstruction, quoting from an interview by CNN’s John Roberts speaking to Rep Franks:
The Wall Street Journal says in the year 2000 when Representative Richard Baker proposed Fannie Mae and Freddie Mac reform you dismissed it. New York Times reports that an administration proposal in 2003 to reform Fannie Mae and Freddie Mac was met by response from you where you said, “I do not believe that we’re facing any kind of crisis.”
Senator Dodd has also been obstructing reform for years while being the largest recipient of contributions from Fanny Mae and Freddie Mac of $165,000, followed next by Barack Obama receiving $126,000 since being elected to the Senate in only 2004. Franklin Raines, former CEO for the failed Fanny Mae, pocketed $90,000,000 in just five years while allegedly cooking the books at Fanny Mae. Now Raines is a top advisor to Barack Obama.
Furthermore, the roots underlying the financial crisis can be traced back to the declining dollar which was caused primarily by the high cost of energy and Alan Greenspan at the Fed keeping interest rates too low. The Democrats are solely responsible for our energy crisis. They have obstructed domestic drilling, nuclear energy and new refineries for decades on the pretext of environmentalism.
John McCain called for the resignation of former Republican Congressman and now Chairman of the Securities and Exchange Commission Christopher Cox who was on watch at the SEC during this crisis. Now we must call for the resignation of Rep. Barney Frank and Senator Chris Dodd who are responsible for monitoring this very type of activity for the people of the U.S. They have not done their job at the least and may be involved in malfeasance, taking bribes to maintain the status quo. They certainly should have nothing to do with formulating a bailout. This is the Democrat parties Enron, although on a far grander scale. It is time for accountability in government.
Michael Macfarlane
No comments:
Post a Comment