Record Shows Democrats and Obama Responsible For Banking Mess

New video unearthed today from 2004 showing that Congressional Democrats made the claim that there was nothing to worry about at Fannie Mae, and in fact even went as far to inject the race card because then Fannie Mae CEO Franklin Raines - a former Clinton Administration official - happened to be African American.

"Mr. Chairman, we do not have a crisis at Freddie Mac, and in particular at Fannie Mae, under the outstanding leadership of Mr. Frank Raines. Everything in the 1992 act has worked just fine."
-Representative Maxine Waters in 2005

"The responsibility that the Democrats have may rest more with resisting any efforts by Republicans in the Congress or by me when I was president to put some standards and tighten up a little on Fannie Mae and Freddie Mac."
-President Bill Clinton, this week

"If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole."
-John McCain in 2006

At the same time Republicans including John McCain called for more regulations and more control on Fannie Mae while usual suspect Democrats Maxine Waters (please, please Ted Hayes win and send Maxine packing) and Barney Frank saying this was not necessary.



Amazingly, yet another video shows Obama at an event in 2005 celebrating Fannie Mae, from which he was the second highest recipient of campaign contributions in the US Senate though Obama has been in the Senate less than four years.



Thank God for YouTube because we have video showing that McCain supported regulation of Fannie and Freddie, and along with many others including then Fed Chairman Alan Greenspan, express serious concern over what was to come.



Oh and where was Barack Obama on this? Apparently he voted present.

What's the new term these days? Epic Fail? Yea, Senator Obama, you and your Democrats did. What's more, you got PAID to do it.