Saturday, September 20, 2008

Fannie Mae / Freddie Mac - Big Success Stories!

I think it's time to stop letting the media write our script. Most American's got screwed by the Fannie/Freddie bailout because that's the way it was designed. And it succeeded big time.

Fannie/Freddie were Democrat Party programs designed to transfer wealth from largely Republican constituencies (middle class working folks) to Democrat constituencies (poor, welfare recipients, and a few rich uber-capitalists).

This YouTube video of Fannie Mae CEO, Daniel Mudd, addressing the Congressional Black Caucus, including Barack Obama, at their swearing-in ceremony in 2005 has been flying around the Internet - but of course is never mentioned on ABC/CBS/NBC/MSNBC.

It is sickening.

Here's a small part of the text.

"Good morning members of the Congressional Black Caucus. I am humbled to come here today to reaffirm the friendship and partnership between Fannie Mae and the Congressional Black Caucus. Fannie Mae is determined to keep tearing down the barriers to deliver on the American dream and that means we need to work together with the CBC. So many of you have been good friends to Fannie Mae and our mission. You've been friends through thick and thin. We have indeed come upon a difficult time for Fannie Mae. There is much to be done inside my company and I humbly ask you to help us and to help me. If there are areas where we are missing. If there are areas where we could do better, we'd like to hear it from our friends and I'd be so bold as to say our family first.
It is true that Fannie Mae has lent more money to more minorities and more underserved individuals than any single company in history.
We will work hard inside our company to resolve the serious matters before us to put our house in order and to forge a new future. And all the while you will see Fannie Mae reaching out and listening to the caucus. Over a century of endeavor you have earned the reputation as the conscience of Congress. In many ways I want to tell you today you are also the conscience of Fannie Mae. Keeping us on course to serve those who need serving the most."

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