In the next week or two, Obama's Financial Crisis Inquiry Commission will render its verdict on the causes of our financial meltdown. Even if the compostion of the commission were not skewed left, given that the commission specifically excluded from the major focus of their inquiry both Fannie and Freddie, their report will be a useless work of fiction. As one person put it, that is like trying to study the causes of the Civil War while limiting consideration of slavery. It will not be a bi-partisan report and it is a measure of how useless the report will be that Obama pushed his financial overhaul bill - ostensibly designed to prevent a reoccurence of our fiscal meltdown - through Congress months ago, without any input from the commission.
Why that has happened is obvious - to protect the many Democrats who were at the epicenter of causing the financial crisis. But by ignoring the root causes, that has allowed many of the same policies that actually did cause our financial meltdown - see here - to not merely remain in place, but to be strengthened.
Thus, with Republicans now having subpoena power in the House, as Ann Coulter points out, one of the first acts should be to investigate the actual causes of our financial disaster:
. . . [T]he current financial crisis, which is the second Great Depression, was created slowly and methodically by Democrat hacks running Fannie Mae and Freddie Mac over the past 18 years.
As even Obama's treasury secretary admitted in congressional hearings, "Fannie and Freddie were a core part of what went wrong in our system." And if it's something Tim Geithner noticed, it's probably something that's fairly obvious.
Goo-goo liberals with federal titles pressured banks into making absurd loans to high-risk borrowers -- demanding, for example, that the banks accept unemployment benefits as collateral. Then Fannie repackaged the bad loans as "prime mortgages" and sold them to banks, thus poisoning the entire financial market with hidden bad loans.
Believe it or not, the loans went belly up, banks went under, and the Democrats used taxpayer money to bail out their friends on Wall Street.
So far, Fannie and Freddie's default on loans that should never have been made has cost the taxpayer tens of billions of dollars. Some estimates say the final cost to the taxpayer will be more than $1 trillion. . . .
Over and over again, Republicans tried to rein in the politically correct policies being foisted on mortgage lenders by Fannie Mae, only to be met by a Praetorian Guard of Democrats howling that Republicans hated the poor [and the minorities. The howling nearly always included the race card.] . . .
Making sure another financial meltdown does not occur should be right up there at the top of the House investigations. And indeed, I would pay money to see Barney Frank and Chris Dodd subpoenaed and forced to testify under oath at such a hearing, not to mention Franklin Raines and that Mistress of National Disaster, Jamie Gorelic.
(H/T Barking Moonbat EWS)