Re: HBO’s 'Too Big to Fail' – A Reality Check

Once again,  Rockwell gets it half right.  Rockwell either conveniently forgets, or purposely ignores the fact that the Bush Administration called for Fannie Mae and Freddie Mac reforms repeatedly, (17 times in 2008 alone!)  all to fall upon deaf ears by the Democrats:

 

http://gatewaypundit.blogspot.com/2008/09/bush-called-for-reform-of-fannie-mae.html

  

Again,  Rockwell either conveniently forgets, or purposely ignores  the fact that in 2003, the Bush Administration was encouraging and pushing the Congress to reform Fannie Mae and Freddie Mac, all which fell upon deaf ears by the Democrats.  The Democrats fought change to Freddie and Fannie vociferously:

  

http://hotair.com/archives/2008/09/16/whose-policies-led-to-the-credit-crisis/

Lou either conveniently forgets, or purposely ignores the facts that by the mid 1990s, the Clinton Administration had in fact adopted a "quota system" , and unabashedly favored expansion of, and the empowered  use of the "Community Reinvestment Act",  believing that a governmental response to economic problems in inner cities is generally more effective than a market solution.

 

Eugene Ludwig,  President Clinton's Comptroller of the Currency and head of the Office of the Comptroller and Currency, was a strong proponent of expanding the reach of Community Reinvestment Act.  Ludwig  said in his confirmation hearing that his first priority as Comptroller would be to eliminate 

 

"discrimination from our financial system, root and branch." 

 

Ludwig told bankers,

 

"If you seize this issue as an opportunity, you will reap the benefits in the form of new business and heightened respect from the press, the Congress, and your communities."  (See the CATO Institute, a non-partisan Libertarian Think-Tank, link provided below)

 

 With regard to the Community Reinvestment Act, Clinton Administration Attorney General Janet Reno said,

  

"No loan is exempt, no bank is immune. For those who thumb their nose at us, I promise vigorous enforcement."

 

http://209.85.165.104/search?q=cache:90IT4MK9474J:www.cato.org/pubs/regulation/regv17n4/vmck4-94.pdf+Community+Reinvestment+Act&hl=en&ct=clnk&cd=4&gl=us

 

 

Finally, Lou Rockwell, the purported "Libertarian"  that he is,  ignores former President Clinton's admission of guilt.  On September 26, 2008,  His Holiness said:  

 

"I think the responsibility that the Democrats have, may rest more in 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."

 

http://hosted.ap.org/dynamic/stories/M/MELTDOWN_ADS?SITE=DCUSN&SECTION=POLITICS&TEMPLATE=DEFAULT

 

Lou Rockwell.  A political hack, who parades himself as a "Libertarian".   A purported "Libertarian"  who is ignorant of our history,  our culture,  our system of government, macro or micro economics, and a purported "Libertarian" who is in favor of ObamaCare.  How......Oxymoronic.  In truth and fact, Lou doesn't have a clue what a "Libertarian"  even is.

 

 

 

 

 

On Tue, May 31, 2011 at 3:30 PM, MJ <michaelj@america.net> wrote:

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