GOP Tax Cut Bill Would Add Almost $7 Trillion to America's National Debt To Further Enrich the Wealthiest

GOP Tax Cut Bill Would Add Almost $7 Trillion to America's National Debt To Further Enrich the Wealthiest

Allowing the Bush Dividends Tax Cut to Expire for the Richest 2% Will Not Harm Seniors


Top Dems Break With Treasury Over Fannie, Freddie Losses

Congressman Barney Frank (D-Mass.), Chairman of the House Financial Services Committee, sent a letter to the White House Friday, demanding the Federal Housing Finance Administration [FHFA] use all the powers at its disposal to recover some of the roughly $150 billion taxpayers lost to Fannie Mae and Freddie Mac through bad loans purchased from private banks.

...Frank writes in his letter to Obama:

The losses suffered by Fannie and Freddie have created great cost for the taxpayers--almost $150 billion to date. These losses largely result from business decisions during the bubble years that were honest but flawed. Taxpayers have continued to suffer anew for poor underwriting by these companies during the bubble years.

However, some of these losses result from deception. Private companies sold Fannie and Freddie loans or securities based on fraudulent documents. These transactions created private profits at public expense, and they should be fought with every tool at the companies' and the agency's disposal. These deals must not be allowed to get lost in the shuffle.

I have been pleased at the steps both the FHFA and the companies have taken so far, but it must continue. The extraordinary measures taken to stabilize the financial system over the last two years were done for the benefit of ordinary Americans. We owe it to them to make every effort to make sure that the money is not diverted instead into the pockets of others. I hope you will continue to keep this in mind as you chart the future of FHFA and these companies.

Republicans - never ones to be very responsible - have tried to deflect the disastrous decisions and structural problems of private banks on Fannie May and Rep. Frank. The facts do not support yet another Republican urban myth.

Is Meg Whitman just another Republican loon that wants to bring back the utterly failed economic policies of the Bush-Republican era - Decoding Meg Whitman's shout-out to New York
Did the candidate for governor just tell Californians that Wall Street wants her to win the election?