If you want to understand how the mortgage mess kept on going.
Here’s a paragraph written by a liberal that appeared in a Slate article.
“These documents, from Clayton Holdings, a due diligence company retained by the banks, reveal that Clayton, after analyzing more than 900,000 mortgages, told the banks that about 30 percent of the loans being packaged into securitized products did not satisfy the banks’ own underwriting standards. This meant that the securitized products were almost bound to blow up.”
Democrats controlled the U.S. House in 2008 and did nothing to stop this from happening.
And McHenry County’s own Congresswoman Melissa Bean serves on the Financial Services Committee chaired by endangered Barney Franks.
Nor have they called for criminal prosecutions of big banks from whom they got fat political contributions.
Democrat oversight was a failure of the banks as it was of BP’s oil rig operations.
More Democrat bureaucrats simply deliver more paid Democrat voters and little productive output as a practical matter.
This is why Democrats are obsessive about taking over health care and one sixth of the economy.
Democrat Melissa Bean sat on the House Financial Services Committee and did nothing to stop the big banks from almost blowing up our entire economy.
I guess this is what “merited” her an endorsement from both the Northwest Herald and Daily Herald. How can their editors have such blinders?
It not hard to surmise someone thinking
“Throw the facts out the window, Bean’s a real liberal, so let’s figure out some way to endorse her.”