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Obama Nominates Fox to Guard Chicken Coop

by Keith Koffler on May 6, 2013, 4:28 pm

President Obama last week nominated Rep. Mel Watt (D-N.C.) to run the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, the two agencies that caused the Great Recession Obama keeps blaming on George W. Bush.

They did this by promoting policies that allowed them to own billions of dollars in home loans made to people who couldn’t afford to buy homes. And then, a FINANCIAL CRISIS ensued when these people couldn’t make their payments, as might have been expected.

Except, it wasn’t expected by Mel Watt.

In a nice piece of investigative journalism, Charles C. Johnson over at The Daily Caller did some research and found out that Mr. Watt supported the very polices that got us into trouble in the first place, even after these policies got us into trouble.

From the article:

In 2002, Watt  teamed up with Freddie Mac and Fannie Mae, Bank of America, BB&T, and UJAMMA Inc., to announce Pathways to Homeownership, a pilot initiative designed to give home loans to welfare recipients . . .

Watt, alongside then-Democratic Massachusetts Rep. Barney Frank, blocked Bush Administration efforts to reduce Fannie and Freddie’s overexposure to subprime loans . . .

In 2007, a full year after the real estate market peaked and began to plummet under the weight of millions of mortgage defaults, Watt and Frank co-sponsored a bill forcing Fannie and Freddie to meet even higher quotas for affordable lending.

Don’t be shocked. Remember that in Obama World, only greedy bankers and George W. Bush cause financial crises. They can never be the result of market-distorting liberal policies, which opened the door for lending abuses – and even in some cases required them – in order to realize the dream of home ownership for all.

Because even people who can’t afford homes need to own them. And, please, each according to their needs.

And so, in Obama World, Mel Watt is perfect for the job. And on the Obama Farm, foxes guard chicken coops.

Leave a Comment

{ 32 comments… read them below or add one }

Sadie May 6, 2013 at 4:44 pm

WTF – just morphed into WattTF.

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WNY_ROC May 6, 2013 at 10:19 pm

!

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Playrighter May 6, 2013 at 5:07 pm

And to complete the bookends, Obama nominated Penny Pritzker, she of the banking family that specialized in sub-prime loans for Commerce.
Weren’t greedy billionaires Obamas’ sworn ENEMIES?

Watt and Obama are at least consistent: In their eyes, people who don’t qualify financially to buy homes should own them, and people who don’t qualify educationally should elect the people who run this country.

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srdem65 May 6, 2013 at 5:20 pm

I think MrKoffler’s “fox=chicken coop” and your analysis wraps it all up and explains Washington today.

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Susan May 6, 2013 at 8:00 pm

Wonder how rich Mel Watt has gotten off of this Fannie and Freddie fraud? I’m sure he didn’t steal as much of our wealth as Franklin Raines did, but bet he has grifted a chunk of change. All in the name of fairness, equality, and social justice, these crooks are redistributing America’s wealth (aka paying reparations) and skimming the cream off the top for themselves.

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Kimbly May 6, 2013 at 9:51 pm

LOL. I was going to comment that he must not have made enough, and is back for more. They can sniff out where the money is.

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Stephen Hall May 7, 2013 at 6:17 am

Yes, 50 acres and a mule was much cheaper.

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Troy C May 6, 2013 at 8:35 pm

Day after day he pours it on. Saul Alinsky is pleasuring himself watching this jerk destroy the Republic. America will never be the same. God help us.

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Playrighter May 6, 2013 at 8:57 pm

BTW, that would be the same Saul Alinsky who said “Take back our country” long before the Tea Party came into existence.

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Susan May 6, 2013 at 9:41 pm

He said it, but he meant something quite different. When Alinsky said “Take our country back” he was advocating destroying established order (political nihilism), taking power from the haves, and giving it to the have nots. “The issue is never the issue. The issue is always the revolution.”

The Tea Party doesn’t want to overthrow our government. We want a return to established order. A federal government that obeys the rule of law, and follows our Constitution and founding principles.

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Playrighter May 6, 2013 at 10:49 pm

Then again, Obama’s minions claimed it was the racism in the Tea Party that lead them to “take back our country” statements, when Barack Obama — before the Tea Party emerged, twice was keynote speaker at annual “Take Back America” conferences — designed to attack George Bush (something Obama has never fully gotten beyond.)

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Danceswithtruth May 6, 2013 at 9:08 pm

…..”found out that Mr. Watt supported the very polices that got us into trouble in the first place, even after these policies got us into trouble.”

Well……at least he will be parroting Obama’s ideology. Good little puppet he is. Birds of a feather……

“The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit, an effort that officials say will help power the economic recovery but that skeptics say could open the door to the risky lending that caused the housing crash in the first place.”

http://www.washingtonpost.com/business/economy/obama-administration-pushes-banks-to-make-home-loans-to-people-with-weaker-credit/2013/04/02/a8b4370c-9aef-11e2-a941-a19bce7af755_story.html

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gracepmc May 6, 2013 at 9:54 pm

Off Topic. US DOJ , that would be Eric Holder’s Department of Injustice, guarantees Democrat win in South Carolina. /sarc/

http://www.reuters.com/article/2013/05/06/us-usa-politics-southcarolina-monitors-idUSBRE9450RO20130506

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Susan May 6, 2013 at 10:19 pm

There should be video cameras rolling at every polling place in that district. Governor Haley ought to have her AG arrest them if they interfere in the election. That’s what Perry threatened after the UN tried to impose themselves on Texas state sovereignty during the 2012 election.

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gracepmc May 6, 2013 at 10:20 pm

I hope you are right Susan.

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Stephen Hall May 7, 2013 at 6:16 am

It would be much cheaper to go back to the old “50 acres and a mule”.

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Star May 7, 2013 at 11:41 am

Is there an echo in here?

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ImNoDhimmi May 7, 2013 at 9:40 am

In Canada, one response to the financial crisis was a toughening up of mortgage loan regulations. It seems inconceivable that Barry and his minions may be recommending a return to the same failed policies whose aftermath has helped to cause so much upheaval and misery.

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