LEFTISTS are Hypocrites!

This Pro-America Tea Party Patriot is sick and tired of the hypocrisy on the left side of our political spectrum!

At every opportunity President Obama, and the leadership on the left attack those earning over $250,000. Obama, Harry Reid and Nancy Pelosi call on Congress to raise the Tax Rate on the Rich because this is the “FAIR” thing to do! They go on to criticize the Fat Cat Tax Loop Holes and Tax Credits that got this country into our present financial situation.

Both President Obama and Vice President Biden took advantage of Fat Cat tax loopholes and tax-credits to reduce their tax burden! Obama paid $453,770 in taxes on an adjusted gross income of $1,728,096; a tax rat of 26 percent. Biden, not to be outdone paid $86,626 on his adjusted gross income of $379,178 for a tax rate of 23 percent.

So while Obama is out campaigning for higher tax rates on the evil rich his zombie groupies in Main Stream Media and his voting base give Obama a pass on his use of FAT CAT Tax Loopholes to reduce his annual tax bill.

News Flash for you Leftists; There is no law requiring the use of the Fat Cat Tax Loopholes!

Obama loves to point fingers at the “Corporate Jet Tax”, saying it is another reason we are in economic crisis!

Elimination of the corporate jet tax would put $3 billion into the treasury over a 10 year period; which wouldn’t even cover one day of Obama’s $4.1 Billion in deficit spending!

“Obama signed the American Recovery and Reinvestment Act, better known as the stimulus act, in February 2009. In September 2010, Obama signed H.R. 5927, the Small Business Lending Fund Act. Both pieces of legislation included tax breaks to help businesses buy their own planes.”, Fred Lucas, CNCNews.com.

The corporate jet tax is just another leftist boogie-man created to stir-up class warfare between Americans!
Raising the Nations Debt Limit:
Senator Obama said in 2006, “The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure,” he said. “It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Leadership means that ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit.”.

Harry Reid too was against raising the Debt Limit in 2006; see video http://ironicsurrealism.com/2011/07/19/flashback-video-harry-reid-in-06-raising-debt-limit-last-thing-we-should-do-will-weaken-country-hurt-economy/

The Left, lead by Alarmist Al Gore spreads the myth of Man-Made Global Warming like a pack of starving hyena’s gnawing on the carcass of a water buffalo. They chastise Big Bad Oil, the Auto Industry, the Coal Industry, and they call on ALL American’s to reduce their Carbon Footprints at any cost because the very existence of life on earth depends on personal sacrifice!

So while the Hollywood Elites, Al Gore and the rest of the Fat Cat leftists call upon the great citizens of this country to sacrifice to save the planet how do they lead? Al Gore purchases a $8.875M luxury getaway in Montecito, CA; a swanky zip code that has attracted big name residents like Oprah Winfrey, Steve Martin, and Kirk Douglas. Records show that the approximately 6,500 sq. foot home boasts 6 bedrooms, 9 bathrooms, a large pool house, 6 fireplaces, wood framed french doors, and carved stone detailing throughout. Al jets all over the world on a private jet! The Hollywood elite’s daily drivers are gas guzzling Hummers, Bentleys, and other large expensive exotic automobiles. Yes, many of these elites own a hybrid or electric car; but these are all for show because none of these hypocrites drive them on a daily basis.

Where is the outrage on the left? Shouldn’t your Gods and Goddesses lead by example? Demand Al Gore and the Hollywood Fakes sell their mansions and move into small energy efficient homes, demand they fly commercial, demand they drive their small fuel efficient clown cars daily and sell their gas guzzling expensive show cars.

Another war-cry we routinely hear from the left is; “The Outsourcing of Good American paying Jobs must stop”.

Funny; Obama lead the Takeover of General Motors. During the restructuring of Government Motors 18 percent of production was outsourced to Mexico and China. Not a word from the left regarding the outsourcing of HIGH PAYING UNION JOBS!

Yet; these same fools go to war against Boeing because they want to expand production in Charleston, South Carolina! Instead of following Government Motors lead of outsourcing to foreign workers Boeing does the patriotic thing and expands here in the USA!

Again the Left shows their hypocrisy; they turn a blind-eye to the outsourcing of UNION jobs to Mexico by Obama Motors, yet file lawsuit after lawsuit against Boeing when Boeing provides NON-UNION jobs to Americans.

LEFTISTS are Hypocrites! So until they lead by example this Tea Party Patriot will dismiss their rhetoric as pure BS!

Iraq; Wasn't Just Just Bush's War (Democrat Quotes)

"Every nation has to either be with us, or against us. Those who harbor terrorists, or who finance them, are going to pay a price."

Senator Hillary Clinton (Democrat, New York)
During an interview on CBS Evening News with Dan Rather
September 13, 2001

"My position is very clear: The time has come for decisive action to eliminate the threat posed by Saddam Hussein's weapons of mass destruction. I'm a co-sponsor of the bipartisan Resolution that's presently under consideration in the Senate. Saddam Hussein's regime is a grave threat to America and our allies. We know that he has chemical and biological weapons today, that he's used them in the past, and that he's doing everything he can to build more. Every day he gets closer to his long-term goal of nuclear capability.

Democracy will not spring up by itself overnight in a multi-ethnic, complicated society that's suffered under one repressive regime after another for generations. The Iraqi people deserve and need our help to rebuild their lives and to create a prosperous, thriving, open society. All Iraqis, including Sunnis, Shia and Kurds, deserve to be represented. This is not just a moral imperative. It's a security imperative. It is in America's national interest to help build an Iraq at peace with itself and its neighbors, because a democratic, tolerant and accountable Iraq will be a peaceful regional partner, and such an Iraq could serve as a model for the entire Arab world."

Senator John Edwards (Democrat, North Carolina)
Speech at the Center for Strategic and International Studies
October 7, 2002

"In the four years since the inspectors left, intelligence reports show that Saddam Hussein has worked to rebuild his chemical and biological weapons stock, his missile delivery capability, and his nuclear program. He has also given aid, comfort, and sanctuary to terrorists, including Al Qaeda members...

It is clear, however, that if left unchecked, Saddam Hussein will continue to increase his capacity to wage biological and chemical warfare, and will keep trying to develop nuclear weapons. Should he succeed in that endeavor, he could alter the political and security landscape of the Middle East, which as we know all too well, effects American security.

This is a very difficult vote, this is probably the hardest decision I've ever had to make. Any vote that might lead to war should be hard, but I cast it with conviction."

Senator Hillary Clinton (Democrat, New York)
Addressing the US Senate
October 10, 2002

"In the next century, the community of nations may see more and more the very kind of threat Iraq poses now -- a rogue state with weapons of mass destruction ready to use them or provide them to terrorists, drug traffickers or organized criminals who travel the world among us unnoticed.

If we fail to respond today, Saddam and all those who would follow in his footsteps will be emboldened tomorrow by the knowledge that they can act with impunity, even in the face of a clear message from the United Nations Security Council and clear evidence of a weapons of mass destruction program."

President Clinton
Address to Joint Chiefs of Staff and Pentagon staff
February 17, 1998

"We must exercise responsibility not just at home, but around the world. On the eve of a new century, we have the power and the duty to build a new era of peace and security.

We must combat an unholy axis of new threats from terrorists, international criminals, and drug traffickers. These 21st century predators feed on technology and the free flow of information... And they will be all the more lethal if weapons of mass destruction fall into their hands.

Together, we must confront the new hazards of chemical and biological weapons and the outlaw states, terrorists, and organized criminals seeking to acquire them. Saddam Hussein has spent the better part of this decade and much of his nation's wealth not on providing for the Iraqi people but on developing nuclear, chemical, and biological weapons and the missiles to deliver them."

President Clinton
State of the Union address
January 27, 1998

"The hard fact is that so long as Saddam remains in power, he threatens the well-being of his people, the peace of his region, the security of the world.

The best way to end that threat once and for all is with a new Iraqi government -- a government ready to live in peace with its neighbors, a government that respects the rights of its people."

President Clinton
Oval Office Address to the American People
December 16, 1998

"Iraq is a long way from Ohio, but what happens there matters a great deal here. For the risks that the leaders of a rogue state will use nuclear, chemical or biological weapons against us or our allies is the greatest security threat we face."

Madeleine Albright, President Clinton's Secretary of State
Town Hall Meeting on Iraq at Ohio State University
February 18, 1998

"Imagine the consequences if Saddam fails to comply and we fail to act. Saddam will be emboldened, believing the international community has lost its will. He will rebuild his arsenal of weapons of mass destruction. And some day, some way, I am certain, he will use that arsenal again, as he has ten times since 1983."

Sandy Berger, President Clinton's National Security Advisor
Town Hall Meeting on Iraq at Ohio State University
February 18, 1998

"No one has done what Saddam Hussein has done, or is thinking of doing. He is producing weapons of mass destruction, and he is qualitatively and quantitatively different from other dictators."

Madeleine Albright, President Clinton's Secretary of State
Town Hall Meeting on Iraq at Ohio State University
February 18, 1998

Regime change in Iraq has been official US policy since 1998. The Iraq Liberation Act of 1998, signed into law by President Clinton, states:

"It should be the policy of the United States to support efforts to remove the regime headed by Saddam Hussein from power in Iraq and to promote the emergence of a democratic government to replace that regime."

Iraq Liberation Act of 1998
105th Congress, 2nd Session
September 29, 1998

Associated Press
February 13, 1999

Bin Laden reportedly leaves Afghanistan, whereabouts unknown

Osama bin Laden, the Saudi millionaire accused by the United States of plotting bomb attacks on two U.S. embassies in Africa, has left Afghanistan, Afghan sources said Saturday.

Taliban authorities in the militia's southern stronghold of Kandahar refused to either confirm or deny reports that bin Laden had left the country.

Iraqi dictator Saddam Hussein has offered asylum to bin Laden, who openly supports Iraq against the Western powers.

Despite repeated demands from Washington, the Taliban refused to hand over bin Laden after the August 7 bombings of the U.S. embassies in Kenya and Tanzania, demanding proof of his involvement in terrorist activities.

The Taliban did promise that bin Laden would not use Afghanistan as a staging arena for terrorist activities.

CHRIS MATTHEWS, HOST: Were we right to go to this war alone [sic], basically without the Europeans behind us [sic]? Was that something we had to do?
SENATOR JOHN EDWARDS (Democrat, North Carolina): I think that we were right to go. I think we were right to go to the United Nations. I think we couldn't let those who could veto in the Security Council hold us hostage. And I think Saddam Hussein being gone is good. Good for the American people, good for the security of that region of the world, and good for the Iraqi people.
MATTHEWS: If you think the decision, which was made by the president, when basically he saw the French weren't with us and the Germans and the Russians weren't with us, was he right to say, "We're going anyway"?
EDWARDS: I stand behind my support of that, yes.
MATTHEWS: You believe in that?
EDWARDS: Yes.

Senator John Edwards (Democrat, North Carolina)
During an interview on MSNBC's "Hardball"
October 13, 2003

The Guardian
February 6, 1999

Saddam link to Bin Laden

By Julian Borger

Saddam Hussein's regime has opened talks with Osama bin Laden, bringing closer the threat of a terrorist attack using chemical, biological or nuclear weapons, according to US intelligence sources and Iraqi opposition officials.

The key meeting took place in the Afghan mountains near Kandahar in late December. The Iraqi delegation was led by Farouk Hijazi, Baghdad's ambassador in Turkey and one of Saddam's most powerful secret policemen, who is thought to have offered Bin Laden asylum in Iraq.

News of the negotiations emerged in a week when the US attorney general, Janet Reno, warned the Senate that a terrorist attack involving weapons of mass destruction was a growing concern. "There's a threat, and it's real," Ms Reno said, adding that such weapons "are being considered for use."

Dan Rather, anchorman for CBS News, appears on The David Letterman Show shortly after 9-11. The show had been off the air for a week.

Below are transcript excerpts.
RATHER: President Bush made what I think is his strongest statement yet when he went to the Pentagon this afternoon. He was Giuliani-esque -- I don't think he would mind me saying that, no. He looked the camera straight in the eye -- unblinking -- and said "Osama Dead or Alive."

[Audience applause]
RATHER: And with what we're dealing with here, which is not one man [Bin Laden], it's a hydra-headed operation that's in 55 countries around the world. Now granted, the focus is on, and we should understand, not just Afghanistan -- Afghanistan, Sudan, Iran, Iraq, Syria, and Libya.
RATHER: They hate America. They hate us. This is one thing that makes this war different. They don't want territory, they don't want what we got -- they want to kill us and destroy us. It's a heavy statement, but it's true -- they seek to accomplish our death. Death as a people, as a society, and a culture.
LETTERMAN: Why?
RATHER: Who can explain madmen, and who can explain evil.
RATHER: Saddam Hussein, if he isn't connect to this, he's connected to any other things. He's part of this 'Hate America' thing. You have to understand, Saddam Hussein is somebody I have sat this close, eye to eye.
LETTERMAN: The other day, Dick Cheney -- who to me seemed like the real deal -- Dick Cheney was talking about how counter-intelligence and espionage is dirty business, and maybe now we were going to have to get down in the mud with these people, and I thought well Holy God wasn't that the way it was supposed to be?
RATHER: This [war] will be long, the casualties will be greater. Let's face it, we've already had more casualties, I mean five thousand of our fellow Americans have been killed already. When we talk about casualties, we've suffered casualties, but there will be more. When we send out sons and daughters into this kind of war, into this Twilight Zone that they're going, there will be great casualties. Now, it remains to be seen whether we have the staying power, that's basically up to you, and me, and everybody in the audience, and every American, whether we have the staying power, whether we have the will to stay with it, is the big question. But you say 'Will it do anything?' I certainly think it can, but what would we think of ourselves if we didn't try.
RATHER: This will take years, this may very well take another four, eight, ten years. The world's view of us, in many places with many people, is we just don't have the stomach to stick anything out. Well, we were great during World War II, but this is a new generation, they're all spoiled.

Dan Rather, CBS News Anchor
Interview on "The David Letterman Show"
September 17, 2001

Newsweek
January 11, 1999

Saddam + Bin Laden? America's two enemies are courting.

By Christopher Dickey, Gregory Vistica, and Russell Watson

In the no-fly zones of northern and southern Iraq, Saddam Hussein's gunners blindly fired surface-to-air missiles at patrolling American and British warplanes. In Yemen, terrorists seized a group of British Commonwealth and American tourists, and four of the hostages died in a shootout. In Tel Aviv, the US Embassy abruptly closed down after receiving a terrorist threat. Perhaps it was just a typical week in the Middle East. But in a region where no one puts much faith in blind coincidence, last week's conjunction of Iraqi antiaircraft fire and terrorism aimed at the countries that had just bombed Iraq convinced some that a new conspiracy was afoot.

Here's what is known so far: Saddam Hussein, who has a long record of supporting terrorism, is trying to rebuild his intelligence network overseas -- assets that would allow him to establish a terrorism network. US sources say he is reaching out to Islamic terrorists, including some who may be linked to Osama bin Laden, the wealthy Saudi exile accused of masterminding the bombing of two US embassies in Africa last summer. US intelligence has had reports of contacts between low-level agents. Saddam and bin Laden have interests -- and enemies -- in common. Both men want US military forces out of Saudi Arabia. Bin Laden has been calling for all-out war on Americans, using as his main pretext Washington's role in bombing and boycotting Iraq. Now bin Laden is engaged in something of a public-relations offensive, having granted recent interviews, one for NEWSWEEK. He says "any American who pays taxes to his government" is a legitimate target.

"There is a very easy way to prevent anyone from being put into harm's way, and that is for Saddam Hussein to disarm, and I have absolutely no belief that he will. I have to say that this is something I have followed for more than a decade.

For now nearly 20 years, the principal reason why women and children in Iraq have suffered, is because of Saddam's leadership.

The very difficult question for all of us, is how does one bring about the disarmament of someone with such a proven track record of a commitment, if not an obsession, with weapons of mass destruction.

I ended up voting for the Resolution after carefully reviewing the information and intelligence I had available, talking with people whose opinions I trusted, trying to discount political or other factors that I didn't believe should be in any way a part of this decision, and it is unfortunate that we are at the point of a potential military action to enforce the resolution. That is not my preference, it would be far preferable if we had legitimate cooperation from Saddam Hussein, and a willingness on his part to disarm, and to account for his chemical and biological storehouses.

With respect to whose responsibility it is to disarm Saddam Hussein, I do not believe that given the attitudes of many people in the world community today that there would be a willingness to take on very difficult problems were it not for United States leadership. And I am talking specifically about what had to be done in Bosnia and Kosovo, where my husband could not get a Security Council resolution to save the Kosovar Albanians from ethnic cleansing. And we did it alone as the United States, and we had to do it alone. It would have been far preferable if the Russians and others had agreed to do it through the United Nations -- they would not. I'm happy that, in the face of such horrible suffering, we did act."

Senator Hillary Clinton (Democrat, New York)
During a meeting with "Code Pink" at the US Capitol
March 6, 2003

"There is now no incentive for Hussein to comply with the inspectors or to refrain from using weapons of mass destruction to defend himself if the United States comes after him. And he will use them; we should be under no illusion about that."

Joseph Wilson, Advisor to John Kerry 2004 Presidential Campaign
In a Los Angeles Times editorial: "A 'Big Cat' With Nothing to Lose"
February 6, 2003; Page B17

BILL MOYERS: President Bush's recent speech to the American Enterprise Institute, he said, let me quote it to you. "The danger posed by Saddam Hussein and his weapons cannot be ignored or wished away." You agree with that?
JOE WILSON: I agree with that. Sure.
BILL MOYERS: "The danger must be confronted." You agree with that? "We would hope that the Iraqi regime will meet the demands of the United Nations and disarm fully and peacefully. If it does not, we are prepared to disarm Iraq by force. Either way, this danger will be removed. The safety of the American people depends on ending this direct and growing threat." You agree with that?
JOE WILSON: I agree with that. Sure. The President goes on to say in that speech, as he did in the State of the Union Address, is we will liberate Iraq from a brutal dictator. All of which is true.

Joseph Wilson, Advisor to John Kerry 2004 Presidential Campaign
During an interview with Bill Moyers
February 28, 2003

The Washington Post
January 23, 1999; Page A02

Official Cites Gains Against Bin Laden

By Vernon Loeb

Richard A. Clarke, the Clinton administration's senior counterterrorism official, provided new information in defense of President Clinton's decision to fire Tomahawk cruise missiles at the El Shifa pharmaceutical plant in Khartoum, Sudan, in retaliation for Osama bin Laden's role in the Aug. 7 embassy bombings.

While U.S. intelligence officials disclosed shortly after the missile attack that they had obtained a soil sample from the El Shifa site that contained a precursor of VX nerve gas, Clarke said that the U.S. government is "sure" that Iraqi nerve gas experts actually produced a powdered VX-like substance at the plant that, when mixed with bleach and water, would have become fully active VX nerve gas.

Clarke said U.S. intelligence does not know how much of the substance was produced at El Shifa or what happened to it. But he said that intelligence exists linking bin Laden to El Shifa's current and past operators, the Iraqi nerve gas experts, and the National Islamic Front in Sudan.

Given the evidence presented to the White House before the airstrike, Clarke said, the president "would have been derelict in his duties if he didn't blow up the facility."

"As a member of the House Intelligence Committee, I am keenly aware that the proliferation of chemical and biological weapons is an issue of grave importance to all nations. Saddam Hussein has been engaged in the development of weapons of mass destruction technology which is a threat to countries in the region and he has made a mockery of the weapons inspection process."

Congresswoman Nancy Pelosi (Democrat, California)
Statement on US Led Military Strike Against Iraq
December 16, 1998

"Saddam Hussein certainly has chemical and biological weapons. There's no question about that."

Congresswoman Nancy Pelosi (Democrat, California)
During an interview on "Meet The Press"
November 17, 2002

"I come to this debate, Mr. Speaker, as one at the end of 10 years in office on the Permanent Select Committee on Intelligence, where stopping the proliferation of weapons of mass destruction was one of my top priorities. I applaud the President on focusing on this issue and on taking the lead to disarm Saddam Hussein. ... Others have talked about this threat that is posed by Saddam Hussein. Yes, he has chemical weapons, he has biological weapons, he is trying to get nuclear weapons."

Congresswoman Nancy Pelosi (Democrat, California)
Addressing the US House of Representatives
October 10, 2002

"There's no question that Saddam Hussein is a threat to the United States and to our allies.

If Saddam persists in thumbing his nose at the inspectors, then we're clearly going to have to do something about it."

Howard Dean, Democratic Presidential Candidate
During an interview on "Face The Nation"
September 29, 2002

"We stopped the fighting [in 1991] on an agreement that Iraq would take steps to assure the world that it would not engage in further aggression and that it would destroy its weapons of mass destruction. It has refused to take those steps. That refusal constitutes a breach of the armistice which renders it void and justifies resumption of the armed conflict."

Senator Harry Reid (Democrat, Nevada)
Addressing the US Senate
October 9, 2002

"It is the duty of any president, in the final analysis, to defend this nation and dispel the security threat. Saddam Hussein has brought military action upon himself by refusing for 12 years to comply with the mandates of the United Nations. The brave and capable men and women of our armed forces and those who are with us will quickly, I know, remove him once and for all as a threat to his neighbors, to the world, and to his own people, and I support their doing so."

Senator John Kerry (Democrat, Massachusetts)
Statement on eve of military strikes against Iraq
March 17, 2003

Wesley Clark, 2004 Democratic presidential candidate, discusses Saddam's WMD:

WESLEY CLARK: He does have weapons of mass destruction.

MILES O'BRIEN: And you could say that categorically?

WESLEY CLARK: Absolutely.

MILES O'BRIEN: All right, well, where are, where is, they've been there a long time and thus far we've got 12 empty casings. Where are all these weapons?

WESLEY CLARK: There's a lot of stuff hidden in a lot of different places, Miles, and I'm not sure that we know where it all is. People in Iraq do. The scientists know some of it. Some of the military, the low ranking military; some of Saddam Hussein's security organizations. There's a big organization in place to cover and deceive and prevent anyone from knowing about this.

Wesley Clark, Democratic Presidential Candidate
During an interview on CNN
January 18, 2003

"It appears that with the deadline for exile come and gone, Saddam Hussein has chosen to make military force the ultimate weapons inspections enforcement mechanism. If so, the only exit strategy is victory, this is our common mission and the world's cause."

Senator John Kerry (Democrat, Massachusetts)
Statement on commencement of military strikes against Iraq
March 20, 2003

Senator John Edwards, when asked about "Axis of Evil" countries Iran, Iraq, and North Korea:

"I mean, we have three different countries that, while they all present serious problems for the United States -- they're dictatorships, they're involved in the development and proliferation of weapons of mass destruction -- you know, the most imminent, clear and present threat to our country is not the same from those three countries. I think Iraq is the most serious and imminent threat to our country."

Senator John Edwards (Democrat, North Carolina)
During an interview on CNN's "Late Edition"
February 24, 2002

"Those who doubted whether Iraq or the world would be better off without Saddam Hussein, and those who believe today that we are not safer with his capture, don't have the judgment to be President, or the credibility to be elected President.

No one can doubt or should doubt that we are safer -- and Iraq is better -- because Saddam Hussein is now behind bars."

Senator John Kerry (Democrat, Massachusetts)
Speech at Drake University in Iowa
December 16, 2003

John Edwards, while voting YES to the Resolution authorizing US military force against Iraq:

"Others argue that if even our allies support us, we should not support this resolution because confronting Iraq now would undermine the long-term fight against terrorist groups like Al Qaeda. Yet, I believe that this is not an either-or choice. Our national security requires us to do both, and we can."

Senator John Edwards (Democrat, North Carolina)
US Senate floor statement: "Authorization of the Use of
United States Armed Forces Against Iraq"
October 10, 2002

"I think it was the right decision to disarm Saddam Hussein. And when the president made the decision, I supported him, and I support the fact that we did disarm him."

Senator John Kerry (Democrat, Massachusetts)
During a Democratic Primary Debate at the University of South Carolina
May 3, 2003

"There is no doubt that Saddam Hussein's regime is a serious danger, that he is a tyrant, and that his pursuit of lethal weapons of mass destruction cannot be tolerated. He must be disarmed.

We have known for many years that Saddam Hussein is seeking and developing weapons of mass destruction."

Senator Edward Kennedy (Democrat, Massachusetts)
Speech at Johns Hopkins School of Advanced International Studies
September 27, 2002

John Kerry, while voting YES to the Resolution authorizing US military force against Iraq:

"I will be voting to give the President of the United States the authority to use force - if necessary - to disarm Saddam Hussein because I believe that a deadly arsenal of weapons of mass destruction in his hands is a real and grave threat to our security."

Senator John Kerry (Democrat, Massachusetts)
Addressing the US Senate
October 9, 2002

"As a member of the Senate Intelligence Committee, I firmly believe that the issue of Iraq is not about politics. It's about national security. We know that for at least 20 years, Saddam Hussein has obsessively sought weapons of mass destruction through every means available. We know that he has chemical and biological weapons today. He has used them in the past, and he is doing everything he can to build more. Each day he inches closer to his longtime goal of nuclear capability -- a capability that could be less than a year away.

The path of confronting Saddam is full of hazards. But the path of inaction is far more dangerous. This week, a week where we remember the sacrifice of thousands of innocent Americans made on 9-11, the choice could not be starker. Had we known that such attacks were imminent, we surely would have used every means at our disposal to prevent them and take out the plotters. We cannot wait for such a terrible event -- or, if weapons of mass destruction are used, one far worse -- to address the clear and present danger posed by Saddam Hussein's Iraq."

Senator John Edwards (Democrat, North Carolina)
US Senate floor statement: "Iraqi Dictator Must Go"
September 12, 2002

"Without question, we need to disarm Saddam Hussein. He is a brutal, murderous dictator, leading an oppressive regime. We all know the litany of his offenses. He presents a particularly grievous threat because he is so consistently prone to miscalculation. He miscalculated an eight-year war with Iran. He miscalculated the invasion of Kuwait. He miscalculated America's response to that act of naked aggression. He miscalculated the result of setting oil rigs on fire. He miscalculated the impact of sending scuds into Israel and trying to assassinate an American President. He miscalculated his own military strength. He miscalculated the Arab world's response to his misconduct. And now he is miscalculating America's response to his continued deceit and his consistent grasp for weapons of mass destruction. That is why the world, through the United Nations Security Council, has spoken with one voice, demanding that Iraq disclose its weapons programs and disarm.

So the threat of Saddam Hussein with weapons of mass destruction is real, but it is not new. It has been with us since the end of the Persian Gulf War.

In U.N. Security Council Resolution 1441, the United Nations has now affirmed that Saddam Hussein must disarm or face the most serious consequences. Let me make it clear that the burden is resoundingly on Saddam Hussein to live up to the ceasefire agreement he signed and make clear to the world how he disposed of weapons he previously admitted to possessing."

Senator John Kerry (Democrat, Massachusetts)
Speech at Georgetown University
January 23, 2003

Congressman Gephardt links Saddam with the threat of terrorists nuking US cities:
BOB SCHIEFFER, Chief Washington Correspondent: And with us now is the Democratic presidential candidate Dick Gephardt. Congressman, you supported taking military action in Iraq. Do you think now it was the right thing to do?
REP. RICHARD GEPHARDT, D-MO, Democratic Presidential Candidate: I do. I base my determination on what I heard from the CIA. I went out there a couple of times and talked to everybody, including George Tenet. I talked to people in the Clinton administration.
SCHIEFFER: Well, let me just ask you, do you feel, Congressman, that you were misled?
GEPHARDT: I don't. I asked very direct questions of the top people in the CIA and people who'd served in the Clinton administration. And they said they believed that Saddam Hussein either had weapons or had the components of weapons or the ability to quickly make weapons of mass destruction. What we're worried about is an A-bomb in a Ryder truck in New York, in Washington and St. Louis. It cannot happen. We have to prevent it from happening. And it was on that basis that I voted to do this.

Congressman Richard Gephardt (Democrat, Montana)
Interviewed on CBS News "Face the Nation"
November 2, 2003

We have not reached parity with them. We have the right to kill 4 million Americans -- 2 million of them children -- and to exile twice as many and wound and cripple hundreds of thousands. Furthermore, it is our right to fight them with chemical and biological weapons, so as to afflict them with the fatal maladies that have afflicted the Muslims because of the [Americans'] chemical and biological weapons."

Islamic terrorist group "Al Qaeda"
June 12, 2002

"[W]e have evidence of meetings between Iraqi officials and leaders of al Qaeda, and testimony that Iraqi agents helped train al Qaeda operatives to use chemical and biological weapons. We also know that al Qaeda leaders have been, and are now, harbored in Iraq.

Having reached the conclusion I have about the clear and present danger Saddam represents to the U.S., I want to give the president a limited but strong mandate to act against Saddam."

Senator Joseph Lieberman (Democrat, Connecticut)
In a Wall Street Journal editorial Lieberman authored titled: "Why Democrats Should Support the President on Iraq"
October 7, 2002

"Dear Mr. President: ... We urge you, after consulting with Congress, and consistent with the U.S. Constitution and laws, to take necessary actions (including, if appropriate, air and missile strikes on suspect Iraq sites) to respond effectively to the threat posed by Iraq's refusal to end its weapons of mass destruction programs."

Sincerely,

John Kerry, Carl Levin, Joe Lieberman, Frank R. Lautenberg, Dick Lugar, Kit Bond, Jon Kyl, Chris Dodd, John McCain, Kay Bailey Hutchison, Alfonse D'Amato, Bob Kerrey, Pete V. Domenici, Dianne Feinstein, Barbara A. Mikulski, Thomas Daschle, John Breaux, Tim Johnson, Daniel K. Inouye, Arlen Specter, James Inhofe, Strom Thurmond, Mary L. Landrieu, Wendell Ford, Chuck Grassley, Jesse Helms, Rick Santorum.

Letter to President Clinton
Signed by Senators Tom Daschle, John Kerry and others
October 9, 1998

"Iraq's search for weapons of mass destruction has proven impossible to completely deter and we should assume that it will continue for as long as Saddam is in power.

We know that he has stored secret supplies of biological and chemical weapons throughout his country."

Al Gore, Former Clinton Vice-President
Speech to San Francisco Commonwealth Club
September 23, 2002

Al Gore said last night that the time had come for a "final reckoning" with Iraq, describing the country as a "virulent threat in a class by itself" and suggesting that the United States should consider ways to oust Saddam Hussein.

"Even if we give first priority to the destruction of terrorist networks, and even if we succeed, there are still governments that could bring us great harm. And there is a clear case that one of these governments in particular represents a virulent threat in a class by itself: Iraq. As far as I am concerned, a final reckoning with that government should be on the table."

The New York Times
Gore, Championing Bush, Calls For a 'Final Reckoning' With Iraq
February 13, 2002

"The last UN weapons inspectors left Iraq in October of 1998. We are confident that Saddam Hussein retained some stockpiles of chemical and biological weapons, and that he has since embarked on a crash course to build up his chemical and biological warfare capability. Intelligence reports also indicate that he is seeking nuclear weapons, but has not yet achieved nuclear capability."

Robert C. Byrd
Former Ku Klux Klan recruiter, currently a US Senator (Democrat, West Virginia)
Addressing the US Senate
October 3, 2002

"Iraq appears not to have come to a genuine acceptance -- not even today -- of the disarmament, which was demanded of it and which it needs to carry out to win the confidence of the world and to live in peace."

Dr. Hans Blix, Chief UN Weapons Inspector
Addressing the UN Security Council
January 27, 2003

"The nerve agent VX is one of the most toxic ever developed.

13,000 chemical bombs were dropped by the Iraqi Air Force between 1983 and 1988, while Iraq has declared that 19,500 bombs were consumed during this period. Thus, there is a discrepancy of 6,500 bombs. The amount of chemical agent in these bombs would be in the order of about 1,000 tonnes."

Dr. Hans Blix, Chief UN Weapons Inspector
Addressing the UN Security Council
January 27, 2003

"The recent inspection find in the private home of a scientist of a box of some 3,000 pages of documents, much of it relating to the laser enrichment of uranium support a concern that has long existed that documents might be distributed to the homes of private individuals. ...we cannot help but think that the case might not be isolated and that such placements of documents is deliberate to make discovery difficult and to seek to shield documents by placing them in private homes."

Dr. Hans Blix, Chief UN Weapons Inspector
Addressing the UN Security Council
January 27, 2003

"I have mentioned the issue of anthrax to the Council on previous occasions and I come back to it as it is an important one.

Iraq has declared that it produced about 8,500 litres of this biological warfare agent, which it states it unilaterally destroyed in the summer of 1991. Iraq has provided little evidence for this production and no convincing evidence for its destruction.

There are strong indications that Iraq produced more anthrax than it declared, and that at least some of this was retained after the declared destruction date. It might still exist. Either it should be found and be destroyed under UNMOVIC supervision or else convincing evidence should be produced to show that it was, indeed, destroyed in 1991."

Dr. Hans Blix, Chief UN Weapons Inspector
Addressing the UN Security Council
January 27, 2003

"His regime threatens the safety of his people, the stability of his region, and the security of all the rest of us.

What if he fails to comply, and we fail to act, or we take some ambiguous third route which gives him yet more opportunities to develop this program of weapons of mass destruction and continue to press for the release of the sanctions and continue to ignore the solemn commitments that he made?

Well, he will conclude that the international community has lost its will. He will then conclude that he can go right on and do more to rebuild an arsenal of devastating destruction.

And some day, some way, I guarantee you, he'll use the arsenal."

President Clinton
Address to Joint Chiefs of Staff and Pentagon staff
February 17, 1998

CNN: How did Hussein intend to use the weapon, once it was completed?

HAMZA: Saddam has a whole range of weapons of mass destruction, nuclear, biological and chemical. According to German intelligence estimates, we expect him to have three nuclear weapons by 2005. So, the window will close by 2005, and we expect him then to be a lot more aggressive with his neighbors and encouraging terrorism, and using biological weapons. Now he's using them through surrogates like al Qaeda, but we expect he'll use them more aggressively then.

Dr. Khidhir Hamza, former Iraqi Nuclear Scientist for 20 years
Interviewed on CNN
October 22, 2001

CNN
October 10, 2002

House gives Bush authority for war with Iraq

The House voted 296-133 to give Bush the authority to use U.S. military force to make Iraq comply with U.N. resolutions requiring it to give up weapons of mass destruction.

CNN
October 11, 2002

Senate approves Iraq war resolution

In a major victory for the White House, the Senate early Friday voted 77-23 to authorize President Bush to attack Iraq if Saddam Hussein refuses to give up weapons of mass destruction as required by U.N. resolutions.

"Some have said we must not act until the threat is imminent. Since when have terrorists and tyrants announced their intentions, politely putting us on notice before they strike? If this threat is permitted to fully and suddenly emerge, all actions, all words, and all recriminations would come too late. Trusting in the sanity and restraint of Saddam Hussein is not a strategy, and it is not an option."

President Bush
State of the Union address
January 28, 2003

"We are finding people even as we speak. Yet we know that there is a very grim task ahead to do everything we can to find every person, to account for every single person who went to work. That is all they did: they went to work, on a beautiful September day in New York.

We will also stand united behind our President as he and his advisors plan the necessary actions to demonstrate America's resolve and commitment. Not only to seek out an exact punishment on the perpetrators, but to make very clear that not only those who harbor terrorists, but those who in any way aid or comfort them whatsoever will now face the wrath of our country. And I hope that that message has gotten through to everywhere it needs to be heard. You are either with America in our time of need or you are not.

We also stand united behind our resolve -- as this resolution so clearly states -- to recover and rebuild in the aftermath of these tragic acts. You know, New York was not an accidental choice for these madmen, these terrorists, these instruments of evil."

Senator Hillary Clinton (Democrat, New York)
Addressing the US Senate
September 12, 2001

"The global community -- in the form of the United Nations -- has declared repeatedly, through multiple resolutions, that the frightening prospect of a nuclear-armed Saddam cannot come to pass. But the U.N. has been unable to enforce those resolutions. We must eliminate that threat now, before it is too late.

But this isn't just a future threat. Saddam's existing biological and chemical weapons capabilities pose a very real threat to America, now. Saddam has used chemical weapons before, both against Iraq's enemies and against his own people. He is working to develop delivery systems like missiles and unmanned aerial vehicles that could bring these deadly weapons against U.S. forces and U.S. facilities in the Middle East.

As the attacks of September 11 demonstrated, the immense destructiveness of modern technology means we can no longer afford to wait around for a smoking gun. September 11 demonstrated that the fact that an attack on our homeland has not yet occurred cannot give us any false sense of security that one will not occur in the future. We no longer have that luxury.

September 11 changed America. It made us realize we must deal differently with the very real threat of terrorism, whether it comes from shadowy groups operating in the mountains of Afghanistan or in 70 other countries around the world, including our own.

There has been some debate over how "imminent" a threat Iraq poses. I do believe that Iraq poses an imminent threat, but I also believe that after September 11, that question is increasingly outdated. It is in the nature of these weapons, and the way they are targeted against civilian populations, that documented capability and demonstrated intent may be the only warning we get. To insist on further evidence could put some of our fellow Americans at risk. Can we afford to take that chance? We cannot!

The President has rightly called Saddam Hussein's efforts to develop weapons of mass destruction a grave and gathering threat to Americans. The global community has tried but failed to address that threat over the past decade. I have come to the inescapable conclusion that the threat posed to America by Saddam's weapons of mass destruction is so serious that despite the risks -- and we should not minimize the risks -- we must authorize the President to take the necessary steps to deal with that threat."

Senator John D. Rockefeller (Democrat, West Virginia)
Also a member of the Senate Intelligence Committee
Addressing the US Senate
October 10, 2002

UN weapons inspectors were forced to leave Iraq in 1998:

CNN
November 5, 1998

U.N. Security Council votes to condemn Iraq

The United Nations Security Council late Thursday voted unanimously to condemn Iraq and to demand that Baghdad immediately resume cooperation with U.N. weapons inspectors. Baghdad has already said it will not comply.

The resolution called Iraq's decision last week to halt cooperation with the U.N. Special Commission a "flagrant violation" of the 1991 resolution on Iraqi disarmament. It is the 45th U.N. resolution involving Iraq since the country invaded Kuwait in 1990.

"As a member of the Senate Intelligence Committee, I firmly believe that the issue of Iraq is not about politics. It's about national security. We know that for at least 20 years, Saddam Hussein has obsessively sought weapons of mass destruction through every means available. We know that he has chemical and biological weapons today. He has used them in the past, and he is doing everything he can to build more. Each day he inches closer to his longtime goal of nuclear capability -- a capability that could be less than a year away.

I believe that Saddam Hussein's Iraqi regime represents a clear threat to the United States, to our allies, to our interests around the world, and to the values of freedom and democracy we hold dear.

What's more, the terrorist threat against America is all too clear. Thousands of terrorist operatives around the world would pay anything to get their hands on Saddam's arsenal, and there is every possibility that he could turn his weapons over to these terrorists. No one can doubt that if the terrorists of September 11th had weapons of mass destruction, they would have used them. On September 12, 2002, we can hardly ignore the terrorist threat, and the serious danger that Saddam would allow his arsenal to be used in aid of terror.

The time has come for decisive action. With our allies, we must do whatever is necessary to guard against the threat posed by an Iraq armed with weapons of mass destruction, and under the thumb of Saddam Hussein.

The United States must lead an international effort to remove the regime of Saddam Hussein -- and to assure that Iraq fulfills its obligations to the international community.

This is not an easy decision, and it carries many risks. It will also carry costs, certainly in resources, and almost certainly in lives. After careful consideration, I believe that the risk of inaction is far greater than the risk of action.

We must address the most insidious threat posed by weapons of mass destruction -- the threat that comes from the ability of terrorists to obtain them.

The path of confronting Saddam is full of hazards. But the path of inaction is far more dangerous. This week, a week where we remember the sacrifice of thousands of innocent Americans made on 9-11, the choice could not be starker. Had we known that such attacks were imminent, we surely would have used every means at our disposal to prevent them and take out the plotters. We cannot wait for such a terrible event -- or, if weapons of mass destruction are used, one far worse -- to address the clear and present danger posed by Saddam Hussein's Iraq."

Senator John Edwards (Democrat, North Carolina)
Addressing the US Senate
September 12, 2002

"Dear Mr. President:

The events of September 11 have highlighted the vulnerability of the United States to determined terrorists. As we work to clean up Afghanistan and destroy al Qaeda, it is imperative that we plan to eliminate the threat from Iraq.

This December will mark three years since United Nations inspectors last visited Iraq. There is no doubt that since that time, Saddam Hussein has reinvigorated his weapons programs.

The threat from Iraq is real, and it cannot be permanently contained. For as long as Saddam Hussein is in power in Baghdad, he will seek to acquire weapons of mass destruction and the means to deliver them. We have no doubt that these deadly weapons are intended for use against the United States and its allies. Consequently, we believe we must directly confront Saddam, sooner rather than later.

Mr. President, all indications are that in the interest of our own national security, Saddam Hussein must be removed from power."

Sincerely,

Congressman Harold Ford (Democrat, Tennessee)
Senator Bob Graham (Democrat, Florida)
Congressman Tom Lantos (Democrat, California)
Senator Joseph Lieberman (Democrat, Connecticut)

Senator Sam Brownback (Republican, Kansas)
Senator Jesse Helms (Republican, North Carolina)
Congressman Henry Hyde (Republican, Illinois)
Senator Trent Lott (Republican, Mississippi)
Senator John McCain (Republican, Arizona)
Senator Richard Shelby (Republican, Alabama)

Letter to President Bush
December 5, 2001

"He has systematically violated, over the course of the past 11 years, every significant UN resolution that has demanded that he disarm and destroy his chemical and biological weapons, and any nuclear capacity. This he has refused to do. He lies and cheats; he snubs the mandate and authority of international weapons inspectors; and he games the system to keep buying time against enforcement of the just and legitimate demands of the United Nations, the Security Council, the United States and our allies. Those are simply the facts."

Congressman Henry Waxman (Democrat, California)
Addressing the US Congress
October 10, 2002

"Heavy as they are, the costs of action must be weighed against the price of inaction. If Saddam defies the world and we fail to respond, we will face a far greater threat in the future. Saddam will strike again at his neighbors; he will make war on his own people. And mark my words, he will develop weapons of mass destruction. He will deploy them, and he will use them."

President Clinton
National Address from the Oval Office
December 16, 1998

"Ten years after the Gulf War and Saddam is still there and still continues to stockpile weapons of mass destruction. Now there are suggestions he is working with al Qaeda, which means the very terrorists who attacked the United States last September may now have access to chemical and biological weapons."

James P. Rubin, President Clinton's State Department spokesman
In a PBS documentary titled "Saddam's Ultimate Solution"
July 11, 2002

US Senators who voted YES to authorize the use of United States Armed Forces against Iraq:
Allard, Wayne (R-CO)
Allen, George (R-VA)
Baucus, Max (D-MT)
Bayh, Evan (D-IN)
Bennett, Robert (R-UT)
Biden, Joseph (D-DE)
Bond, Christopher (R-MO)
Breaux, John (D-LA)
Brownback, Sam (R-KS)
Bunning, Jim (R-KY)
Burns, Conrad (R-MT)
Campbell, Ben (R-CO)
Cantwell, Maria (D-WA)
Carnahan, Jean (D-MO)
Carper, Thomas (D-DE)
Cleland, Max (D-GA)
Clinton, Hillary (D-NY)
Cochran, Thad (R-MS)
Collins, Susan (R-ME)
Craig, Larry (R-ID)
Crapo, Michael (R-ID)
Daschle, Tom (D-SD)
DeWine, Mike (R-OH)
Dodd, Christopher (D-CT)
Domenici, Pete (R-NM)
Dorgan, Byron (D-ND) Edwards, John (D-NC)
Ensign, John (R-NV)
Enzi, Michael (R-WY)
Feinstein, Dianne (D-CA)
Fitzgerald, Peter (R-IL)
Frist, Bill (R-TN)
Gramm, Phil (R-TX)
Grassley, Chuck (R-IA)
Gregg, Judd (R-NH)
Hagel, Chuck (R-NE)
Harkin, Tom (D-IA)
Hatch, Orrin (R-UT)
Helms, Jesse (R-NC)
Hollings, Ernest (D-SC)
Hutchinson, Tim (R-AR)
Hutchison, Kay (R-TX)
Inhofe, James (R-OK)
Johnson, Tim (D-SD)
Kerry, John (D-MA)
Kohl, Herb (D-WI)
Kyl, Jon (R-AZ)
Landrieu, Mary (D-LA)
Lieberman, Joseph (D-CT)
Lincoln, Blanche (D-AR)
Lott, Trent (R-MS)
Lugar, Richard (R-IN) McCain, John (R-AZ)
McConnell, Mitch (R-KY)
Miller, Zell (D-GA)
Murkowski, Lisa (R-AK)
Nelson, Bill (D-FL)
Nelson, Ben (D-NE)
Nickles, Don (R-OK)
Reid, Harry (D-NV)
Roberts, Pat (R-KS)
Rockefeller, John (D-WV)
Santorum, Rick (R-PA)
Schumer, Charles (D-NY)
Sessions, Jeff (R-AL)
Shelby, Richard (R-AL)
Smith, Robert (R-NH)
Smith, Gordon (R-OR)
Snowe, Olympia (R-ME)
Specter, Arlen (R-PA)
Stevens, Ted (R-AK)
Thomas, Craig (R-WY)
Thompson, Fred (R-TN)
Thurmond, Strom (R-SC)
Torricelli, Robert (D-NJ)
Voinovich, George (R-OH)
Warner, John (R-VA)


US Congressional Representatives who voted YES to authorize the use of United States Armed Forces against Iraq:
Ackerman
Aderholt
Akin
Andrews
Armey
Bachus
Baker
Ballenger
Barcia
Barr
Bartlett
Barton
Bass
Bentsen
Bereuter
Berkley
Berman
Berry
Biggert
Bilirakis
Bishop
Blagojevich
Blunt
Boehlert
Boehner
Bonilla
Bono
Boozman
Borski
Boswell
Boucher
Boyd
Brady (TX)
Brown (SC)
Bryant
Burr
Burton
Buyer
Callahan
Calvert
Camp
Cannon
Cantor
Capito
Carson (OK)
Castle
Chabot
Chambliss
Clement
Coble
Collins
Combest
Cooksey
Cox
Cramer
Crane
Crenshaw
Crowley
Cubin
Culberson
Cunningham
Davis (FL)
Davis, Jo Ann
Davis, Tom
Deal
DeLay
DeMint
Deutsch
Diaz-Balart
Dicks
Dooley
Doolittle
Dreier
Dunn
Edwards
Ehlers
Ehrlich
Emerson
Engel
English
Etheridge
Everett
Ferguson
Flake
Fletcher
Foley
Forbes
Ford
Fossella
Frelinghuysen
Frost
Gallegly
Ganske
Gekas
Gephardt
Gibbons
Gilchrest
Gillmor
Gilman Goode
Goodlatte
Gordon
Goss
Graham
Granger
Graves
Green (TX)
Green (WI)
Greenwood
Grucci
Gutknecht
Hall (TX)
Hansen
Harman
Hart
Hastert
Hastings (WA)
Hayes
Hayworth
Hefley
Herger
Hill
Hilleary
Hobson
Hoeffel
Hoekstra
Holden
Horn
Hoyer
Hulshof
Hunter
Hyde
Isakson
Israel
Issa
Istook
Jefferson
Jenkins
John
Johnson (CT)
Johnson (IL)
Johnson, Sam
Jones (NC)
Kanjorski
Keller
Kelly
Kennedy (MN)
Kennedy (RI)
Kerns
Kind (WI)
King (NY)
Kingston
Kirk
Knollenberg
Kolbe
LaHood
Lampson
Lantos
Latham
LaTourette
Lewis (CA)
Lewis (KY)
Linder
LoBiondo
Lowey
Lucas (KY)
Lucas (OK)
Luther
Lynch
Maloney (NY)
Manzullo
Markey
Mascara
Matheson
McCarthy (NY)
McCrery
McHugh
McInnis
McIntyre
McKeon
McNulty
Meehan
Mica
Miller, Dan
Miller, Gary
Miller, Jeff
Moore
Moran (KS)
Murtha
Myrick
Nethercutt
Ney
Northup
Norwood
Nussle
Osborne
Ose
Otter Oxley
Pascrell
Pence
Peterson (MN)
Peterson (PA)
Petri
Phelps
Pickering
Pitts
Platts
Pombo
Pomeroy
Portman
Pryce (OH)
Putnam
Quinn
Radanovich
Ramstad
Regula
Rehberg
Reynolds
Riley
Roemer
Rogers (KY)
Rogers (MI)
Rohrabacher
Ros-Lehtinen
Ross
Rothman
Royce
Ryan (WI)
Ryun (KS)
Sandlin
Saxton
Schaffer
Schiff
Schrock
Sensenbrenner
Sessions
Shadegg
Shaw
Shays
Sherman
Sherwood
Shimkus
Shows
Shuster
Simmons
Simpson
Skeen
Skelton
Smith (MI)
Smith (NJ)
Smith (TX)
Smith (WA)
Souder
Spratt
Stearns
Stenholm
Sullivan
Sununu
Sweeney
Tancredo
Tanner
Tauscher
Tauzin
Taylor (MS)
Taylor (NC)
Terry
Thomas
Thornberry
Thune
Thurman
Tiahrt
Tiberi
Toomey
Turner
Upton
Vitter
Walden
Walsh
Wamp
Watkins (OK)
Watts (OK)
Waxman
Weiner
Weldon (FL)
Weldon (PA)
Weller
Wexler
Whitfield
Wicker
Wilson (NM)
Wilson (SC)
Wolf
Wynn
Young (AK)
Young (FL)


US State Department
November 4, 1998

Bin Laden, Atef Indicted in U.S. Federal Court for African Bombings

New York -- Usama bin Laden and Muhammad Atef were indicted November 4 in Manhattan federal court for the August 7 bombings of the US embassies in Nairobi, Kenya, and Dar es Salaam, Tanzania, and for conspiring to kill Americans outside the United States.

Bin Laden's "al Qaeda" organization functioned both on its own and through other terrorist organizations, including the Al Jihad group based in Egypt, the Islamic Group also known as el Gamaa Islamia led at one time by Sheik Omar Abdel Rahman, and a number of other jihad groups in countries such as Sudan, Egypt, Saudi Arabia, Yemen, and Somalia.

Bin Laden, the US Attorney charged, engaged in business transactions on behalf of Al Qaeda, including purchasing warehouses for storage of explosives, transporting weapons, and establishing a series of companies in Sudan to provide income to al Qaeda and as a cover for the procurement of explosives, weapons, and chemicals, and for the travel of operatives.

According to the indictment, bin Laden and al Qaeda forged alliances with the National Islamic Front in Sudan and with representatives of the Government of Iran and its associated terrorist group Hezballah with the goal of working together against their common enemies in the West, particularly the United States.

"In addition, al Qaeda reached an understanding with the Government of Iraq that al Qaeda would not work against that government and that on particular projects, specifically including weapons development, al Qaeda would work cooperatively with the Government of Iraq," the indictment said.

Beginning in 1992, bin Laden allegedly issued through his "fatwah" committees a series of escalating "fatwahs" against the United States, certain military personnel, and, eventually in February 1998, a "fatwah" stating that Muslims should kill Americans -- including civilians -- anywhere in the world they can be found.

Measure Number: H.R. 3162 (Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001 )

Measure Title: A bill to deter and punish terrorist acts in the United States and around the world, to enhance law enforcement investigatory tools, and for other purposes.
Akaka, Daniel (D-HI)
Allard, Wayne (R-CO)
Allen, George (R-VA)
Baucus, Max (D-MT)
Bayh, Evan (D-IN)
Bennett, Robert (R-UT)
Biden, Joseph (D-DE)
Bingaman (D-NM)
Bond, Christopher (R-MO)
Boxer, Barbara (D-CA)
Breaux, John (D-LA)
Brownback, Sam (R-KS)
Bunning, Jim (R-KY)
Burns, Conrad (R-MT)
Byrd, Robert (D-WV)
Campbell, Ben (R-CO)
Cantwell, Maria (D-WA)
Carnahan, Jean (D-MO)
Carper, Thomas (D-DE)
Chafee, Lincoln (R-RI)
Cleland, Max (D-GA)
Clinton, Hillary (D-NY)
Cochran, Thad (R-MS)
Collins, Susan (R-ME)
Conrad, Kent (D-ND)
Corzine, Jon (D-NJ)
Craig, Larry (R-ID)
Crapo, Michael (R-ID)
Daschle, Tom (D-SD)
Dayton, Mark (D-MN)
DeWine, Mike (R-OH)
Dodd, Christopher (D-CT)
Domenici, Pete (R-NM) Dorgan, Byron (D-ND)
Durbin, Richard (D-IL)
Edwards, John (D-NC)
Ensign, John (R-NV)
Enzi, Michael (R-WY)
Feinstein, Dianne (D-CA)
Fitzgerald, Peter (R-IL)
Frist, Bill (R-TN)
Graham, Bob (D-FL)
Gramm, Phil (R-TX)
Grassley, Chuck (R-IA)
Gregg, Judd (R-NH)
Hagel, Chuck (R-NE)
Harkin, Tom (D-IA)
Hatch, Orrin (R-UT)
Helms, Jesse (R-NC)
Hollings, Ernest (D-SC)
Hutchinson, Tim (R-AR)
Hutchison, Kay (R-TX)
Inhofe, James (R-OK)
Inouye, Daniel (D-HI)
Jeffords, Jim (I-VT)
Johnson, Tim (D-SD)
Kennedy, Edward (D-MA)
Kerry, John (D-MA)
Kohl, Herb (D-WI)
Kyl, Jon (R-AZ)
Leahy, Patrick (D-VT)
Levin, Carl (D-MI)
Lieberman, Joseph (D-CT)
Lincoln, Blanche (D-AR)
Lott, Trent (R-MS)
Lugar, Richard (R-IN) McCain, John (R-AZ)
McConnell, Mitch (R-KY)
Mikulski, Barbara (D-MD)
Miller, Zell (D-GA)
Murkowski, Lisa (R-AK)
Murray, Patty (D-WA)
Nelson, Bill (D-FL)
Nelson, Ben (D-NE)
Nickles, Don (R-OK)
Reed, Jack (D-RI)
Reid, Harry (D-NV)
Roberts, Pat (R-KS)
Rockefeller, John (D-WV)
Santorum, Rick (R-PA)
Sarbanes, Paul (D-MD)
Schumer, Charles (D-NY)
Sessions, Jeff (R-AL)
Shelby, Richard (R-AL)
Smith, Robert (R-NH)
Smith, Gordon (R-OR)
Snowe, Olympia (R-ME)
Specter, Arlen (R-PA)
Stabenow, Debbie (D-MI)
Stevens, Ted (R-AK)
Thomas, Craig (R-WY)
Thompson, Fred (R-TN)
Thurmond, Strom (R-SC)
Torricelli, Robert (D-NJ)
Voinovich, George (R-OH)
Warner, John (R-VA)
Wellstone, Paul (D-MN)
Wyden, Ron (D-OR)

Measure Number: H.R. 3199 (USA PATRIOT Improvement and Reauthorization Act of 2005)

Measure Title: A bill to extend and modify authorities needed to combat terrorism, and for other purposes.
Alexander, Lamar (R-TN)
Allard, Wayne (R-CO)
Allen, George (R-VA)
Baucus, Max (D-MT)
Bayh, Evan (D-IN)
Bennett, Robert (R-UT)
Biden, Joseph (D-DE)
Bond, Christopher (R-MO)
Boxer, Barbara (D-CA)
Brownback, Sam (R-KS)
Bunning, Jim (R-KY)
Burns, Conrad (R-MT)
Burr, Richard (R-NC)
Cantwell, Maria (D-WA)
Carper, Thomas (D-DE)
Chafee, Lincoln (R-RI)
Chambliss, Saxby (R-GA)
Clinton, Hillary (D-NY)
Coburn, Tom (R-OK)
Cochran, Thad (R-MS)
Coleman, Norm (R-MN)
Collins, Susan (R-ME)
Conrad, Kent (D-ND)
Cornyn, Jon (R-TX)
Craig, Larry (R-ID)
Crapo, Michael (R-ID)
Dayton, Mark (D-MN)
DeMint, Jim (R-SC)
DeWine, Mike (R-OH)
Dodd, Christopher (D-CT) Dole, Elizabeth (R-NC)
Domenici, Pete (R-NM)
Dorgan, Byron (D-ND)
Durbin, Richard (D-IL)
Ensign, John (R-NV)
Enzi, Michael (R-WY)
Feinstein, Dianne (D-CA)
Frist, Bill (R-TN)
Graham, Lindsey (R-SC)
Grassley, Chuck (R-IA)
Gregg, Judd (R-NH)
Hagel, Chuck (R-NE)
Hatch, Orrin (R-UT)
Hutchison, Kay (R-TX)
Inhofe, James (R-OK)
Isakson, Johnny (R-GA)
Johnson, Tim (D-SD)
Kennedy, Edward (D-MA)
Kerry, John (D-MA)
Kohl, Herb (D-WI)
Kyl, Jon (R-AZ)
Landrieu, Mary (D-LA)
Lautenberg, Frank (D-NJ)
Lieberman, Joseph (D-CT)
Lincoln, Blanche (D-AR)
Lott, Trent (R-MS)
Lugar, Richard (R-IN)
Martinez, Mel (R-FL)
McCain, John (R-AZ)
McConnell, Mitch (R-KY) Menendez, Robert (D-NJ)
Mikulski, Barbara (D-MD)
Murkowski, Lisa (R-AK)
Nelson, Ben (D-NE)
Nelson, Bill (D-FL)
Obama, Barack (D-IL)
Pryor, Mark (D-AR)
Reed, Jack (D-RI)
Reid, Harry (D-NV)
Roberts, Pat (R-KS)
Rockefeller, John (D-WV)
Salazar, Ken (D-CO)
Santorum, Rick (R-PA)
Sarbanes, Paul (D-MD)
Schumer, Charles (D-NY)
Sessions, Jeff (R-AL)
Shelby, Richard (R-AL)
Smith, Gordon (R-OR)
Snowe, Olympi (R-ME)
Specter, Arlen (R-PA)
Stabenow, Debbie (D-MI)
Stevens, Ted (R-AK)
Sununu, John (R-NH)
Talent, Jim (R-MO)
Thomas, Craig (R-WY)
Thune, John (R-SD)
Vitter, David (R-LA)
Voinovich, George (R-OH)
Warner, John (R-VA)

This entry is not related to Iraq specifically, but contains some very interesting information. In August 2002 Richard A. Clarke, former chief counter-terrorism adviser, discusses US strategy in dealing with islamic terrorists:

RICHARD CLARKE: Actually, I've got about seven points, let me just go through them quickly. Um, the first point, I think the overall point is, there was no plan on Al Qaeda that was passed from the Clinton administration to the Bush administration.

Second point is that the Clinton administration had a strategy in place, effectively dating from 1998. And there were a number of issues on the table since 1998. And they remained on the table when that administration went out of office -- issues like aiding the Northern Alliance in Afghanistan, changing our Pakistan policy -- uh, changing our policy toward Uzbekistan. And in January 2001, the incoming Bush administration was briefed on the existing strategy. They were also briefed on these series of issues that had not been decided on in a couple of years.

And the third point is the Bush administration decided then, you know, in late January, to do two things. One, vigorously pursue the existing policy, including all of the lethal covert action findings, which we've now made public to some extent.

And the point is, while this big review was going on, there were still in effect, the lethal findings were still in effect. The second thing the administration decided to do is to initiate a process to look at those issues which had been on the table for a couple of years and get them decided.

So, point five, that process which was initiated in the first week in February, uh, decided in principle, uh in the spring to add to the existing Clinton strategy and to increase CIA resources, for example, for covert action, five-fold, to go after Al Qaeda.

The sixth point, the newly-appointed deputies -- and you had to remember, the deputies didn't get into office until late March, early April. The deputies then tasked the development of the implementation details, uh, of these new decisions that they were endorsing, and sending out to the principals.

Over the course of the summer -- last point -- they developed implementation details, the principals met at the end of the summer, approved them in their first meeting, changed the strategy by authorizing the increase in funding five-fold, changing the policy on Pakistan, changing the policy on Uzbekistan, changing the policy on the Northern Alliance assistance.

And then changed the strategy from one of rollback with Al Qaeda over the course of five years, which it had been, to a new strategy that called for the rapid elimination of Al Qaeda. That is in fact the timeline.

QUESTION: What is your response to the suggestion in the [Aug 12, 2002] Time [magazine] article that the Bush administration was unwilling to take on board the suggestions made in the Clinton administration because of animus against the -- general animus against the foreign policy?

CLARKE: I think if there was a general animus that clouded their vision, they might not have kept the same guy dealing with terrorism issue. This is the one issue where the National Security Council leadership decided continuity was important and kept the same guy around, the same team in place. That doesn't sound like animus against, uh, the previous team to me.

JIM ANGLE: You're saying that the Bush administration did not stop anything that the Clinton administration was doing while it was making these decisions, and by the end of the summer had increased money for covert action five-fold. Is that correct?

CLARKE: All of that's correct.

ANGLE: So, just to finish up if we could then, so what you're saying is that there was no -- one, there was no plan; two, there was no delay; and that actually the first changes since October of '98 were made in the spring months just after the administration came into office?

CLARKE: You got it. That's right.

Richard A. Clarke
Former chief counter-terrorism adviser
August, 2002

Why the Mortgage Crisis Happened

Why the Mortgage Crisis Happened
By M. Jay Wells
Obama's economic narrative of the mortgage crisis ignores the facts. He has put free-market capitalism at the root of the current mortgage industry debacle, denying the real history of government interference in that market.

On September 15, with banking giant Lehman Brothers filing for bankruptcy protection, Obama was given the opening to begin weaving his anti-capitalist storyline. And that he did. Artfully blurring the mortgage industry crisis with generalized tax policy, Obama declared,

"I certainly don't fault Senator McCain for these problems, but I do fault the economic philosophy he subscribes to. It's a philosophy we've had for the last eight years, one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else."

The words were carefully chosen. That day in Colorado marked his return to the teleprompter and a strictly refocused campaign message intent on surreptitiously fusing the mortgage industry woes and free-market capitalism in general. Confident the American people are primed for his socialist brand of "change," Obama maintained his anti-capitalist theme, "What we have seen in the last few days is nothing less than the final verdict on an economic philosophy that has completely failed." According to Obama, capitalism has been "rendered . . . a colossal failure."

His chat with a Toledo, Ohio, plumber showcases his socialist, redistributionist ideology:

"It's not that I want to punish your success. I just want to make sure that everybody who is behind you, that they've got a chance for success too. . . . I think when you spread the wealth around, it's good for everybody."

He had already said as much at an April debate where he said his plan was to "look at raising the capital gains tax for purposes of fairness" (after having just admitted that raising the tax would reduce revenues!). For Obama, increased federal revenue be damned, tax increases are nonetheless necessary for redistributionist "fairness."

Contrary to the Obama narrative, however, it is not free-market capitalism at the root of the current mortgage industry crisis, but rather the very socialism Obama hawks. The historical record makes this fact unmistakably clear.


The Growing Government Hand


1933-1938


President Franklin D. Roosevelt initiated a series of "New Deal" reform programs designed to affect the mortgage market and homeownership. Fannie Mae, the Federal National Mortgage Association, was established to facilitate liquidity among lending institutions.

1968

As part of President Johnson's Great Society reform plan, much of Fannie Mae became a private owned yet government chartered company, a government sponsored enterprise (GSE) providing authority to issue mortgage-backed securities (MBS). Fannie Mae buys home mortgages in order to preserve liquidity in the secondary mortgage market. Though private, it remained backed by the Federal government.

1970

President Nixon chartered Freddie Mac, the Federal Home Loan Mortgage Corporation, as a GSE to compete with Fannie Mae. Designed to help grow the secondary mortgage market, Freddie Mac purchases mortgages from lending institutions to either be securitized as MBS and sold in the secondary market or held by Freddie Mac. At this time the secondary market for conventional mortgages was small.

1977

Sen. Proxmire (D-Wisconsin) introduced a "creeping socialism" community reinvestment Senate bill. Opponents argued the bill would allocate credit without regard for merits of loan applications, thereby threatening depository institutions. Proponents countered that it was only to ensure that lenders did not ignore good borrowing prospects in their communities. The bill's sponsor stressed it would neither force high-risk lending nor substitute the views of regulators or those of banks.

President Carter, pressed by grassroots organizations -- though opposed by the banking industry, signed into law the Community Reinvestment Act (CRA). In the years following the Act has undergone several revisions.

To boost community development laws, CRA was a provision designed to stem bank "redlining," the practice of drawing a red line around low-income communities and denying lending in these areas. The original intent of CRA was to encourage banks to foster homeownership opportunities in these underserved communities in which the lending institutions are chartered.

According to Section 801 of title VIII, "regulated financial institutions are required by law to demonstrate that their deposit facilities serve the convenience and needs [i.e., credit and deposit services] of the communities in which they are chartered to do business." Accordingly, "regulated financial institutions have continuing and affirmative obligation" to meet these needs. Moreover, the title required each "appropriate Federal financial supervisory agency to use its authority when examining financial institutions, to encourage such institutions."

1980s

With CRA came increased oversight of lending institutions to ensure they were giving credit to low- and moderate-income communities. Regulators expressed that CRA was not designed to compel credit allocation, nor did it require risky lending practices. Moreover, ECOA (Equal Credit Opportunity Act) and FHA, not CRA, were in place to address discrimination in lending. But community organization groups like the radical ACORN began efforts to reshape CRA into government-imposition, in accord with what "affirmative obligation" might suggest. They began pressing the semantic open door and stretching the "discrimination" provision to complain about enforcement of the regulations as lending institutions resisted bad lending practices in poor minority communities.

August 1989

To deal with the savings & loan fallout of the 1980s, Congress enacted the Financial Institutions Reform Recovery and Enforcement Act. In a move with ominous portent, FIRREA mandated public release of lender evaluations and performance ratings, resulting in added pressure on the banking industry. Such public oversight enabled bullying abuses of community organization groups like ACORN to further influence bank lending practices.

1990s

With the mechanisms in place, the community organizing groups began developing directed strategies to exert more and more pressure on the lending industry in the cloak of complicity with CRA. Community organizer Barack Obama worked closely with ACORN activists. Employing the radical Alinsky intimidation tactics Obama had learned and was teaching -- "direct action" -- activists crowded bank lobbies, blocked drive-up teller lanes and demonstrated at the homes of bankers to browbeat risky lending in poor and minority communities. Those who resisted were accused of racism to the media and government officials.

The agitators could now stall or hijack bank mergers by filing complaints of non-compliance against the institutions. Lawsuits alleging redlining and racism began flooding the court system. With the prospect of expansions and mergers threatened, banks settled cases and, significantly, increasingly made loans they would not have normally made. The net effect, as ACORN litigation increased, was that credit standards lowered.

Initially the GSEs resisted purchasing these risky mortgages but eventually the Clinton Administration instructed them to substantially increase the percentage of these mortgages in their portfolios. The government-backed Fannie Mae and Freddie Mac of the Clinton reforms became "a feeding trough," in the phrase of Peter Ferrara.

The poor communities and their exploitive leaders benefited from the capitalization with a surge of homeownership, at least on the surface. Wall Street benefited from increased sales of Fannie Mae and Freddie Mac and guaranteed mortgage-backed securities, as the housing market benefited from new capital channeled from Fannie and Freddie. And the GSE heads profited, with political support in Washington in the form of campaign contributions.

In the period 1989-2008, topping the list of recipients of contributions from Fannie Mae and Freddie Mac is the chairman of the Senate Banking Committee, Sen. Dodd (D-Connecticut), who received $165,400. Second on the list is Sen. Obama (D-Illinois), receiving $126,349 with only three years in the Senate. Rep. Frank (D-Massachusetts), received $42,350.

February 1990

Madeline Talbott, a well-known radical ACORN leader and banking industry agitator, challenged the merger of a Chicago thrift, Bell Federal Savings and Loan Association, who responded that they were being bullied into irresponsible "affirmative-action lending policy."

1991

ACORN interfered with a House Banking Committee meeting for two days protesting a move to bring CRA reform.

1992

Enforcement of CRA was "sporadic," as the Washington Times notes, until a Federal Reserve Bank of Boston study asserted that there were "substantially higher denial rates for black and Hispanic applicants than for white applicants." Co-author Lynn Browne was approached by co-author Alicia Munnell to do the study because "community activists were complaining that mortgage loans were not being made in minority communities."

According to the Times, however, "the study had mishandled statistics on minority default rates. When the errors were accounted for, the same study showed no evidence that nonwhite mortgage applicants were being discriminated against."


Frank Quaratiello, writing in the Boston Herald, cites Stan Liebowitz, "My guess is that they were interested in finding a particular result." Said Liebowitz, "Richard Syron was head of the Boston Fed at the time. He went on to be the head of Freddie Mac. They were looking for mortgage discrimination and they found it."


According to Quaratiello, Syron became Freddie Mac CEO and chairman in 2003 and "faced increasing pressure to buy up more and more risky mortgages, some of which the Boston Fed's guide had, in effect, served to legitimize." Regarding Syron's total compensation in 2007 of $18.3 million, Liebowitz reportedly quipped, "Nice reward for presiding over unprofessional research behavior, bankrupting Freddie Mac and crippling our financial system, all in the name of politically correct lending."

September 1992

The Chicago Tribune described the ACORN agenda as "affirmative action lending." And, writes Kurtz, "ACORN was issuing fact sheets bragging about relaxations of credit standards that it had won on behalf of minorities."

October 1992

Congress, enacting the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, allowed legislation to "amend and extend certain laws relating to housing and community development." The Act created the Office of Federal Housing Enterprise Oversight (OFHEO) within HUD to "ensure that Fannie Mae and Freddie Mac are adequately capitalized and operating safely." It also "established HUD-imposed housing goals for financing of affordable housing and housing in central cities and other rural and underserved areas."

Rep. Jim Leach (R-Iowa) warned about the impending danger non-regulated GSEs posed. As the Washington Post reports, his concern was that Congress was "hamstringing" the regulator. Complaint was that OFHEO was a "weak regulator." Leach worried that Fannie Mae and Freddie Mac were changing "from being agencies of the public at large to money machines for the stockholding few."

Rep. Barney Frank (D-Massachusetts) countered, as the Post reports, "the companies served a public purpose. They were in the business of lowering the price of mortgage loans."

September 1993

The Chicago Sun-Times reports an initiative led by ACORN's Talbott with five area lenders "participating in a $55 million national pilot program with affordable-housing group ACORN to make mortgages for low- and moderate-income people with troubled credit histories." Kurtz notes that the initiative included two of her former targets, Bell Federal Savings and Avondale Federal Savings, who had apparently capitulated under pressure.

July 1994

Represented by Obama and others, Plaintiffs filed a class action lawsuit alleging that Citibank had "intentionally discriminated against the Plaintiffs on the basis of race with respect to a credit transaction," calling their action "racial discrimination and discriminatory redlining practices."

November 1994

President Clinton addresses homeownership: "I think we all agree that more Americans should own their own homes, for reasons that are economic and tangible and reasons that are emotional and intangible but go to the heart of what it means to harbor, to nourish, to expand the American dream. . . . I am determined to see that you have the opportunity and together we can make that opportunity for the young families of our country. I am committed to a new and unprecedented partnership between industry leaders and community leaders and Government to recommit our Nation to the idea of homeownership and to create more homeowners than ever before."

June 1995

Republicans had won control of Congress and planned CRA reforms. The Clinton Administration, however, allied with Rep. Frank, Sen. Kennedy (D-Massachusetts) and Rep. Waters (D-California), did an end-around by directing HUD Secretary Andrew Cuomo to inject GSEs into the subprime mortgage market.

As Kurtz notes,"ACORN had come to Congress not only to protect the CRA from GOP reforms but also to expand the reach of quota-based lending to Fannie, Freddie and beyond." What resulted was the broadening of the "acceptability of risky subprime loans throughout the financial system, thus precipitating our current crisis."

The administration announced the bold new homeownership strategy which included monumental loosening of credit standards and imposition of subprime lending quotas. HUD reported that President Clinton had committed "to increasing the homeownership rate to 67.5 percent by the year 2000." The plan was "to reduce the financial, information, and systemic barriers to homeownership" which was "amplified by local partnerships at work in over 100 cities."

Kurtz concludes, "Urged on by ACORN, congressional Democrats and the Clinton administration helped push tolerance for high-risk loans through every sector of the banking system -- far beyond the sort of banks originally subject to the CRA. So it was the efforts of ACORN and its Democratic allies that first spread the subprime virus from the CRA to Fannie and Freddie and thence to the entire financial system. Soon, Democratic politicians and regulators actually began to take pride in lowered credit standards as a sign of ‘fairness' -- and the contagion spread."

Attorney General Janet Reno, with a number of bank lending discrimination settlements already, sternly announces, "We will tackle lending discrimination wherever it appears." With the new policy in full force, "No loan is exempt; no bank is immune." "For those who thumb their nose at us, I promise vigorous enforcement," reiterated Reno.

1997

HUD Secretary Cuomo said "GSE presence in the subprime market could be of significant benefit to lower-income families, minorities, and families living in underserved areas . . ."

1998

By falsifying signatures on Fannie Mae accounting transactions, $200 million in expenses was shifted from 1998 to later periods, thereby triggering $27.1 million in bonuses for top executives. James A. Johnson received $1.932 million; Franklin D. Raines received $1.11 million; Lawrence M. Small received $1.108 million; Jamie S. Gorelick received $779,625; Timothy Howard received $493,750; Robert J. Levin received $493,750.

April 1998

HUD announced a $2.1 billion settlement with AccuBanc Mortgage Corp. for alleged discrimination against minority loan applicants. The funds would provide poor families with down payments and low interest mortgages. Announcing the Accubank settlement, Secretary Cuomo said, "discrimination isn't always that obvious. Sometimes more subtle but in many ways more insidious, an institutionalized discrimination that's hidden behind a smiling face."

Before the camera, Cuomo admitted the mandate amounted to "affirmative action" lending that would result in a "higher default rate." The institution would "take a greater risk on these mortgages, yes; to give families mortgages who they would not have given otherwise, yes; they would not have qualified but for this affirmative action on the part of the bank, yes. It is by income, and is it also by minorities? Yes. . . . With the 2.1 billion, lending that amount in mortgages which will be a higher risk, and I'm sure there will be a higher default rate on those mortgages than on the rest of the portfolio."

May 1999

The LA Times reports that African Americans homeownership is increasing three times as fast as that of whites, with Latino homeowners is growing five times as fast, attributing the growth to breathing "the first real life into enforcement of the Community Reinvestment Act." This breath of "life" mandated that Fannie Mae and Freddie Mac buy mortgages with deviant down-payments and debt-to-income ratios which allowed lenders to approve mortgages for lower-income families that would have been denied otherwise.

By now all pretense had disappeared, lending practices were based upon concerns of discrimination in the banking system regardless the consequences. The administration threatened to veto a bill passed by the Senate which had "shortsightedly voted to retrench" CRA, as the advocative Times put it.

Under pressure, Fannie Mae was resisting increased targeting, arguing that the result would be more loan defaults. Barry Zigas, heading Fannie Mae's low-income efforts, argued, "There is obviously a limit beyond which [we] can't push [the banks] to produce," the Times reported.

Fall of 1999

Treasury Secretary Lawrence Summers warned, "Debates about systemic risk should also now include government-sponsored enterprises, which are large and growing rapidly."

September 1999

With pressure from the Clinton Administration, Fannie Mae eased credit requirements on loans it would purchase from lenders, making it easier for banks to lend to borrowers unqualified for conventional loans. Raines explained that "there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market," reported the New York Times.

With this action, Fannie Mae put itself at substantial risk in the event of an economic downturn. "From the perspective of many people, including me, this is another thrift industry growing up around us," warned Peter Wallison. "If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry." The danger was known.

September 1999

A study by Freddie Mac, confirming earlier Federal Reserve and FDIC studies, contradicts race discrimination arguments for CRA. The study found that African-Americans with annual incomes of $65-$75,000 have on average worse credit records than whites making under $25,000, showing that the difficulty in qualifying was not because of race but because of bad credit records. The Federal Reserve Bank of Dallas accordingly entitled a paper "Red Lining or Red Herring?"

2000

The National Community Reinvestment Coalition instructed on how to exploit the new CRA regulations, "Timely comments can have a strong influence on a bank's CRA rating." NCRC asserted, "To avoid the possibility of a denied or delayed application, lending institutions have an incentive to make formal agreements with community organizations." That is, the mere threat to intervene in the CRA review process had equipped the ACORN groups for the massive shakedown.

Moreover, ACORN had been given a compelling incentive, as CRA allowed the organizations to collect a fee from the banks for their services in marketing the loans. The Senate Banking Committee had estimated that, as a result of CRA, $9.5 billion had gone to pay for services and salaries of the organizers.

Winter 2000

City Journal warned that the Clinton administration had turned CRA into "a vast extortion scheme against the nation's banks," committing $1 trillion for mortgages and development projects, most of it funneled through the community organizers.

March 2000

Rep. Richard Baker (R-Louisiana) proposed a bill to reform Fannie and Freddie's oversight in a House Subcommittee on Capital Markets.

Rep. Frank (D-Massachusetts) dismissed the idea, saying concerns about the two were "overblown" and that there was "no federal liability there whatsoever."

Treasury Undersecretary Gary Gensler testified in favor of GSE regulation. He argued that the bill would promote private market discipline, increase transparency and preserve market competition, reducing the potential for subsidized competitors to distort financial markets.

Fannie Mae spokesmen responded by calling the testimony "inept," "irresponsible," and "unprofessional."

Wallison of the American Enterprise Institute testified to the subcommittee that the bill was "a milestone in Congressional efforts to gain control of the Government Sponsored Enterprises." He added that the "political courage and stamina that was required to introduce this bill and to continue to press it forward cannot be overstated." He emphasized that the bill was only an "interim step in the necessary process of dismantling the GSEs and eliminating both their threat to the taxpayers and to the private financial sector of our economy."

Wallison explained why Fannie and Freddie "pose a serious problem for both the public and private sectors." First, they contain an inherent contradiction. "It is a shareholder-owned company, with the fiduciary obligation to maximize profits, and a government-chartered and empowered agency with a public mission. It should be obvious that it cannot achieve both objectives. If it maximizes profits, it will fail to perform its government mission to its full potential. If it performs its government mission fully, it will fail to maximize profits."

He sounded an alarm on a "vicious and dangerous cycle." "Fannie and Freddie must grow in order to maintain their profitability and hence their high stock prices, but there is no countervailing check on their growth - no effective competition, no required government approvals, and no fear in the financial markets that there is any risk associated with financing this growth. Moreover, their fiduciary obligations to their shareholders require them to exploit their subsidy to the fullest extent possible. These are agencies that are - in the fullest sense of the phrase - out of control."

Congressional Democrats and GSE representatives vigorously attacked any such criticism. "We think that the statements evidence a contempt for the nation's housing and mortgage markets," rebuffed Sharon McHale, Freddie Mac spokeswoman. Congressional Democrats and GSE representatives prevailed.

June 2000

Fred L. Smith Jr., writing in Investor's Business Daily, recalls testifying before the House Financial Services Committee that GSE "special privileges create a serious hazard to the market, to taxpayers [and] to the economy." He warned that these GSEs were "strange organizations, neither private-sector fish nor political-sector fowl" and that "as a result, no one is quite sure how these entities should be evaluated or held accountable." These new debt portfolios "will certainly increase the likelihood of a Fannie-Freddie default."

Rep. Paul Kanjorski (D-Pennsylvania): "Mr. Smith, that is almost a fallacious argument," adding that rapid growth of GSE debt holdings was nothing to worry about as it simply reflected "inflation and the growth of population. "Everything, proportionately, is that much larger."

Rep. Marge Roukema (R-New Jersey): "very few banks or S&Ls could, even in this day and age, even now, meet the stress-testing requirements which Fannie and Freddie are required to meet."

Rep. Carolyn Maloney (D-New York) regarding the Treasury Department line of credit: "It is really symbolic, it is obsolete, it has never been used." "Would you explain why it would be important to repeal something that seems to be of little use?"

Smith: "as long as the pipeline is there, it is like it is very expandable. . . . It is only $2 billion today. It could be $200 billion tomorrow."

Because of Democrat obfuscation, Smith's "tomorrow" arrived in 2008 when Treasury Secretary Henry Paulson put Fannie and Freddie into conservatorship.

April 2001

Fiscal Year 2002 Budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity," says a White House release.

July 2001

Subcommittee hearing on a bill proposed by Rep. Baker to transfer supervisory and regulatory authority over Fannie Mae and Freddie Mac to the Board of Governors of the Federal Reserve System and abolish the OFHEO.

Rep. Paul Kanjorski (D-Pennsylvania) responded: "This bill would dramatically restructure the current regulatory system for Fannie Mae and Freddie Mac. In my opinion, it also represents a solution in search of a problem. Nearly a decade ago, Congress created a rational, reasonable, and responsive system for supervising GSE activities, and that system with two regulators is operating increasingly effectively. H.R. 1409 would unfortunately interrupt this continual progress."

March 2002

Business Week interview with Fannie Mae Vice-Chairman Jamie Gorelick about the prospects for the coming year:

Gorelick: "we are expecting a very, very strong 2002."

Gorelick: "We believe we are managed safely. . . . Fannie Mae is among the handful of top-quality institutions. . . . . And we have consistently exceeded every standard that the examiners have set for us."

May 2002

In an OMB Prompt Letter to OFHEO, the President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac.

February 2003

OFHEO reports that "although investors perceive an implicit Federal guarantee of [GSE] obligations . . . the government has provided no explicit legal backing for them," warning that unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market, according to a White House release.

2003

Rep. Richard Baker (R-Louisiana), chairman of the House Financial Services subcommittee with GSE oversight over Fannie Mae and Freddie Mac, was informed by OFHEO "on the salaries paid to executives at both companies," according to the Washington Post. Reportedly, "Fannie Mae threatened to sue Baker if he released it, he recalled. Fearing the expense of a court battle, he kept the data secret for a year." "The political arrogance exhibited in their heyday, there has never been before or since a private entity that exerted that kind of political power," he said.

June 2003

Freddie Mac reported it had understated its profits by $6.9 billion. OFHEO director Armando Falcon Jr. requested that the White House audit Fannie Mae.

July 2003

Sens. Chuck Hagel (R-Nebraska), Elizabeth Dole (R-North Carolina) and John Sununu (R-New Hampshire) introduced legislation to address Regulation of Fannie Mae and Freddie Mac. The bill was blocked by Democrats.

September 2003

In an interview with Ron Insana for CNN Money, Rep. Baker warned, "I have concerns that if appropriate resources aren't allocated for internal risk management, the consequences will be far more severe than just a real estate slowdown. The losses would fall quickly through the capital these companies have and down to shareholders and taxpayers. These companies have some of the lowest capital margins of any financial institution in the nation, yet, at the same time, they are two of the largest. The concern is that if something doesn't work out the way they predict, the American taxpayer could be called on to pay off the debt in some sort of bailout."

The New York Times reports that the Administration recommended "the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago," calling for new supervision of Fannie Mae and Freddie Mac by the Treasury Department. Reportedly, Congressional Democrats "fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing."

Treasury Secretary John Snow testifies that Congress enact "legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises" and set prudent and appropriate minimum capital adequacy requirements, says a White House release.

Rep. Barney Frank (D-Massachusetts): "I do not think we are facing any kind of a crisis. That is, in my view, the two government sponsored enterprises we are talking about here, Fannie Mae and Freddie Mac, are not in a crisis. . . . I do not think at this point there is a problem with a threat to the Treasury. . . . I believe that we, as the Federal Government, have probably done too little rather than too much to push them to meet the goals of affordable housing and to set reasonable goals.

Rep. Barney Frank (D-Massachusetts): "These two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis. . . . The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

Rep. Melvin Watt (D-North Carolina): "I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing."

October 2003

Fannie Mae discloses $1.2 billion accounting error.

November 2003

Council of the Economic Advisers Chairman Greg Mankiw warned, "The enormous size of the mortgage-backed securities market means that any problems at the GSEs matter for the financial system as a whole. This risk is a systemic issue also because the debt obligations of the housing GSEs are widely held by other financial institutions. The importance of GSE debt in the portfolios of other financial entities means that even a small mistake in GSE risk management could have ripple effects throughout the financial system," from a White House release.

Mankiw explains that any "legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk." To reduce the potential for systemic instability, the regulator would have "broad authority to set both risk-based and minimum capital standards" and "receivership powers necessary to wind down the affairs of a troubled GSE," says a White House release.

February 2004

Fiscal Year 2005 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore . . . should be replaced with a new strengthened regulator," reports a White House release.

Mankiw cautions Congress to "not take [the financial market's] strength for granted." Again, the call from the Administration was to reduce this risk by "ensuring that the housing GSEs are overseen by an effective regulator," says a White House release.

June 2004

Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying "We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System," the White House reports.

September 2004

OFHEO reported that Fannie Mae and CEO Raines had manipulated its accounting to overstate its profits. Congress and the Bush administration sought strong new regulation and authority to put the GSEs under conservatorship if necessary. As the Washington Post reports, Fannie Mae and Freddie Mac responded by orchestrating a major campaign "by traditional allies including real estate agents, home builders and mortgage lenders. Fannie Mae ran radio and television ads ahead of a key Senate committee meeting, depicting a Latino couple who fretted that if the bill passed, mortgage rates would go up." Again, GSE pressure prevailed.

October 2004

Rep. Baker again warned about the coming crisis in the Wall Street Journal: "Then there's the lesson of a company, Frankenstein-like, seemingly grown so powerful that it can intimidate and arrogantly flout all accountability to the very government that created it."

Baker adds, "Although their bonds bear the disclaimer ‘not backed by the full faith and credit of the U.S. government,' the market does not believe it and looks right past the companies' risk strategies to the taxpayers' pockets."

In a subcommittee testimony, Democrats vehemently reject regulation of Fannie Mae in the face of dire warning of a Fannie Mae oversight report. A few of them, Black Caucus members in particular, are very angry at the OFHEO Director as they attempt to defend Fannie Mae and protect their CRA extortion racket.

Chairman Baker (R-Louisiana): "It is indeed a very troubling report, but it is a report of extraordinary importance not only to those who wish to own a home, but as to the taxpayers of this country who would pay the cost of the clean up of an enterprise failure. . . . The analysis makes clear that more resources must be brought to bear to ensure the highest standards of conduct are not only required, but more importantly, they are actually met."

Rep. Maxine Waters (D-California): "Through nearly a dozen hearings where, frankly, we were trying to fix something that wasn't broke."

Rep. Maxine Waters (D-California): "Mr. Chairman, we do not have a crisis at Freddie Mac, and particularly at Fannie Mae, under the outstanding leadership of Mr. Frank Raines."

Rep. Gregory Meeks (D-New York): "And as well as the fact that I'm just pissed off at OFHEO, because if it wasn't for you I don't think that we'd be here in the first place, and now the problem that we have and that we're faced with is: maybe some individuals who wanted to do away with GSEs in the first place, you've given them an excuse to try to have this forum so that we can talk about it and maybe change the, uh, the direction and the mission of what the GSEs had, which they've done a tremendous job. There's been nothing that was indicated that's wrong, you know, with uh Fannie Mae. Freddie Mac has come up on its own. And the question that then presents is the competence that, that, that, that your agency has, uh, with reference to, uh, uh, deciding and regulating these GSEs. Uh, and so, uh, I wish I could sit here and say that I'm not upset with you, but I am very upset because, you know, what you do is give, you know, maybe giving any reason to, as Mr. Gonzales said, to give someone a heart surgery when they really don't need it."

Rep. Ed Royce (R-California): "In addition to our important oversight role in this committee, I hope that we will move swiftly to create a new regulatory structure for Fannie Mae, for Freddie Mac, and the federal home loan banks."

Rep. Lacy Clay (D-Missouri): "This hearing is about the political lynching of Franklin Raines."

Rep. Ed Royce (R-California): "There is a very simple solution. Congress must create a new regulator with powers at least equal to those of other financial regulators, such as the OCC or Federal Reserve."

Rep. Gregory Meeks (D-New York): "What would make you, why should I have confidence? Why should anyone have confidence, and uh, in, in you as a regulator at this point?"

Armando Falcon, OFHEO Director: "Sir, Congressman, OFHEO did not improperly apply accounting rules. Freddie Mac did. OFHEO did not fail to manage earnings properly. Freddie Mac did. So this isn't about the agency engaging in improper conduct. It's about Freddie Mac."

Rep. Christopher Shays (R-Connecticut): "And we passed Sarbanes-Oxley, which was a very tough response to that, and then I realized that Fannie Mae and Freddie Mac wouldn't even come under it. They weren't under the ‘34 act, they weren't under the ‘33 act, they play by their own rules, and I and I'm tempted to ask how many people in this room are on the payroll of Fannie Mae, because what they do is they basically hire every lobbyist they can possibly hire. They hire some people to lobby and they hire some people not to lobby so that the opposition can't hire them."

Rep. Artur Davis (D-Alabama): "So the concern that I have is you're making very specific, what you have correctly acknowledged, broad and categorical judgments about the management of this institution, about the willfulness of practices that may or may not be in controversy. You've imputed various motives to the people running the organization. You went to the board and put a 48-hour ultimatum on them without having any specific regulatory authority to put that kind of ultimatum on ‘em. Uh, that sounds like some kind of an invisible line has been crossed."

Rep. Christopher Shays (R-Connecticut): "Fannie Mae has manipulated, in my judgment, OFHEO for years. And for OFHEO to finally come out with a report as strong as it is, tells me that's got to be the minimum not the maximum."

Rep. Barney Frank (D-Massachusetts): "Uh, I, this, you, you, you seem to me saying, ‘Well, these are in areas which could raise safety and soundness problems.' I don't see anything in your report that raises safety and soundness problems."

Rep. Maxine Waters (D-California): "Under the outstanding leadership of Mr. Frank Raines, everything in the 1992 Act has worked just fine. In fact, the GSEs have exceeded their housing goals. What we need to do today is to focus on the regulator, and this must be done in a manner so as not to impede their affordable housing mission, a mission that has seen innovation flourish from desktop underwriting to 100% loans."

Rep. Lacy Clay (D-Missouri): "I find this to be inconsistent and a and a rush to judgment. I get the feeling that the markets are not worried about the safety and soundness of Fannie Mae as OFHEO says that it is, but of course the markets are not political."

Rep. Barney Frank (D-Massachusetts): "But I have seen nothing in here that suggests that the safety and soundness are at issue, and I think it serves us badly to raise safety and soundness as kind of a general shibboleth when it does not seem to me to be an issue."

Rep. Don Manzullo (R-Illinois): "Mr. Raines, 1.1 million bonus and a $526,000 salary. Jamie Gorelick, $779,000 bonus on a salary of 567,000. This is, what you state on page eleven is nothing less than staggering."

Rep. Don Manzullo (R-Illinois): "The 1998 earnings per share number turned out to be $3.23 and 9 mills, a result that Fannie Mae met the EPS maximum payout goal right down to the penny."

Rep. Don Manzullo (R-Illinois): "Fannie Mae understood the rules and simply chose not to follow them that if Fannie Mae had followed the practices, there wouldn't have been a bonus that year."

Rep. Christopher Shays (R-Connecticut): "And you have about 3% of your portfolio set aside. If a bank gets below 4%, they are in deep trouble. So I just want you to explain to me why I shouldn't be satisfied with 3%?"

Franklin Raines, Fannie Mae CEO: "Because banks don't, there aren't any banks who only have multifamily and single-family loans."

Franklin Raines, Fannie Mae CEO: "These assets are so riskless that their capital for holding them should be under 2%."

January 2005-July 2006

Sen. Chuck Hagel (R-Nebraska), co-sponsored by Sens. Sununu and Dole and later Sen. McCain, re-introduced legislation to address GSE regulation.

"The bill prohibited the GSEs from holding portfolios, and gave their regulator prudential authority (such as setting capital requirements) roughly equivalent to a bank regulator. In light of the current financial crisis, this bill was probably the most important piece of financial regulation before Congress in 2005 and 2006," reports the Wall Street Journal.

Greenspan testified that the size of GSE portfolios "poses a risk to the global financial system. It would be difficult, if not impossible, to bail out the lenders [GSEs] . . . should one get into financial trouble." He added, "If we fail to strengthen GSE regulation, we increase the possibility of insolvency and crisis . . . We put at risk our ability to preserve safe and sound financial markets in the United States, a key ingredient of support for homeownership."

Greenspan warned that if the GSEs "continue to grow, continue to have the low capital that they have, continue to engage in the dynamic hedging of their portfolios, which they need to do for interest rate risk aversion, they potentially create ever-growing potential systemic risk down the road . . . We are placing the total financial system of the future at a substantial risk."

Bloomberg writes, "If that bill had become law, then the world today would be different. . . . But the bill didn't become law, for a simple reason: Democrats opposed it on a party-line vote in the committee, signaling that this would be a partisan issue. Republicans, tied in knots by the tight Democratic opposition, couldn't even get the Senate to vote on the matter. That such a reckless political stand could have been taken by the Democrats was obscene even then."

April 2005

Treasury Secretary John Snow again calls for GSE reform, "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America. . . . Half-measures will only exacerbate the risks to our financial system," from a White House release.

May 2005

At AEI Online, Wallison warned that "allowing Fannie and Freddie to continue on their present course is simply to create risks for the taxpayers, and to the economy generally, in order to improve the profits of their shareholders and the compensation of their managements. It is a classic case of socializing the risk while privatizing the profit."

January 2006

Chairman Greenspan, in a letter to Sens. Sununu, Hagel and Dole, warned that the GSE practice of buying their own MBS "creates substantial systemic risk while yielding negligible additional benefits for homeowners, renters, or mortgage originators." He stated, ". . . the GSEs and their government regulator need specific and unambiguous Congressional guidance about the intended purpose and functions of Fannie's and Freddie's investment portfolios."

March 2006

Sens. Sununu and Hagel introduced an amendment to a Lobbying Reform Bill directing GAO to study GSE lobbying and requiring HUD to audit the GSEs annually.

May 2006

After years of Democrats blocking the legislation, Sens. Hagel, Sununu, Dole and McCain write a letter to Majority Leader William Frist and Chairman Richard Shelby expressing demanding that GSE regulatory reform be "enacted this year" to avoid "the enormous risk that Fannie Mae and Freddie Mac pose to the Housing market, the overall financial system, and the economy as a whole."

May 2006

Sen. McCain (R-Arizona) addressed the Senate, "Mr. President, this week Fannie Mae's regulator reported that the company's quarterly reports of profit growth over the past few years were ‘illusions deliberately and systematically created' by the company's senior management. . . . Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. . . . OFHEO's report solidifies my view that the GSEs need to be reformed without delay."

McCain stressed, "If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole. I urge my colleagues to support swift action on this GSE reform legislation."

April 2007

Sens. Sununu, Hagel, Dole, and Mel Martinez (R-Florida) re-introduced legislation to improve GSE oversight.

April 2007

In "A Nightmare Grows Darker," the New York Times writes that the "democratization of credit" is "turning the American dream of homeownership into a nightmare for many borrowers." The "newfangled mortgage loans" called "affordability loans" "represent 60 percent of foreclosures."

September 2007

President Bush: "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs . . . the United States Senate needs to pass this legislation soon."

2007-2008

The housing bubble began to burst, bad mortgages began to default, and finally the Fannie Mae and Freddie Mac portfolios were revealed to be what they were, in collapse. And the testimony is evident as to why. As Wallison noted, "Fannie and Freddie were, I would say, the poster children for corporate welfare."

September 2008

Rep. Arthur Davis, whose testimony is found above in October 2004, now admits Democrats were in error: "Like a lot of my Democratic colleagues I was too slow to appreciate the recklessness of Fannie and Freddie. I defended their efforts to encourage affordable homeownership when in retrospect I should have heeded the concerns raised by their regulator in 2004. Frankly, I wish my Democratic colleagues would admit when it comes to Fannie and Freddie, we were wrong."

Today 2008

The narrative is of another socialist experiment failed, this time a massive federal effort, imperiling the whole US banking industry. Facing this economic disaster, will an informed American people put their trust Obama's socialist ideology to bring remedy? To do so is to trust in an acetylene torch to put out the fire.