Throughout 2009, the mainstream media (MSM) foamed at the mouth and decried the salaries made by top executives on Wall Street. The talking heads of the Obama Administration played right along with Saul Alinsky’s* Rule #13: “Pick the target, freeze it, personalize it, and polarize it.”
“It was the rich guys on Wall Street that destroyed the economy,” or “The greed of Wall Street is what caused the economy to collapse,” …blah, blah, blah.
Our question is, where was the MSM when the Obama administration announced it was removing the $400 billion cap on Fannie Mae and Freddie Mac’s access to taxpayer dollars? Oh, and by the way the CEOs of the two organizations most culpable for the mortgage meltdown would be getting comp packages of $6 Million/year. That’s right folks, the CEOs of the government-controlled entities will be taking home the bacon while the unemployment rate is over 10% and there are about 200,000 mortgage foreclosures each month.
Any responsible journalist left at the MSM would be all over this revelation. If you’re curious as to how much destruction Fannie and Freddie are causing, take a look at this Wall Street Journal Article by Peter J. Wallison: The Price for Fannie and Freddie Keeps Going Up.
Fannie and Freddie’s congressional sponsors—some of whom are now leading the administration’s effort to “reform” the financial system—have a lot to answer for. Rep. Barney Frank (D., Mass.), chairman of the House Financial Services Committee, sponsored legislation adopted in 2008 that established a new regulatory structure for the GSEs. But by then it was far too late. The GSEs had begun buying risky loans in 1993 to meet the “affordable housing” requirements established under congressional direction by the Department of Housing and Urban Development (HUD).
It wasn’t Wall Street that started the collapse, it was at the hands of the government. The sound of silence is deafening.
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*Saul Alinsky (1909-1972, Chicago Community Organizer)
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