The Mysterious Ways Of Fannie And Freddie | Johan Norberg | Cato Institute: Commentary

The Mysterious Ways Of Fannie And Freddie | Johan Norberg | Cato Institute: Commentary: "When Congress created the Commission they wanted a crisis narrative of greedy bankers and passive regulators. In other words, they wanted to put the blame somewhere else. Fannie Mae and Freddie Mac are creatures of Congress and it was Congress that pushed them to undermine underwriting standards and increase lending to low-income households while stalling reform.

Fannie and Freddie regularly let members of Congress announce large housing developments for low-income earners in exchange for political and financial support; over the past decade the two GSEs spent almost $200 million on lobbying and contributions to both parties, but most of all to Democrats, the present majority. Politicians wanted scapegoats on stage--Fannie and Freddie representatives would have functioned as a mirror."

"Investment bankers have been publicly scolded by the Commission for taking on so much risk, with leverage ratios around 30 to 1. Shouldn't they ask how Fannie Mae and Freddie Mac ended up with a leverage ratio closer to 60 to 1?"

FOXNews.com - Rep. Hoekstra Says 'Justice Denied' in Shoot-Down of Innocent Americans

FOXNews.com - Rep. Hoekstra Says 'Justice Denied' in Shoot-Down of Innocent Americans: "Before the deadly attack, the CIA aircraft came up behind the Bowers's plane, piloted by Kevin Donaldson. Believing it was an aircraft used for drug trafficking, the CIA alerted the Peruvian Air Force, which scrambled a fighter jet.

Over the next two hours, as doubts set in, the CIA pilots repeatedly expressed their concern over the true identity of their target but did nothing to prevent the Peruvians from shooting down the missionaries.

In the footage, conversation between the Peruvians and the CIA, and the missionaries' pilot's last desperate screams are clearly heard.

The CIA pilots are heard expressing doubt, saying, 'This guy doesn't fit the profile.' They contact Peruvian Air Force on the ground, asking, 'Are you sure is bandito? Are you sure?'

'Yes, OK,' is the Peruvian response.

'If you're sure,' says the CIA operative. Then one of the CIA men whispers to his colleague in his aircraft: 'That is bull****. I think we're making a mistake.'

'I agree with you,' says the other operative.

A minute and a half later the gunships open fire and Donaldson screams in Spanish for the jet to stop."