We are being told that "deregulation" caused the problem. Is that right? A shocking video is circulating on the Internet by NakedEmperorNews.com showing Congressman Barney Frank and others chastising regulators and insisting that safety and soundness was not an issue at Freddie Mac and Fannie Mae. Today it is painfully clear that there were major problems indeed. You might remember Congressman Barney Frank. He is the one that worked closely with Secretary Paulson and Fed Chairman Bernake to fast track the Wall Street banker bailout.
Here is the video:
Now the question needs to be asked, “Was there a high-level cover up by some members of Congress regarding Fannie Mae and Freddie Mac?” Should there be an investigation? If so, by whom?
What do you think, if you dare think? They said there was "no potential of crisis" and the system "wasn't broke." Why did they say that?