Two epic days in one week! In one crushing blow, Mel Watt smashed just about every measure that former chief Demarco enacted to shrink and ultimately eliminate Fannie and Freddie. Demarco had been put in place by George W Bush. What we are witnessing is an extraordinary coup with Obama and the more liberal democrats seizing back control of their darlings Fannie and Freddie. It is clear now that this began May 8th when the 6 remaining democratic senators on the senate finance committee announced their exodus from the Johnson/Crapo bill. Don’t think for a minute Mel Watt acted unilaterally today, there is no question that he was acting on Obamas orders. Everything is becoming crystal clear now. As I said, yesterday Obama used the nuclear option to get Mel watt into this post. Now we see why it was so important to him. The fact that the six senators and Obama/Watt did not wait till the Johnson/Crapo bill came up to vote before they took these steps speaks volumes. I have said all along that Obama and the majority of democrats in DC had no true intentions of eliminating Fannie and Freddie, today confirms it. I am just surprised that they did not give Johnson and Crapo the benefit of a vote before they pulled the trigger on the Coup. There will be ramifications for these brazen moves; I would not be surprised if this pushes more republicans to vote in favor Thursday out of spite. This is irrelevant because, without the other six democrats, Majority leader Harry Reid will not bring it to the full senate for a vote. I hope everyone understands why My blog took such a political tone the last few days now. I will give more updates as the dust begins to settle; I am told it is as if a tornado just ripped through DC. Today was a huge game changer. I’ll leave you with a song that coincidently came on the radio just as todays action began to unfold, enjoy. Keep the faith!
Click the play button above.