Fiderer At His Best
“If you are a government official who plans on ambushing the executive team and board of directors of a major corporation, to inform them that they should all resign immediately if they know what’s good for them, you need a really good legal justification.
Paulson had none. There was never any bona fide legal basis for a government takeover of Fannie or Freddie. If you read the paper trail fabricated by the companies’ regulator, the Federal Housing Finance Agency, you could see that the documents making the case for conservatorship were packed with lies; they perverted basic concepts in finance and regulation.FHFA, Treasury and The White House had been preparing the case to apprehend Fannie and Freddie since early 2008, long before President Bush signed the Housing Economic Recovery Act of 2008.when President Bush the Housing Economic Recovery Act of 2008. The narrative told by Paulson in his book, and in other books, was but a fictional cover story used to justify the highly suspicious chronology of events.”
David starts off with guns blazing and doesn’t let up, his book “The Plot To Destroy Fannie Mae: Anatomy Of A Power Grab” will be woven into the narrative of truth that we have been weaving concerning the attempted assassination of Fannie and Freddie.
David does not rely on vague conspiracy theories or hypotheticals, he very thoroughly documents the way that Henry Paulson carried out the long-sought goal of eliminating Fannie Mae and Freddie Mac.
For those of you who don’t know David let me assure you that he has been at the forefront of the effort to expose the truth long before many of us.For a while, he was the lone sentry shouting into the dark. He paid a severe price for his early questioning of our governments actions; professionally he was blackballed from many publications including the Huffington Post. After writing a piece for Huffington Post that crushed Peter Wallison’s false narrative the American Enterprise Institute and their cronies pressured Huffington into removing the article. They not only pulled the article but everything he had previously written.In spite of the price he was forced to pay David continued to expose the lies. I want to commend David for not compromising and staying committed to the truth. Here are a few Gems to share but please purchase and read the book. Consider purchasing multiple copies to send as gifts to anyone you think may benefit our cause.
“As we’ll see, reporters at The Economist, Fortune, The Washington Post, The Wall Street Journal, and The New York Times, all bought into the BS they were fed by Paulson and Fannie’s regulators and amplified by lobbyists and conservative think tanks.”
“Making Up Facts to a Fit the Law: How FHFA Fabricated A Phony Case For Conservatorship So let’s recap. Paulson finds that the GSEs have capital shortfalls, using Morgan Stanley’s economic calculations. So he tells everyone that, because of his independent calculation of a capital shortfall, the GSEs must be wound down during the worst housing crash in 80 years, when private players have exited the market. And he insists that this wind down must be done before Lehman Brothers releases its 3rd quarter results on September 10, 2008. Paulson is undaunted by the fact that Federal statutes forbid an immediate receivership or conservatorship based on insufficient capital, unless Lockhart suddenly wants to pull $ 100 billion in losses out of his ass and overrule the findings of the GSEs outside auditors, and thereby invite questions about the legitimacy of his decision making.”
“If you’re looking for a smoking gun, some irrefutable evidence that Paulson’s story is complete bullshit, try reading the law. It spells out precisely why his notions of undercapitalization could never be used to justify a quickie conservatorship.”
“Geithner’s position enjoyed remarkably wide support from lawmakers, regulators, and economists across the political spectrum. The prevailing — virtually universal — view was, and still is, that the twin colossi of housing finance that stuck taxpayers with a $ 189 billion bailout bill after their collapse in 2008, that inflated the real estate bubble with artificially cheap credit and hence helped sink the U.S. economy, should never, ever be allowed to regain their former dominance. Nothing about that paragraph survives scrutiny: • Not their $ 189 billion bailout bill. • Not their 2008 collapse. • Not their contribution to the real estate bubble, • Not their artificially cheap credit, • Not their role in sinking the economy.”
Fiderer, by David (2015-09-12). The Plot To Destroy Fannie Mae: Anatomy Of A Power Grab (Kindle Locations 150-158). . Kindle Edition.
I want to make it clear that neither David or I indulge in conspiracy theories.I understand that everyone has different motives for their involvement in this cause but please do not compromise the truth for your short sighted goals. Some who are involved want to make a quick buck here, we can’t let their get rich quick schemes distract us, it is a fools game. By exposing the entire truth we have made the progress we have. The fact that the “bail out” of Fannie and Freddie was never a bailout, but an assassination attempt has played a big role in awakening our most valued supporters. We cannot allow the false narrative to get any airplay.
I was thrilled to share Davids book, but I am not going to allow books that repeat the lies and propaganda to be promoted here on the blog. Especially when the authors present them as their views. We have come to far to allow this to stand. At this point, much of the truth is widely known and proven. No one who sincerely wants to learn the truth can claim ignorance. It is our duty to defend Fannie and Freddie from the river of lies that was used to try and kill them. If that means complicating certain peoples get rich quick schemes that is too bad. I will not compromise our strategy one bit. Believe me throughout this war I have had my moments of doubt, I was tempted to abandon the truth and fight fire with fire, but I did not do it. I know I have angered many by refusing to write on anything that did not pass the rigorous screening that the truth demands. I refused to suggest that the GSEs did not need any money from our government until we had the forensic proof. I still refuse to claim that the GSEs were forced to buy billions of toxic assets because it has not been proven. I do agree that there has been growing circumstantial evidence that suggests this may be true, but I refuse to compromise.
I will be adding a few important things to this post later tonight, it will be notated by an edit in the title. Keep the Faith!
I have picked a special song that is a perfect compliment to Davids book, It’s refrain is a question many are asking right about now.