Anyone watching the dog-and-pony show on TV about Goldman Sachs? Every time the Democrats are in trouble, they decide to attack the big boys on Wall Street. It plays well to the uninformed, unwashed masses.
Bill Clinton revived the Community Reinvestment Act, which was to force banks to loan money to former redline areas. Fannie Mae and Freddie Mac were created to force banks to do just this. They became so corrupt that the OMB in 2004 found massive fraudulent bookkeeping at Fannie Mae. Congressional Democrats called for no investigation. The four biggest contributions by Fannie Mae were to Democrats Chris Dodd, Chairman of The Senate Banking Committee, Sen. Barack Obama, Federal Financial Management Committee, Sen. Chuck Schumer, Chairman of the Finance Committee, Rep. Barney Frank, Chairman of House Financial Services Committee.
Dodd should have been investigated on many counts: his cottage in Ireland with his dealings with Edward Downe, a real criminal, his sweetheart loan from Countrywide, and many more.
All this paper bought up by Fannie and Freddie and sold to Wall Street started to collapse.
None of the paper was any good. All the financial houses were trying to sell anything for cash.
The Democrats are having a show trial of the Goldman Sachs group. Sen. Levin, D-Mich., oculd have picked any institution to investigate, as all the paper was toxic once the meltdown occurred.
Please Democrats, don't pick on our financial institutions too much. Remember Wall Street is the center of international banking. If international bankers lose faith in Wall Street and shift their banking to Zurich or Hong Kong, we would lose thousands of jobs and billions of revenue. Don't kill the goose.