GUILTY!

Don't Blame Fannie for Mess

Vanity Fair  |  Jan 5, 09 9:11 AM CST

(Newser) - Fannie Mae and Freddie Mac, the "toxic twin" housing financing behemoths blamed for setting the world on fire, were not operating any differently than the entire financial sector, Bethany McLean writes in Vanity Fair . McLean documents Fannie Mae's history starting from conception in FDR's New Deal, when it was chartered by Congress to help homeownership (Freddie Mac followed in 1970), and ending in its failure to resist the profitable subprime game. More »

O'Reilly Berates Frank in On-Air Shouting Match

Chicago Tribune  |  Oct 3, 08 1:16 PM CDT

(Newser) - Bill O’Reilly has called for the resignation of House Financial Services Chairman Barney Frank, so it was a predictably tense situation when the Massachusetts Democrat appeared on his show last night. A remarkable shouting match ensued, even by O’Reilly’s standards. The Fox host quickly began screaming at Frank over comments that the situation at Fannie Mae and Freddie Mac would improve. More »

Pressure Shifts Back to Pelosi

Sacramento Bee  |  Oct 2, 08 12:46 PM CDT

(Newser) - After Republicans blamed partisan remarks for dooming Monday’s bailout vote, Speaker Nancy Pelosi is firmly in the crosshairs with a second chance coming tomorrow, the Sacramento Bee reports. But the Democrat isn’t backing off, a rep says. “Part of being able to deal with this crisis is realizing how we got here,” he said—even if that means ripping President Bush and the GOP. More »

'Nihilist' House GOP Doomed US to Recession

New York Times  |  Sep 30, 08 12:00 PM CDT

(Newser) - When FDR became president, writes David Brooks, his first priority was to give Americans faith in their leadership, to show that someone was running the show. Now that the US is facing the greatest financial crisis since the Depression, today's political leaders "have failed utterly and catastrophically to project any sense of authority, to give the world any reason to believe that this country is being governed." More »

Countdown to Failure: How Bill Unraveled

Los Angeles Times  |  Sep 29, 08 8:01 PM CDT

(Newser) - As members of the House of Representatives cast their ballots on the $700 billion bailout package yesterday morning—the negative votes piling up even as the market plummeted—the Los Angeles Times was blogging. Kicked off by Majority Leader Steny Hoyer's final words to the House—"The alternative is nothing and that is not acceptable"—it took just over a half hour to go down to a defeat that surprised leaders of both parties. More »

Shocked Legislators Weigh Next Move

Washington Post  |  Sep 29, 08 3:12 PM CDT

(Newser) - The efforts of Nancy Pelosi and John Boehner were not enough to quell a revolt within their parties that killed the financial bailout bill today. The bipartisan opposition to the bill reflected in the 228-205 vote—95 Democrats and 133 Republicans dissented—reflects liberal representatives’ unease with rescuing highly paid executives and the GOP’s displeasure with a decidedly non-free-market solution, the Washington Post reports. More »

Rep Warns GOP Opposition Could Sink Bailout Deal

Politico  |  Sep 28, 08 11:00 AM CDT

(Newser) - Even as Washington officials reached for the bubbly, a prominent House Republican warned that GOP lawmakers may not approve the bailout deal reached last night. “We are not ready to say that a deal is done,” said Virginia Rep. Eric Cantor, who has spearheaded efforts by House conservatives to offer alternatives on the bailout. More »

Lawmakers: We Have a Deal

CQPolitics  |  Sep 25, 08 12:57 PM CDT

(Newser) - The bipartisan group of legislators working on either a Wall Street bailout or a rescue package has reached "a fundamental agreement on a set of principles," Senate Banking Committee Chris Dodd said today. Racing to make a deal before a scheduled 4pm meeting at the White House, the lawmakers were optimistic the measure had enough support to satisfy both houses of Congress and President Bush, CQ Politics reports. More »

Dems Set Their Own Terms for Bailout Plan

New York Times  |  Sep 22, 08 6:43 AM CDT

(Newser) - As Hank Paulson did the Sunday talk shows, Democrats in the House and Senate set down their own terms for a plan to rescue the nation's financial institutions—one that would give Congress greater oversight over the treasury. Barney Frank, who chairs the House Financial Services Committee, put forward his party's changes to the Bush plan, which also include an assistance program for homeowners and a limit on executive compensation. More »

Congress Watches Uneasily as Fed, Treasury Move Boldly