This video walks you through the origins of the financial crisis, from its foundation to the explosion, complete with a clever soundtrack including Freefalling and Money Talks. It includes the efforts in 2003 and 2005 that I posted about earlier, but it puts all the pieces of the puzzle in place better than I ever could. This is a must see for any informed voter, and I highly encourage people watching it to pause it to read the posted articles, take notes for Google follow-ups, and to do everything in their power to see to it that others see this video as well.
This one is some old C-Span coverage getting people on the record--some sounding the alarm against Fannie and Freddie; others sticking their heads in the sand.
And finally, here's a link to McCain's Senate Testimony in support of the Federal Housing Enterprise Regulatory Reform Act of 2005.
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.
If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
UPDATE: As of Tuesday 30 SEPT 2008, all three versions of the video infomercial above have been removed by YouTube. I found another copy here
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