Democrats keep talking about the failures of the George Bush years, but they conveniently forget their role in the economic mess we find ourselves in today. The New York Times conveniently will drop a bombshell on Governor Paterson. Even if Paterson refuses to resign, it will surely push Andrew Cuomo over the edge to defeat Paterson in a primary. And New York voters, with their short memories, will most likely send another Cuomo to Albany. Before doing so, I certainly hope the voters do their homework. Cuomo isn’t quite the brilliant scion of New York politics the media would have us believe he is. In fact, his record is quite dismal.
The Wall Street Journal: Keep in mind that Mr. Cuomo was doing this Fan and Fred cheerleading even as his colleagues in the Clinton Treasury were publicly raising red flags about their too-rapid expansion. Had Larry Summers, who was then Treasury Secretary, and Republican Paul Ryan, prevailed in their reform attempts, Fan and Fred wouldn’t have been able to pile up so much rotten debt and turbocharge the housing boom.
In 2008, Wayne Barrett wrote in detail in the Village Voice about the changes Mr. Cuomo also wrought at the Federal Housing Administration, encouraging bigger loans with smaller down payments.
Mr. Barrett wrote that Mr. Cuomo “made a series of decisions between 1997 and 2001 that gave birth to the country’s current crisis. He took actions that—in combination with many other factors—helped plunge Fannie and Freddie into the subprime markets without putting in place the means to monitor their increasingly risky investments. He turned the Federal Housing Administration mortgage program into a sweetheart lender with sky-high loan ceilings and no money down . . . .”
Mr. Barrett summed up Mr. Cuomo’s tenure in the Clinton cabinet by noting that “the country will be living with his HUD mistakes, ill- or well-intended, for a long time to come.”
Even if one believes the allegations hurled by the New York Attorney General at Bank of America—and there is much reason to doubt them—Mr. Cuomo has arguably done far more harm to taxpayers and investors than the defendants have. Before he is handed the New York governorship by Democratic and media acclamation, voters deserve a full accounting of Mr. Cuomo’s complicity in the mortgage meltdown.
Read the whole thing, it’s very eye opening. Including the part where the HUD website to this day lauds Cuomo for forcing Fannie and Freddie to write bad loans. Unfortunately, too many of my fellow New Yorkers vote Democrat regardless of the candidate’s record.
While you read the headlines of Andrew Cuomo going after the banks for their role in the current economic situation, keep in mind that it was Cuomo who helped make it all possible.
It’s obvious the Cuomo is a Dem Machine Operative.
Thing is, too many Dem/Lib/Progs can’t see any of their own in anything other than a favorable light.
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