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A Journalist’s First-Hand Report on the Corrupt Secrecy of an International Bureaucracy

Ali Bertarian Wrote: Nov 25, 2012 4:41 PM
The following is from “The Housing Bubble Cover-Up,” By Phil Grande, right here on Townhall: “Under Clinton, the government forced the banking industry to offer mortgages to low and moderate income families who could not afford them. “Another contributing factor -in fact the primary factor to the problem, was the hiring of two individuals directly responsible for the bubble. The first was a young Acorn lawyer by the name of Barack Obama. The second was Andrew Cuomo, Jr. hired as the secretary of housing, who is now New York State’s attorney general. It was their victory in the amount of $2.1 billion over a Chicago bank, which had refused Clinton’s and Cuomo’s mandate to lend to unqualified borrowers, to now provide sub-prime mortgages to
Ali Bertarian Wrote: Nov 25, 2012 4:42 PM
15,000 of these unqualified borrowers. The commission later covered up the actions of new senator Obama, and Cuomo, Jr.; the Fathers of Subprime.

“The commission also covered up the fact that the heads of the Senate Housing and Banking Committees, Frank and Dodd, forced Fannie and Freddie to buy toxic, subprime mortgages that were due to go into default. This led directly to the failures of Fannie and Freddie, and their subsequent taxpayer bailout in the form of TARP. The cost of this bailout is a mind numbing $10 billion loss each and every quarter.”

As a taxpayer, I’m not a big fan of international bureaucracies. They consume a lot of money, pay themselves extravagant (and tax-free!) salaries, and generally promote statist policies.

The Paris-based Organization for Economic Cooperation and Development is a prime example. Originally created for benign purposes such as gathering statistics, it now is a bloated bureaucracy pursuing an anti-free market agenda.

But international bureaucracies also have a nasty habit of operating in the shadows and using thuggish behavior to thwart critics. And I have the scars to prove it from my efforts to...

Related Tags: Bureaucracy secrecy