Edward DeMarco acting director at the FHFA, the conservator for the spectacular failures that are Freddie and Fannie… the GOE’s we call them—Government Owned Entities.
His well publish obstinacy related the F/F doing more to mitigate the carnage being caused by the foreclosure crisis is nothing short of maddening. For one man to be proximate cause of so much human suffering, well he should have to be despotic monarch. It’s simply a case of taxpayer and therefore decimating the accumulated wealth of America taxpayers.
Lan T. Pham, PhD, who was a senior staffer financial economist at the CBO and who was fired after less than three months on the job, went public with some of the details of her experience working for Elmendorf (Director of the CBO). Lan explained that during the fall of 2010 while working at the CBO, she was told not to publish or incorporate any data about the US housing and mortgage markets, nothing about the foreclosure crisis, nothing that might spoil the CBO’s forecasts. Here’s what Pham said that she was told in no uncertain terms by
CBO leadership, among many other equally damning things:
Statements could not be made attributing the decline in property tax revenues to foreclosures and the decline in home prices.
Foreclosures had no impact on US home prices.
The decline in home prices had no impact on US household wealth.
The emerging foreclosure fraud problems in Sept. 2010 were due to media sensationalism and the kind of event of the moment where we should be adding skepticism and not just repeating the hype in the press and discussing it lacks judgment about what is important.
Alternative viewpoints are suppressed or questioned as pessimistic by CBO Director Elmendorf. Economic facts inconvenient to the CBO’s forecast of economic growth, recovery and other estimates are omitted or suppressed so the desired message may be delivered.
And finally the implications have profound financial and economic consequences that would be of compelling interest to Congress and the public, but the CBO sought to silence a discussion of suck risks that in reality have been materializing.
As director of the CBO he deliberately withheld and even masked and knowingly distorted information vital to the current and future wellbeing of the USA during the most severe and damaging national economic emergency since the 1930’s.
He lied to congress, withheld information from the president. I suppose I’ll never know who else was involved in what you’ve done to this nation by manipulating and withholding such information form Congress, from the President and from the American people and form the world. You just turned your back on tens of millions.
Source—-martin andelman—Niche report