Rep. Paul Ryan was on CNBC Money (Charter 67) Wednesday morning to discuss the apparent shift in former Goldman Sachs CEO Henry Paulson's focus on which troubled assets the U.S. treasury will purchase regarding the misguided and poorly written bail-out plan to buy troubled assets.Besides answering the questions with little to no new information during the discussion, Ryan as usual raised his partisan tone to place most of the blame for the financial crisis on Fannie and Freddie Mac. Steve Liesman, senior economic advisor for CNBC would have none of it and challenged Ryan on this assertion. Liesman countered that Fannie/Freddie was responsible for about 1.7% of all the toxic mortgages while Wall Street firms greedy over-indulgence of the sub-prime markets caused 20% of the mortgage notes to default into asset toxicity. Liesman also appeared surprised by Ryan's partisan naivete. Sensing an argument going nowhere fast, the topic of this escalating discussion was deliberately interrupted by one of the other CNBC panelists.
"He keeps going on this - I don't get it at all." -- Steve Liesman, referring to Ryan's constant Fannie/Freddie/Dem blame game for the current financial crisis.
You can watch the CNBC Video of the exchange here. It is 11 minutes long.
A hearty "thank you" to R.P. from Burlington, WI for emailing this episode to my attention.
1 comment:
Ryan is completely clueless to what's really going on. Like a deer in the headlights.
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