Kucinich: Single-Payer Better But Public Option Works

Rep. Dennis Kucinich (D-Ohio) says a health care public option will help regulate private insurance companies, but a single-payer system would be ideal. (0:52)

Fannie and Freddie ignored advice

Fannie and Freddie ignored advice

While mortgage giants Fannie Mae and Freddie Mac have been bailed out and put under conservatorship, questions still remain over what factors led to the government sponsored enterprises’ (GSE) failure.

Richard F. Syron, CEO of Freddie Mac from 2004 to September, 2008, attributes some of the blame to the nature of the housing market.

“When the dramatic and widespread downturn in housing prices occurred, the pressures on Freddie Mac and Fannie Mae were enormous. The GSEs are in a non-diversified business focused solely on residential housing lending in the United States,” said Syron during a House Oversight and Government Reform Committee hearing.

“As the guarantor of almost half the homes mortgages in the country, it is not at all surprising that these two firms would get hard by the biggest housing collapse in 75 years.”

However, the release of certain documents suggest to some members of Congress that the CEOs were aware of the risks that came with alternative lending, and are therefore responsible for their companies downfall since they did not respond to the warnings.

Rep. Dennis Kucinich (D-Ohio) referenced a series of emails that the committee was provided with that detailed a discussion between former CEO of Fannie Mae Daniel Mudd and the company's Chief Risk Officer. In the email, the Chief Risk Officer accused Fannie Mae of having the weakest control processes he had seen in his career. After the email was initially received the Chief Risk Officer's budget was cut by 16%, a move that he interpreted as being carried out with malice.

"The facts show, gentleman, that many of you at this table did know the risks and that you were warned not to take them and that you ignored your internal advisor, your Chief Risk Officer," said Kucinich.

Saving the youth vote

"In 2004, 20.1 million 18 to 29 year olds voted, a 4.3 million increase over 2000. The additional turnout among the youngest voters was more than double that of any other age group," said House Majority Leader Steny Hoyer (D-MD )during a press conference with the Student Association for Vote Empowerment (SAVE) and other members of Congress for student voting rights.

"If we can participate with that same dedication this year, the youth vote will effectively change the direction this country is headed."

There have been concerns that there are too many barriers preventing students from voting. Several states require voters to apply in person for absentee ballots, a requirement that is difficult for students who live away from home. Other states have limited access to absentee ballots to only those who are ill, pregnant, or otherwise unable to reach polling stations.

Rep. Dennis Kucinich (D-Ohio) discussed his attempts to preserve voting rights in 2004.

"Four years ago I stood with my sister Stephanie Tubbs Jones in challenging the election at the electoral college because of voter suppression tactics that took place in Ohio,which included trying to suppress the rights of students to vote."

Kucinich went on to explain that politicians had an obligation as well.

"It's our responsibility to give young people something vote for. So we want to make sure that you know you have a chance to vote for peace, a chance to vote for a cleaner environment, for jobs, for educational opportunities."

House Majority Whip Jim Clyburn (D-S.C.) discussed the importance of the upcoming election, comparing it to the Lincoln-Douglass election.

"This to me...is probably as important as the presidential election of 1860. It will have that kind of an impact on this country and this country's relationships around the world."

Former Reagan aide: Congress relinquished its power

The House Judiciary Committee’s hearing analyzing Congressional response to alleged actions of the Bush administration wrapped up after more than six hours of testimony and questioning. Rep. Robert Wexler (D-Fla.) said the Bush administration told aides to ignore subpoenas, an action Wexler said is in direct violation of the Congressional oversight based in the Constitution. Bruce Fein, deputy attorney general under Reagan, said the Founding Fathers established oversight so that citizens would be aware of the decisions of their leaders, adding that refusing to appear before Congress is similar to contempt and grounds for impeachment.

Fein continued, saying that Congress has voluntarily relinquished its right to checks and balances to the White House by being unresponsive to the White House’s numerous actions that warrant investigation. He also said that Congress has accepted the notion that a President can declare war without the approval of Congress, an action prohibited by the Constitution. Rep. Adam Schiff (D-Calif.) suggested that Congress form a bipartisan legal oversight committee that would investigate executive encroachments on the Constitution and the legislature. Schiff said the committee should begin functioning immediately, be bipartisan, and examine historical precedents that led to increased presidential power.

Comparisons were made between allegations against the Bush administration and the impeachment proceedings of President Nixon. Rocky Anderson, founder and president of High Roads for Human Rights, said Americans viewed Nixon’s impeachment as being based in a violation of executive trust, not necessarily violations of law. Former Rep. Elizabeth Holtzman (D-N.Y.), who served on the Judiciary Committee during the Nixon era, said bipartisan investigations were successful during Nixon hearings because the Judiciary Committee went to great lengths educating members of Congress and citizens on the Constitution and the compiled evidence.

Rep. Dan Lungren (R-Calif.) the only Republican who stayed for the entire hearing, made a closing statement in which he emphasized the difference between a “misstatement” and an “intentional misstatement.” He said it is easy to make allegations but that hindsight is not enough to assume decisions made by the White House were intentionally misleading.