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There’s a big scandal here but it’s not about Lisa Cook

Bill Pulte is the head of Federal Housing Finance Agency (FHFA), the agency that oversees Fannie Mae and Freddie Mac. He has been in the news recently over his allegations that prominent opponents of President Donald Trump committed mortgage fraud. Most recently, Pulte has put Federal Reserve Board Governor Lisa Cook in his crosshairs, claiming that she listed two homes as principal residences on mortgage applications.
Trump immediately used this allegation as a basis for trying to fire Cook, even though the Fed is supposed to be an independent agency outside of the president’s control. Governor Cook sued Trump over his firing effort, and the courts will ultimately decide whether this is within his power.
At this point, it is important to remember that Cook has not even been indicted for anything, much less convicted. We only have an allegation from Mr. Pulte.
It is also worth noting the irony of Trump, who was convicted in a civil trial for putting false information on loan forms, trying to fire someone for listing two homes as principal residences. Among the items that Trump put on his loan form was the claim that his 10,000 square foot condo was actually 32,000 square feet. Perhaps President Trump is offended by the pettiness of Cook’s alleged crime.
While the validity of Pulte’s allegations will have to be determined by the courts, the real scandal is Pulte himself. He is supposed to be running the agency that oversees the processing of tens of millions of mortgages by two huge quasi-public agencies. We are not supposed to be paying him to rifle through mortgage documents to find and disclose dirt that Trump can use against his political opponents.
The media really need to be directing some serious questions in Pulte’s direction.
First and foremost, how did he happen to discover the mortgage abuses that he alleges were committed by NY Attorney General Letitia James, Sen. Adam Schiff (D-CA), and now Governor Lisa Cook? Were these “discoveries” the result of random inspections done by agency staff?
Furthermore, was he looking through non-public mortgage files to gather this information?
Also, why did he make this information public when he uncovered it, instead of going through normal channels. If he had followed established procedures, he would have turned over the information to the agency’s inspector general, who would then turn if over to the Justice Department, if they determined it was appropriate. The first time the public would hear about it was when an indictment was issued.
What reason does Pulte have for not following normal procedures?
Pulte really needs to come clean on this.
He should also come clean on his holdings of Pulte Group stock, the huge housing construction company started by his grandfather. It may be the case that conflicts of interest are almost a job requirement in the Trump administration, but many of us still think that government officials should be working for the public, not trying to fatten their pocketbook.
If Pulte helps Trump get his wish and a Trump-controlled Fed lowers interest rates, it would provide a big boost to the Pulte Group’s profits. That hope would give Pulte a strong motivation to try to hasten the day when Trump appointees dominate the Fed’s Open Market Committee that sets interest rates.
Anyhow, there is definitely a big scandal here — but it involves Bill Pulte, not Lisa Cook. The media really need to take notice.
- Dean Baker is the co-founder and the senior economist of the Center for Economic and Policy Research (CEPR). He is the author of several books, including "Getting Back to Full Employment: A Better bargain for Working People," "The End of Loser Liberalism: Making Markets Progressive," "The United States Since 1980," "Social Security: The Phony Crisis" (with Mark Weisbrot), and "The Conservative Nanny State: How the Wealthy Use the Government to Stay Rich and Get Richer." He also has a blog, "Beat the Press," where he discusses the media's coverage of economic issues.
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‘Really addressed the question’: CNN host drips sarcasm at Trump official’s non-answer

A top-ranking public health official changed the subject when CNN's Kate Bolduan asked him to comment on Health and Human Services Secretary Robert F. Kennedy Jr.'s past statements on vaccines.
Food and Drug Administration Commissioner Marty Makary appeared Wednesday morning on "CNN News Central," and Bolduan asked him to comment on new eligibility guidelines for vaccinations that had been reportedly keeping pregnant women from getting Covid shots.
"If this is the case, well, first of all, Kate, we've been very clear that anybody who wants a vaccine can get a vaccine," he said.
"They're not," Bolduan interjected. "They're not. You heard that from members of Congress. You heard that from, you've absolutely heard that from members of Congress when they even spoke to Robert Kennedy Jr. about that. You may want them to be able to get it if they want to, but because of the way the guidance has been rolled out and the way the recommendation has been pulled back, they are not able to either because pharmacists are afraid of liability or insurance is not covering it. It is not, if everybody wants it, they're not able to get it."
Makary once again insisted there were no barriers to patients receiving the shots, and he then tossed out a few red herrings and questioned whether they were safe and effective.
"Well, Kate, first of all, there is absolutely no regulatory barrier preventing somebody from getting it whatsoever," Makary said. "Now you can't get it at every Starbucks, but there is no rule that somebody cannot get it. What we have is a regulatory framework at the FDA that says we have to approve pharmaceutical claims based on the data that they presented to us, and so that's the standard. Now, some say we should just close our eyes and blindfold, blindly stamp, rubber stamp Covid vaccines in perpetuity every year without any updated clinical trial data."
The FDA commissioner then asked whether any healthy pregnant women had died from Covid in the past year and said administration officials were examining whether the vaccines had killed young people, and Bolduan challenged him on Kennedy's past statements on vaccines, in general.
"They do want they do want your leadership, absolutely, commissioner," she said. "FDA approves vaccines, the FDA is is is the gold standard in terms of approving vaccines, just as baseline. Since this is the topic, Secretary Kennedy, before he was secretary, had said that there's no vaccine that is safe and effective. Do you agree with that?"
Makary declined to answer directly but compared vaccines to the prescription medications advertised on television.
"Well, look, with every single medical product, I can just tell you as a physician, what we have to do is evaluate the safety to risk-benefit ratio," he said. "That is, every single product in all of medicine has some side-effect profile, and for some it's rare, and so that's the general framework, and that's what I think he was referring to."
The commissioner then changed the subject to pharmaceutical ads, saying the administration will now require ads to thoroughly list information related to all product risks, which Makary argued would lower drug prices and give consumers more data about medications, and CNN's host John Berman commented on his refusal to answer Bolduan's question.
"It's interesting," Berman said, as the segment ended. "His answer to the question about what Robert Kennedy said about vaccines, no vaccines being safe and effective, his answer was, we're trying to get rid of pharmaceutical ads. Really addressed the question there."
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