Now I freely admit that I got my butt burnt badly yesterday in the market. So I am not a happy camper and today I have been prone to snap at anything that walks by. But when I keep hearing the Hussein minions and their buds in the press blaming Bush for this mess, well I go from hot to boiling hot.
Shall we do something that the MSM can't seem to do? Use Google?
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.
And before you say, "About time Bush did something," that was 9/11/2003.
Well, the Demos shot it down.
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said.
NYTimes
Let me spell this out. It was "affordable housing" that brought us the subprime mess. Now, who could have shut down the subprime mess? Why Freddie Mae and Fannie Mac! But they didn't. Instead they jumped in with both feet.
Now, would you care to know who received contributions from Fred and Fannie? Well the No. 1 man is Senator Chris Dodd, Chairman of the Senate Banking Committee.
Wanna know who was No 2 with about $120,000 over the past two years? Why Senator Barack Hussein Obama...
A fish rots from its head down is an old expression. I have a newer one, one that the Democrats seem to like.
Let's have a Special Prosecutor!!
Your comment has been deleted because it has nothing to do with the central point.
ReplyDeleteBush tried to get more oversight and the Demos, in their own words, rejected it because it would reduce the ability of the "poor" to own a home.
So while greed on the buyer's part and on the finance people as a group is a huge factor, it was enabled by the Democrats.
This is just rats explaining why the ship is sinking. Of course they never chewed a whole in the side...
ReplyDeleteDA, the facts remain that the Demos would not go along with Bush's attempt to regulate in 9/03.
Nothing that happened after that exuses that.
I notice you don't mention Hussein's $120,000.....
BTW - Did I mention that your comment was delted because of your snarky comments??
ReplyDeleteIf Hussein and his supporters had said that the mess is bi-partisan this post would not have existed. They didn't.
ReplyDeleteBut I find it hard to believe that the Repub hold outs would have remained hold outs should the Demos came in support. Both the hold outs and the Demos held out for the same reason. Pandering to various minority groups.
But the facts are that the Demos attacked it and at that point everyone knew it was a no go.
BTW - I was going to let your comment stand until you brought up the Keating 5. As we both know McCain was cleared.
DA... Guess what...
ReplyDeleteComment deleted for snark and being off topic.
If I had $1000 to spend yesterday, I'd have had a fiels day buying stock because I know eventually it'll go back up.
ReplyDeleteKinda sucks that i'm too busy paying my mortgage and car payments.
Oh, and speaking of car payments- any idea of when we'll hear of a "right' to taxpayer funded car insurance? It's gotta be right next to the "right" to health insurance.
Been there and done that.
ReplyDeleteIt's called "to be busy making money to get rich."