Found over on the American Thinker blog. Senator John McCain was sounding alarm bells as a co-sponsor of Federal Housing Enterprise Regulatory Reform Act of 2005, saying:
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.This video is 11 minutes but well worth your while. There are lots of links, so have a pen and paper to take a few quick notes:
In the meantime, Barack Obama is #2 (behind Senator Chris Dodd of Connecticut) on the list of recipients of contributions from Fannie Mae and one of his advisors is Franklin Raines, former CEO of Fannie Mae.
So next time you hear Barack Obama ranting about the "failed econonic policies" of George Bush and John McCain, you'll know he's lying through his teeth!
6 comments:
Sure the bankers were enablers. Enablers of the people, low and not so low income, who are addicted to credit, addicted to buying what they cannot afford and duping themselves, often knowingly, into thinking that a day of reckoning will never come.
Sure, policies of the Democrats were a catalyst to this spiraling cycle of acquisition through debt. But Republicans, the current administration with a Republican Congress until this past congressional election cycle, were compliant in a scheme that sewed the seeds for a government takeover of a major sector of the country's financial industry.
The Republicans, along with the Democrats have fueled the national panic attack of this past week in order to scare the people into acquiescing with this usurpation of power by our government.
I am very disappointed in John McCain, in my senator and congressman and in all those who have taken part in this travesty. And disappointed in those Americans who are putting what they perceive as self-interest above country.
Kit,
With all due respect, there are very good reason why people are very worry about the current situation and it has nothing to do with self-interest. The current situation mirrors what happened in the beginning of Great Depression. A very weak banking system, an adminstration did not intervene and a stock market crashed. Today, we have the largest Dow Jones drop ever - a huge 778 crash.
I spelled this out a couple of months ago. The same pattern that got us in to this mess, needs to be the reverse to get us out. The credit crisis happened in stages & solution needs to be the same. How Harry Reid thinks leaving Sen. Dudd in charge of this mess, after he watched it happen, is beyond me. It makes me angry, because I watched it happen too & knew these programs were a bad idea. I tried to get a handle on it in our market, but money was practically free & no one cared.
Bodyman,
Yes. You have certainly have mentioned the situation months ago, especially the housing market. What worries me the most is the credit market. The credit crunch is really going to shrink the available economy. As of now, the Asian market is going into shock after our Monday crash -- we will see what happen. My bet is that our stock market will go down Tuesday and maybe a few days afterward.
The stock market crash on Monday ALONE costs the US economy 1 trillion worth and the market will likely to go down for at least a few days.
My history major is kicking in again, and if this were a debate, I'd be violating Godwin's law. Yet since this is merely an observation, I'm not breaking any rules here.
When the Great Depression began after the Stock Market crashed, everyone in Germany was anxious and depressed--except one person.
This person was--strangly enough--happy that The Great Depression was occurring.
Hey, I did it! I, technically, didn't break any rules!
Yes, we know. Hilter's rise to power was due to the Great Depression
Post a Comment