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.
Hmm. Seems like the current presidential candidate who said this over two years ago might have the kind of far-looking perspective and judgement we’d want in our country’s leader. On the other hand, we could choose a leader who makes rousing, inspirational speeches in which he illogically blames the opposition party on the credit problems, despite what the record says. But, eeeh… who wants to bother with facts, right? He makes me feeeeel good about the country for the first time in my life!
UPDATE: Feel free to peruse this article as well, where the Bush Administration proposed oversight of Freddie Mac and Fannie Mae over 5 years ago for the very purpose of avoiding the situation we now find ourselves in. And guess who opposed it? The Democrats in Congress. And why?
Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.
”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.”
Yeah, doesn’t sound like buying votes at all. There’s a reason most of these low-income people shouldn’t have been buying houses. History tells us that those are the people most likely to default and go into foreclosure. But who wants to learn from history when you’re so progressive?
[I]f by a “Liberal” they mean someone who looks ahead and not behind… then I’m proud to say I’m a “Liberal.”
- JFK
Thanks for the mess, Congressional Democrats.
