My friend Noelle posted this on her blog:
"We all have things we've regretted saying, or writing, but on a day like today, this is one for the record books:(from a 2003 New York Times article detailing a proposal by President Bush to create a new agency to oversee Fannie Mae and Freddie Mac, which would have been the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis, and which was later rejected by congress)
"'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.'"
uhhhh....also from the article: "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."
Just thought it was important enough to post over here at my blog.
5 comments:
V-E-R-Y interesting! Thanks for posting! (Kind of leaves a sick feeling in your stomach, doesn't it?)
AMEN to what Liz said. I always thought President Bush was quite prescient on many issues. This being one and immigration, social security and tax reform being a few others that I think we will be sorry we didn't elect representatives that could get those initiatives through.
I hope it's OK if I link to this post from Sunlight and Stars. :)
Isn't it all so scary! When Repubs start pushing greater government regulation you have to really wonder what is going on.
And as much as I know the economy will hurt from all these companies going under, in many ways I think it is the companies' own faults. If they weren't so eager with extending creative credit to people, many who had no idea what they were getting into with ARM's and balloons, they wouldn't be in such a pickle. So many just assumed that because they were able to get the credit, they could afford it. I know it is more complicated than that. But there should be some accountablity somewhere other than for, ultimately, the taxpayers.
Oh, and sorry for the long, emotional comment. : )
Check this one out- http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&pagewanted=1
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