Posted on 09/20/2008 4:12:47 PM PDT by Lorianne
Taxpayers face a tab of as much as $200 billion for a government takeover of Fannie Mae and Freddie Mac, the formerly semi-autonomous mortgage finance clearinghouses. And Sen. Christopher Dodd, the Democratic chairman of the Senate Banking Committee, has the gall to ask in a Bloomberg Television interview: "I have a lot of questions about where was the administration over the last eight years."
We will save the senator some trouble. Here is what we saw firsthand at the White House from late 2002 through 2007: Starting in 2002, White House and Treasury Department economic policy staffers, with support from then-Chief of Staff Andy Card, began to press for meaningful reforms of Fannie, Freddie and other government-sponsored enterprises (GSEs).
The crux of their concern was this: Investors believed that the GSEs were government-backed, so shouldn't the GSEs also be subject to meaningful government supervision?
This was not the first time a White House had tried to confront this issue. During the Clinton years, Treasury Secretary Larry Summers and Treasury official Gary Gensler both spoke out on the issue of Fannie and Freddie's investment portfolios, which had already begun to resemble hedge funds with risky holdings. Nor were others silent: As chairman of the Federal Reserve, Alan Greenspan regularly warned about the risks posed by Fannie and Freddie's holdings.
(Excerpt) Read more at washingtonpost.com ...
Signed,
A constituent.
Da chickens are coming home to Roooost-ta!
You sure this didn’t come out of the Wall Street Journal?
Sen. Richard Shelby led a small group of legislators favoring reform, including fellow Republican Sens. John Sununu, Chuck Hagel and Elizabeth Dole
Why aren’t these republicans out there saying this EVERY SINGLE DAY???????
Doing a "sandwich" together with friend Teddy Kennedy on a table!!!
I'm sorry. I'd like to reach the obvious conclusion of good Republican fighting against corrupt dems. But anything Hagel is for is, by definition, a stupid idea, even if it isn't.
Dodd and that Mass-Lush, Mary Jo killin’ kennedy make a great DC waitress sandwich. May they both thoroughly Njoi Hades and all of its ‘amenities’!!! When will the Republicans actually call these criminals on their obvious traitorous activities?
the Deets
I hope that this article is mentioned on the talk shows but I won’t hold my breath.
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