Posted on 09/24/2008 6:55:33 AM PDT by beagleone
Superb, lightning fast rebuttal by the McCain campaign to a vicious smear job masquerading as journalism in today's New York Times. A must read!
NY SLIMES FORGETS THIS (thanks to Freeper “Dashing Doofus”)
September 11, 2003 (NY TIMES)
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON
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.
... 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.’’
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
wow, good one!!!
Excellent. Pray that this word spreads.
Morning, Great Post!
crickets from the media as always.
McCain is starting to get the idea but really has to remember that these points are only brought up on FR.
Him or the 527’s need to blitz the airwaves with Rev. Wright for the last 4 weeks.
McCain is starting to get the idea but really has to remember that these points are only brought up on FR.
Him or the 527’s need to blitz the airwaves with Rev. Wright for the last 4 weeks.
He lied. He knew millions had died. Duranty and the NYTimes covered for the communists who's government they preferred to our own. They continue to this day advocating for the latest American Socialist - ZerObama.
I love that line (my bold)
Goldfarb is on fire!!!
Nice, the good guys have nothing to lose at this point by pointing this out.
What am I supposed to comment on? There was absolutely no content in your post. Did you mean for me to go to the McCain site and figure out what you're talking about?
exactly right... I don’t know if its okay to cut and paste text from mccain’s campaign site here so I just placed the link. trust me, its worth the read.
the gloves have certainly come off
It is a good response. I hope it gets wide distribution.
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