EDITORIAL: Obama's financial Frankenstein [Fannie and Freddie]

The Washington Times ^ | May 27, 2010 | Editorial

[jazusamo]

The oil spill in the Gulf isn't the only calamity the administration is ignoring. As a result of the BP accident, anywhere from $400,000 to $7 million worth of crude oil is leaking into the ocean each day, threatening widespread environmental damage. A much larger leak - $232 million per day - has come from taxpayer vaults since Sept. 7, 2008, when mortgage giants Fannie Mae and Freddie Mac came seeking the first billion-dollar patch for their fiscal mismanagement. And there's no plug in sight for that gusher.

The disaster caused by these so-called government-sponsored enterprises (GSEs) threatens even more widespread economic fallout after already causing thousands to lose their homes, their jobs and their way of life. Requests for billions more to shore up the financial ledgers continue to come in, but the administration and congressional Democrats remain silent about their plans to stop the losses. President Obama's budget promises no more than to "monitor the situation of the GSEs closely" and to "provide updates" on long-term reform proposals. House Financial Services Chairman Barney Frank, Massachusetts Democrat, protected Fannie and Freddie from his own legislation that would break up large private institutions that run into financial trouble. In a fit of bravado, Senate Banking Chairman Christopher J. Dodd, Connecticut Democrat, vowed to "study" the problem.

[The Comedian]

This article is racist and homophobic.

If Obama was white(r), and Barney Frank wasn't a fat sodomite, everything would be fine up at the Fanny.

I mean, everything is fine anyway, it's just that articles like this, which use code words to attack our historic president and a flamboyant Congressman, wouldn't be published.

Somebody should pass a law against publishing this hate speech...

/S

Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.

[jazusamo]

heh heh heh

I believe they both know a lot more about Fanny....and Freddie than they care to talk about. :)

[Publius6961]

As a result of the BP accident, anywhere from $400,000 to $7 million worth of crude oil is leaking into the ocean each day, threatening widespread environmental damage. A much larger leak - $232 million per day - has come from taxpayer vaults since Sept. 7, 2008, when mortgage giants Fannie Mae and Freddie Mac came seeking the first billion-dollar patch for their fiscal mismanagement. And there's no plug in sight for that gusher.

I love it!

[taildragger]

Just make Fannie and Freddie accountable to FASB Standards and Sarbanes Oxley. That would close them down in a hurry.

[Bean Counter]

Fannie and Freddie would make excellent excuses for declaring a fiscal emergency, and implementing a VAT as the only solution...just tell the truth about them both, and the truth about Social Security, Medicare, and Medicaid; scare the living hell out of enough Seniors and Boomers and you’ll have all kinds of “patriots” out there demanding the VAT...

[Pelham]

Fannie and Freddie were bailed out September 7, 2008. I don’t think Obummer was president yet. It’s a bipartisan Frankenstein as is often the case.