Changing our socks would be better than changing parties in the WH!
Sock it to me.
Posted on 09/29/2008 4:19:58 PM PDT by jazusamo
Nothing could more painfully demonstrate what is wrong with Congress than the current financial crisis.
Among the Congressional "leaders" invited to the White House to devise a bailout "solution" are the very people who have for years created the risks that have now come home to roost.
Five years ago, Barney Frank vouched for the "soundness" of Fannie Mae and Freddie Mac, and said "I do not see" any "possibility of serious financial losses to the treasury."
Moreover, he said that the federal government has "probably done too little rather than too much to push them to meet the goals of affordable housing."
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Earlier this year, Senator Christopher Dodd praised Fannie Mae and Freddie Mac for "riding to the rescue" when other financial institutions were cutting back on mortgage loans. He too said that they "need to do more" to help subprime borrowers get better loans.
In other words, Congressman Frank and Senator Dodd wanted the government to push financial institutions to lend to people they would not lend to otherwise, because of the risk of default.
The idea that politicians can assess risks better than people who have spent their whole careers assessing risks should have been so obviously absurd that no one would take it seriously.
But the magic words "affordable housing" and the ugly word "redlining" led to politicians directing where loans and investments should go, with such things as the Community Reinvestment Act and various other coercions and threats.
(Excerpt) Read more at jewishworldreview.com ...
"Fannie Mae, Freddie Mac and the federal Home Loan Banks—the government-sponsored corporations that handle home mortgages—will increase their commitment to minority markets by more than $440 billion,
"Last year I set a goal to add 5.5 million new minority homeowners in America by the end of the decade. That is an attainable goal; that is an essential goal. And we're making progress toward that goal. In the past 18 months, more than 1 million minority families have become homeowners. (Applause.) And there's more that we can do to achieve the goal. The law I sign today will help us build on this progress in a very practical way."
"Freddie Mac recently began 25 initiatives around the country to dismantle barriers and create greater opportunities for homeownership. One of the programs is designed to help deserving families who have bad credit histories to qualify for homeownership loans."
All were George W. Bush. He has been a part of many of our problems from immigration to spending and now the financial crisis. We expect as much out of the Dems, but George has not been on our side.
Thanks George.
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He can make new "fwiends" there, don't you know? :)
Bawney Fwank: "Whip me, beat me ... caw me twash!"
Perhaps put him in solitary to keep him away from the population he so desires.
The very suggestion must make Dick Durbin compare me to gestapo, Russians in their gulag, or some fiendish dictator, Pol Pot or that woman from The Weakest Link.
Changing our socks would be better than changing parties in the WH!
Sock it to me.
Agreed. And I am so sick of these RATS not being held accountable for the things they do!
I’ve been reading Sowell for years. It is uncanny that every column he has written in that time has been a home run. This one is no exception.
The man is a national treasure.
BTW, the very first thing I should have said on this thread last night, was THANK YOU to the HOUSE REPUBLICANS. They have been standing between us and those who have been pushing us (and the WORLD) into socialism for over 40 years, quite a tremendous burden. GOD BLESS THEM. They need every ounce of our support. : )
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LOL!
Where’s my gasmask!
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