Skip to comments.CNBC's Rick Santelli Blasts Financial Reform Proposals for Excluding Fannie, Freddie
Posted on 03/12/2010 9:10:31 AM PST by ocr1
Back on Christmas Eve of 2009, Obama's Treasury Dept. said it would lift the limits on what the federal government could provide in "emergency aid" to Fannie Mae and Freddie Mac - without seeking Congressional permission.
Very few reporters noticed, except for The Washington Post's Zachary Goldfarb who reported the story on Christmas Day and CNBC CME Group reporter and tea party inspiration Rick Santelli, who later pleaded for the public to take notice. With that occurrence in mind, Santelli scoffed at Sen. Chris Dodd's, D-Conn., legislative proposal of financial system reform that did not include reforms on both Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE).
"You know, I can't believe, first of all - you said, may not be included. They are not going to be included," Santelli said on "Fast Money" March 12. "And I think to put a moniker of reform on something that doesn't include Freddie and Fannie is very disingenuous. And I think that to pass something - what I heard Mr. Dodd say, Sen. Dodd, was, you know, it's the 101st senator. In other words, you know, we'll pass anything we have to show that we're doing something, no matter if it's the right thing or not, you know, I'm not buying that again."
(Excerpt) Read more at newsbusters.org ...
What does Rick expect, for dems to cut off their nose to spite the capitalistic face? Shoosh - Fannie and Freddie are dem plantations. This is where dems go to get their paydays between elections. The only way to stop it is to privatize them into 7 to 8 regional banks. That way market forces would hamstring grossly over optimistic lending policies. If this fails, then never provide Federal backing to any loan.
Wont see this in the MSM/ or now known as the lamestream media.