Skip to comments.2 Zombies to Tolerate for a While (3 if you count the furious Banking Queen)
Posted on 08/22/2010 11:43:17 AM PDT by Libloather
2 Zombies to Tolerate for a While
By ANDREW ROSS SORKIN
Published: August 16, 2010
Representative Barney Frank was furious.
On the television program that had stirred Mr. Frank, Morning Joe on MSNBC, the prevailing view was that any effort toward a resolution of Fannie and Freddie government-created mortgage companies that were taken over by the government as the financial crisis mounted had been put on the back burner during the overhaul of financial regulation. The consensus was that neither Democrats nor Republicans wanted to touch an issue that would dredge up decisions made by both parties over the last decade that looked bad in light of the financial crisis. Fannie and Freddie was now the third rail of American politics.
Mr. Frank was having none of that.
I take offense at the idea that weve done nothing, he told me. Far from dragging its feet, he insisted, the government took the bold step of putting Fannie and Freddie into conservatorship in 2008. There was no political fear to not do it.
I asked the question that I hear from so many Americans: Why hasnt the government tried to unwind and replace Fannie and Freddie, which have so far cost taxpayers $145 billion, more than any other bailed-out firm?
His response was counterintuitive and as unsatisfying as it may sound, hes right.
There is no urgency, he said.
Weve already abolished Fannie and Freddie, he said, referring to the government takeover.
(Excerpt) Read more at nytimes.com ...
Now, that's news.
Fannie, Freddie and Frankie - all three zombies, right on!
What a bunch of disingenuous BS! "W" tried several times to regulate Fannie and Freddie and was blocked by Frank, Dodd, et al.
Fannie & Freddie are jobs programs for ACORN workers.
Both have been a slush fund for the Democrats for decades. When Dems are out of power, they all get jobs there.
The only reason the Dems are even talking about it is the USA financial system was destroyed there and if it goes away - secrets will die too. Franklin Raines should be in jail along with other people who worked at both companies.
Those zombies are hard to kill.