Posted on 09/23/2008 5:19:04 AM PDT by SE Mom
When Sen. Chris Dodd (D-CT) gavels in the Senate Banking Cmte., he is expected to pro- pose changes to the Bush admin.'s $700 billion intervention in the financial markets. Witnesses include Sec. of Treasury Henry Paulson; Ben Bernanke, Chair of the Federal Reserve System; and others
(Excerpt) Read more at c-span.org ...
http://www.ibdeditorials.com/IBDArticles.aspx?id=306632135350949
But the fact is, President Bush in 2003 tried desperately to stop Fannie Mae and Freddie Mac from metastasizing into the problem they have since become.
Here’s the lead of a New York Times story on Sept. 11, 2003: “The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.”
Bush tried to act. Who stopped him? Congress, especially Democrats with their deep financial and patronage ties to the two government-sponsored enterprises, Fannie and Freddie.
“These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Rep. Barney Frank, then 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.”
It’s pretty clear who was on the right side of that debate.
As for presidential contender John McCain, just two years after Bush’s plan, McCain also called for badly needed reforms to prevent a crisis like the one we’re now in.
“If Congress does not act,” McCain said in 2005, “American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system and the economy as a whole.”
Sounds like McCain was spot on.
But his warnings, too, were ignored by Congress.
more....
No wonder Casey's backing a guy who supports legalized infanticide.
It is starting to look like Paulson was a ‘manchurian treasury king’ by the dems and Wall Street.
Martinez - Bailout now. Regulation later. I presume he represents Miami condo and offshore account crowd?
I see that “hearings” in this case means we all have to hear what the pompous senators have to say.
These men are disgusting.
My grandfather used to say “Why vote? It just encourages them”...
(He always voted though)
There is no doubt that the socialists will try to use the bailout as a Xmas tree to push their programs and introduce more government control over our economy.
Bayh - Paulson not given to hyperbole!!!! Another tool.
Bob Casey
“Worried about child care expenses”
So the dems want us to pay for the losers in society’s homes, cars, credit cards, child care, student loans, home heating/cooling bills...what’s next? Is there anything left?
I have to agree with your characterization because it’s true. The guy is using this crisis to create a huge wealth transfer from those of us who struggle and earn our living to those who don’t (the latter includes politicians, deadbeats, and fat cat bankers).
Off point....Who combs Bayh’s hair?
Kick them all out!!! What arrogant pigs!
Corker up...He is usually a tool for the dems too. Hope he is not one this time.
bttt
LOL...You're grandfather was a smart man. I love that saying.
Please forgive my ignorance about Paulson....but has he ever made an attempt to fix this problem before this?
I just don’t get why this is so sudden an emergency?
How could he have not seen it before now?
Thanks!
I’ve developed some respect for him recently. He has been refusing to roll over because the admin/democrats are asking him to do so. Good job, Sen. Corker.
Dodd just muzzled Corker!
We need more wise men like your grandfather!! Right now it looks like we have a bunch of spineless weasels!
Martinez did well on this one, supporting Dole’s comments. The Dems want to blame Wall Street and act as the defenders of “Main Street.” They are trying to avoid the role of Congress in this debacle and the incompetence of people like Raines, Johnson, et. al.. Fannie Mae and Freddie Mac have been used to provide sinecures for Dem operatives and as a piggy bank to support a huge number of their “private” organizations that are really political groups to support the Dems and to provide campaign contributions to the Dems. It is a disgrace. Congress should be on trial. Who watches the watchers?
The John Edwards Failed VP Candidates Hair Salon
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