I think this is important…and even though Going There touched on in earlier today, it bears repeating.
To be clear, I don’t think the administration bears all the responsibility directly, though I’m disgusted that they’re complicit in the bailout…
I also don’t think the Democrats bear all the responsibility either, though I’m sure they need to be blamed in their own way for (in the name of “equality” and niceness) helped guide the hands of banks to lend to people who for all intents and purposes shouldn’t have been lent to…at the same time, I think borrowers (99% of them) knew what they were getting into, and gamed the system with the intent of making a quick dollar off of the booming market. I have little pity of them, either…the market is risky, buying property is risky, and risky means things can go wrong…people seem to think risk means things can go right, and when they go wrong, government takes care of you. Listen “progressives”…government isn’t your mother, learn to wipe your own ass.
However, this is important to requote this 2003 Article (H/T Hotair):
The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac — which together have issued more than $1.5 trillion in outstanding debt — is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.
”There is a general recognition that the supervisory system for housing-related government-sponsored enterprises neither has the tools, nor the stature, to deal effectively with the current size, complexity and importance of these enterprises,” Treasury Secretary John W. Snow told the House Financial Services Committee in an appearance with Housing Secretary Mel Martinez, who also backed the plan.
I don’t think this was the answer then, and I don’t think it was now, but what’s important to note is the “knee-jerk” response from congressional Democrats…again 2003, 5 years ago…
Significant details must still be worked out before Congress can approve a bill. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.
”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the 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.”
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
”I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Mr. Watt said.
Wait, you mean Bush saw this coming and Democrats said he was wrong?! I don’t know if there’s a clearer instance of dickheaded Democrats reflexively responding in the negative to Bush’s affirmative, and vice versa. Is this the first time this has happened? No…is it the last? Certainly no…
Hey, does anyone remember social security? This is one of those things that George Bush (the Devil for those liberals who might be reading) tried to address, and was berated on every side…there was no problem, he’s breaking the system, he hates old people, he’s Hitler (that last one’s just the norm). Look, I don’t agree with George Bush on everything…I don’t know anyone that does, but the congressional Democrats are children. It disgusts me, the constant finger pointing, chiding, and cognizant dissonance…what Democrats bare the blame for here, is being more concerned with power plays, politics, and pandering (alliteration!) than doing the right thing. If the “right thing” happened to be a shared belief with Bush, they’d choke down their altruism organ, and replace it with their semantics organ.
“Well, what we were saying then…blah blah blah.”
I’m changing my mind officially…
Democrats, Heretic
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