AntonToo
Diamond Member
- Jun 13, 2016
- 31,633
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The Democrats have beautiful hearts, just so they're spending/risking other people's money.
From USNews and World Report
Barney Frank's Fannie and Freddie Muddle
By Sam Dealey
September 10, 2008
[…]
So five years ago, there was one of those rare moments in Washington when the branches and personalities of government—in this case, the Bush administration—are less interested in protecting or expanding their turf than in fixing a looming catastrophe. What was Frank's response to the proposal?
''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.''
[…]
http://www.usnews.com/opinion/blogs/sam-dealey/2008/09/10/barney-franks-fannie-and-freddie-muddle
Yep, Republicans questioning accounting,. while nodding along to assumptions that real estate values are bulletproof.
Relavance to Great Recession ZERO.
And by the way, there was the bipartisan Federal Housing Finance Reform Act that would have increased capital and limited portfolios at GSEs. Bush admin sank it.
Ohio Republican Mike Oxley (the bill's author): "The critics have forgotten that the House passed a GSE reform bill in 2005 that could well have prevented the current crisis. All the handwringing and bedwetting is going on without remembering how the House stepped up on this. What did we get from the White House? We got a one-finger salute."
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