That's absurd. In communism, all the lying and cheating is done to convince the masses that they all get a fair share, while piping the wealth to the wealthy. What do you call it when everyone knows that's the game in town?
This guy seems to be saying that the cause of the problem is also the cure for the problem.
No, he's saying that's not cause, but is part of the cure.
The cause seems to be the failure of the Senate Banking committee in 2005 to put a stop to the fraud going on over at the FMs and instead it pressured them to make even worse loans.
The Democrats' revision to last week's bailout bill had very positive oversight and taxpayer protection, but it also had lots more of the same easy housing handouts that got us into this mess.
The Democrats' revision to last week's bailout bill had very positive oversight and taxpayer protection, but it also had lots more of the same easy housing handouts that got us into this mess.
Anything that happens 6 weeks before a major election will have handouts. It's a bit silly, really, but that's how our system works (or doesn't work, as the case may be).
This guy seems to be saying that the cause of the problem is also the cure for the problem.
No, he's saying that's not cause, but is part of the cure.
The cause seems to be the failure of the Senate Banking committee in 2005 to put a stop to the fraud going on over at the FMs and instead it pressured them to make even worse loans.
The Democrats' revision to last week's bailout bill had very positive oversight and taxpayer protection, but it also had lots more of the same easy housing handouts that got us into this mess.
While Fannie/Freddie do own alot of the mortgage debt in our country, they only own about 1/2 of it. The rest was bought by other investors. Isn't this why so many financial institutions are failing? I mean, do you really think that Fannie is the one that owns all of the bad debt?
There were hundreds of investment banks buying subprime mortgages. Fannie, while having loose guidelines, did have some guidelines and there were many of the subprime loans that they didn't buy. In fact, most of the worst ones were not and are not owned by Fannie/Freddie. They were purchased by investment banks and other investors. Many of the ones who have been bailed out lately. And this was allowed because of the deregulation.
So while clamping down on them was necessary and probably should have been done, that's only one small piece to the whole financial disaster here. We'd still be in this same predicament today.
Comments
That's absurd. In communism, all the lying and cheating is done to convince the masses that they all get a fair share, while piping the wealth to the wealthy. What do you call it when everyone knows that's the game in town?
http://www.pajamasmedia.com/instapundit ... 024641.php
"The majority of left-wing blogs are absolutely loving the financial crisis. It's the rapture of the marxists.""
This guy seems to be saying that the cause of the problem is also the cure for the problem.
No, he's saying that's not cause, but is part of the cure.
The cause seems to be the failure of the Senate Banking committee in 2005 to put a stop to the fraud going on over at the FMs and instead it pressured them to make even worse loans.
Lots of details here:
http://hotair.com/archives/2008/09/17/m ... c-in-2005/
The Democrats' revision to last week's bailout bill had very positive oversight and taxpayer protection, but it also had lots more of the same easy housing handouts that got us into this mess.
Anything that happens 6 weeks before a major election will have handouts. It's a bit silly, really, but that's how our system works (or doesn't work, as the case may be).
While Fannie/Freddie do own alot of the mortgage debt in our country, they only own about 1/2 of it. The rest was bought by other investors. Isn't this why so many financial institutions are failing? I mean, do you really think that Fannie is the one that owns all of the bad debt?
There were hundreds of investment banks buying subprime mortgages. Fannie, while having loose guidelines, did have some guidelines and there were many of the subprime loans that they didn't buy. In fact, most of the worst ones were not and are not owned by Fannie/Freddie. They were purchased by investment banks and other investors. Many of the ones who have been bailed out lately. And this was allowed because of the deregulation.
So while clamping down on them was necessary and probably should have been done, that's only one small piece to the whole financial disaster here. We'd still be in this same predicament today.