Friday, April 30, 2010
Wallison: Fannie and Freddie Amnesia - WSJ.com
Politicians are despicable.
They DIDN'T pass legislation that could have prevented this problem, and now they're at it again, claiming they will rescue "us".
I'm not fooled for one minute. I won't say they don't know what they're doing; but, I will say that you and I are NOT at the forefront of their existence..
They DIDN'T pass legislation that could have prevented this problem, and now they're at it again, claiming they will rescue "us".
I'm not fooled for one minute. I won't say they don't know what they're doing; but, I will say that you and I are NOT at the forefront of their existence..
Peter J. Wallison writes in the Wall Street Journal:
"The story is all too familiar. Politicians in positions of authority today had an opportunity to prevent this fiasco but did nothing. Now—in the name of the taxpayers—they want more power, but they have never been called to account for their earlier failings.
One chapter in this story took place in July 2005, when the Senate Banking Committee, then controlled by the Republicans, adopted tough regulatory legislation for the GSEs on a party-line vote—all Republicans in favor, all Democrats opposed. The bill would have established a new regulator for Fannie and Freddie and given it authority to ensure that they maintained adequate capital, properly managed their interest rate risk, had adequate liquidity and reserves, and controlled their asset and investment portfolio growth."
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I’m afraid that if the Feds try to “reform” Fannie and Freddie, they’ll only screw them up more. Check this out:
http://www.housingwatch.com/2010/04/27/fannie-and-freddie-dont-you-change/
http://www.housingwatch.com/2010/04/27/fannie-and-freddie-dont-you-change/
Bendix Anderson:
Thank you for your comment.
I see your point and mostly agree.
The Feds clearly are not capable of accurately projecting the consequences of their actions; nor, can they see past the next election cycle.
It's all about them.
If they time it correctly, they can work nights and weekends once again to "rescue" us from the very calamities that they create.
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Thank you for your comment.
I see your point and mostly agree.
The Feds clearly are not capable of accurately projecting the consequences of their actions; nor, can they see past the next election cycle.
It's all about them.
If they time it correctly, they can work nights and weekends once again to "rescue" us from the very calamities that they create.
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