Tuesday, April 20, 2010

Democrats scuttled Fannie Freddie reform 2005

Now the hypocrites want to reform (nationalize) the entire financial sector. First they create the disaster, then they point fingers at everyone except their deserving selves, and finally, they seek to be heroes for fixing the problem they created. Nice work if you can get it.
WSJ, PETER J. WALLISON WRITES:
"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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