“New agency proposed to oversee Freddie Mac and Fannie Mae…
“The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
“Under the plan… a new agency would be created… to assume supervision of Fannie Mae and Freddie Mac…
“The plan is an acknowledgement… that oversight of Fannie Mae and Freddie Mac … is broken.
“ ‘The current regulator does not have the tools, or the mandate, to adequately regulate these enterprises,’ [Republican senator] Mr. Oxley said …
“ ‘The regulator has not only been outmanned, it has been outlobbied,’ said Representative Richard H. Baker, the Louisiana Republican….
“ ‘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…”
So – you decide on which party is responsible for this fiscal disaster – the Republican party that wanted to regulate the behemoths now costing us hundreds of billions, or the Democrat party that was more interested in loaning money for “affordable housing,” i.e. to those who couldn’t meet creditworthiness standards. And who, over time, sure enough, proved not to be creditworthy, setting all of this in motion.
And then decide for whom you want to vote to fix the mess Democrats created – which is costing the taxpayers – us, and our kids and theirs – hundreds of billions of dollars.
And while you’re thinking about it, do you really want the Congress AND the Presidency to be in the same hands?