Wow, 2003. What a prophet! Ron Paul is usually right on financial issues and that's why I'm glad he's in congress.
But predictably, Mr. Rockwell doesn't mention that the Bush Administration foresaw what was coming an tried to stop it also. In 2003.
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, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
...but was thwarted by Dems such as Barney and Melvin who threw out the timeless and well-beloved canard, "Bush is just twying to huwt to poow people!!"
"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.
"I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing," Mr. Watt said.
lots of people predicted this, including little ol' me. that's why ron paul is as popular as he is.
ReplyDeleteobama is knee deep in this financial stuff, with the fannie mae robber barons acting as his economic advisers. these democrats wanted a "let's have our cake and eat it too" economy, which only reveals how shallow their thinking has always been. of course, as always, it made them very rich and the rest of us much poorer. we suffer for their stupidity, and they profit from it. classic. and if obama wins, well, then I guess the US deserves what it gets.
Our kids are going to pay the price. The US is a 2nd tier country now, but it will take a decade or 2 for people to figure that out.
Kathleen--I remember your having predicted it. In fact, I mentioned this to my DH the other day: "Kathleen predicted this!!" I am not making this up!! I remembered it very vividly because, at the time, I had no clue what "subprime" meant, and I was too embarrassed to admit to you that I had no idea what it meant. So, the whole thing stuck in my memory; and when all Hell broke loose the other day, that was the first thing I thought of--"Kathleen the Prophet." Seriously!! LOL!!
ReplyDelete"if obama wins, well, then I guess the US deserves what it gets."
ReplyDeleteIf Obama wins, I will start believing all those mystics out there who claim we're in the End Times.
Hellllpppp!!!!!
Diane, it's about damn time someone called me "Prophet". I'm definitely showing your comment to my husband.
ReplyDeleteKathleen...just as long as no one calls you Messiah. That title is reserved for The One. LOL!!
ReplyDeletePaging Kathleen! Paging Kathleen!!
ReplyDeleteCan you put on your magic Decoder Ring and decode this article for me? It might as well be written in Urdu; I have no earthly clue what any of it means. Thanks so much in advance!!
http://online.wsj.com/article/SB122230704116773989.html