Sunday, July 13, 2008

The Congressional Rubber Stamping continues

Further developments on the impending Fannie Mae / Freddie Mac bailout... fresh from Yahoo News (By JEANNINE AVERSA):

Sunday's announcements are likely to raise anew criticism that the government should have moved sooner to rein in the two companies, especially since investors widely assumed they would be bailed out if they got into trouble.

"moved sooner"

When exactly would have been "sooner?" Maybe two years prior when they were discussing the foreshadowing of the mortgage meltdown?

And where is the Congressional "leadership" on this?

Senate Majority Leader Harry Reid, D-Nev., said "Senate Democrats stand ready to rubber stamp work with the administration to quickly and effectively address the situation currently facing these institution."

House GOP leader John Boehner, R-Ohio, and Republican Whip Roy Blunt, R-Mo., said they "stand ready to rubber stamp work with Secretary Paulson and congressional Democrats to take appropriate steps to ensure the soundness of our mortgage markets."

Washington insiders admitted to knowing about this mess two years ago. And they did nothing. They should all be fired.

Tim White


Anonymous said...

This is what happens when the chairman of the Senate Banking Committee spends a whole year campaigning in Iowa for his pipe dream instead of doing the job he was elected to do.

Instead of visiting 55 counties in Iowa Chris Dodd should have gotten ahead of this crisis before it got of a hand. He abandoned his post during a time of crisis

Lou Murray said...

This is what we have come to expect from Congress.
Dodd has always been part of the problem.
Taxpayers, hold on to your wallets. Uncle Sam plans to do some digging deep into your pockets.

tim white said...

Taxpayers, hold on to your wallets. Uncle Sam plans to do some digging deep into your pockets.

What's the big deal? They're already printing money and driving up inflation.

It's already difficult for many to buy gas/oil... so people won't have any money left to give them... though some may already own gold/silver/commodities/etc... which still have value.

Anonymous said...

The majority of people don't really understand the mortgage crisis.

Is is that hard to then accept that the majority of Congressmen/women don't understand it either?

Economics and associated subjects should be required cirriculum for elected officials. Dodd seems to understand it well enough only to keep his fat jiggleneck away from bad deals.

tim white said...

two words for every congressional candidate:

gold standard

If it's fair to say that "in terms of gold, the price of oil hasn't changed"... then candidates should run on it.

While many people (myself included) may not be well-versed in economics... they may see a problem and want "change."

A gold standard would be "change."

And people may consider it when they walk in the voting booth... even if they don't understand all the implications... and why not? Gold has a history much longer than the US Dollar. So why shouldn't people trust it more? There's certainly little reason to trust the people currently running America's monetary policy.