Fannie and Freddie Need to be on Dems Agenda
From the DC underground regarding the coming Fannie Mae/Freddie Mac bailout.
Will the Dems raise hell over the fact that
1. this bailout is due over the subprime mess which happened during a Republican Administration which doesn't want the government to regulate anything.
2. that the subprime mess was created by McSame's economic advisor, Former Sen Phil Gramm, who wrote the bill repealing the Glass Steagel Act allowing the architects, investment banks, to get into the mortgage business back in 2002.
3. Alan Greenspan and other believers of " Greed is good" philosophy encouraged CEOs at Bear Stearns, CitiBank, and now Fannie Mae/ Freddie Mack to take unbelievable risks on loans they never should have been making. Regulating this industry was, of course, not the purvue of the Fed.
Of course, all of these CEOs will walk away with golden parachute severance packages to ensure that they, their kids, their grandchildren never have work a day of their lives. Why isn't the invisible HAND working? Where's justice?
If it happened with a democratic admin, you can betcha that Karl Rove etal would be working overtime to get out the message that this was all due to misguided liberal efforts to help poor people and that is now costing taxpayers hundreds of billions of dollars and our current economic problems. And will raise your taxes. Those liberal DO GOODERS!
Will the Dems raise hell over the fact that
1. this bailout is due over the subprime mess which happened during a Republican Administration which doesn't want the government to regulate anything.
2. that the subprime mess was created by McSame's economic advisor, Former Sen Phil Gramm, who wrote the bill repealing the Glass Steagel Act allowing the architects, investment banks, to get into the mortgage business back in 2002.
3. Alan Greenspan and other believers of " Greed is good" philosophy encouraged CEOs at Bear Stearns, CitiBank, and now Fannie Mae/ Freddie Mack to take unbelievable risks on loans they never should have been making. Regulating this industry was, of course, not the purvue of the Fed.
Of course, all of these CEOs will walk away with golden parachute severance packages to ensure that they, their kids, their grandchildren never have work a day of their lives. Why isn't the invisible HAND working? Where's justice?
If it happened with a democratic admin, you can betcha that Karl Rove etal would be working overtime to get out the message that this was all due to misguided liberal efforts to help poor people and that is now costing taxpayers hundreds of billions of dollars and our current economic problems. And will raise your taxes. Those liberal DO GOODERS!
posted by Anonymous | 10:04 AM
0 Comments:
Post a Comment
<< Home