« Caribou Barbie | Main | Burning Down The House: What Caused Our Economic Crisis? »
September 25, 2008
The Subprime Primer
If you're confused on why the economy is melting down, well it's because the Dimocrats wanted to get the FNMA to load money to homeless people so they could buy a $400,000.00 house like the rest of us. Because, if there's anything the Dimocrats like it's handing money to poor people.
The Subprime Primer lays it out pretty well.
John McCain tried to save America from this fiasco three years ago.
John McCain was one of the 3 co-sponsors to S190. A bill that would have saved America a lot of money ache that is happening now. All the Democrats in the Committee voted against the bill and killed it.
Below is part of McCain's speech in 2005 on the Senate floor. Too bad, they did not listen to him.
"For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market."
"I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole."
Posted by Rob Kiser on September 25, 2008 at 10:02 PM
Comments
Was that before or after McCain was pushing for the deregulation legislation which helped feed the crisis?
Posted by: yup on September 27, 2008 at 11:53 AM
Right, well, you see. You're operating under the illusion that enough regulation will turn criminals into honest citizens. And, you're mistaken about that. The economy moves in cycles because people vacillate between fear and greed. If you believe that more regulation is what we need, then I suggest that you go study the Sarbanes-Oxley Act that has been in effect since 2002. If we have any more regulation, then the auditors will be answering the phone for us when it rings. Keep on keeping on, retard.
Posted by: Rob Kiser on September 28, 2008 at 11:16 AM