The View From 1776

Blame Fannie Mae and Congress For the Credit Mess

Posted by .(JavaScript must be enabled to view this email address) on 09/23 at 12:30 AM
  1. Again, The View doesn't know what it is taking about.

    Kevin Hassett of Bloomberge.com News also wrote how the Democrats created the financial crisis by not supporting reform legislation for Fannie and Freddy. But his analysis, like the WSJ's, sounded a bit like a parable about
    Posted by .(JavaScript must be enabled to view this email address)  on  09/23  at  10:17 AM
  2. WSJ - "The same politicians who today decry the lack of intervention to stop excess risk taking in 2005-2006 were the ones who blocked the only legislative effort that could have stopped it."

    This is absolute rubbish. It is not as simple and narrow as the WSJ makes it out to be. I understand why The View likes the WSJ, because it also thinks in similar simplistic, narrow terms.

    Fannie and Freddy were only a piece of the problem, which had developed over many years of market manipulation, greed and lax or nonexistent government oversight.
    Posted by .(JavaScript must be enabled to view this email address)  on  09/23  at  10:32 AM
  3. We now know that McCain's chief aide has been on the payroll of Fanny Mae (until last month) to influence McCain to do Wall Street's bidding.
    Posted by .(JavaScript must be enabled to view this email address)  on  09/24  at  11:44 AM
  4. There is another starting point, sometimes sighted, for the financial calamity the US and the world is facing today. It is 1971, when Richard Nixon took the dollar off the gold standard. The removal of that peg, to a great degree, made for the undisciplined behavior of the American government in running huge deficits, making the world awash with cheap dollars. Those cheap dollar in turn allowed and made for the subprime financing that created the recent housing bubble and its collapse. It didn't help that Alan Greenspan was so undisciplined in his monetary practices as Chairman of the Federal Reserve for two decades. He probably should be most criticized, and he is!

    This time the chickens have really come home to roust. Bush&Co;, in its very undisciplined monetary behavior, finally was the straw that broke the camel's back. Perhaps if it wasn't for the Iraq War and all the money it sucked up and that Bush&Co; had to borrow so much to pay for it, things might not have been as bad. Other great powers have collapse in the same manner - Great Britain, after WWII.
    Posted by .(JavaScript must be enabled to view this email address)  on  09/24  at  11:52 AM
  5. Mr. Henrie:

    I challenge you to present any evidence that Senator McCain's chief aid ever was "on the payroll" of Fannie Mae, or that he influenced Senator McCain "to do Wall Street's bidding."
    Posted by .(JavaScript must be enabled to view this email address)  on  09/24  at  09:38 PM
  6. What does it matter whether McCain's chief aid took money from Fannie Mae? That shouldn't matter much. What matters is that McCain, over all, is an extension of the Bush administration and shouldn't be trusted in helping America in improving its lot.
    Posted by .(JavaScript must be enabled to view this email address)  on  09/24  at  10:40 PM
  7. My apologies, Mr. B.

    Rick Davis was on the payroll of BOTH Fannie Mae AND Freddie Mac. See attached AP story:

    "WASHINGTON (AP)
    Posted by .(JavaScript must be enabled to view this email address)  on  09/25  at  11:29 AM
  8. McCain is toast!
    Posted by .(JavaScript must be enabled to view this email address)  on  09/25  at  11:41 AM
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