Re: ALMOST ARMAGEDDON,MARKETS WERE 500 TRADES FROM A MELTDOWN
- From: El Castor <No_One@xxxxxxxx>
- Date: Sun, 21 Sep 2008 12:38:04 -0700
On Sun, 21 Sep 2008 15:04:44 -0400, Jim Higgins
<gordian238@xxxxxxxxxxx> wrote:
If the current band-aid, bailing wire and chewing gum fix doesn't take ...Bush tried to save us in 2003 -- through increased oversight and
regulation of Fannie Mae and Freddie Mac. John McCain did the same in
2005. Both were shot down by liberal Democrats and the Congressional
Black Caucus, and all the while, Barack Obama was lapping up
contributions from Fannie and Freddie. Now in 2008 George Bush's
Treasury Secretary, Henry Paulson, steps in and saves us from an
economic meltdown -- precisely the same meltdown that Bush and McCain
warned about in 2003 and 2005, and you're complaining?
"NY Times - September 11, 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."
http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63&sec=&spon=&pagewanted=1
"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. OFHEO's report this week does
nothing to ease these concerns. In fact, the report does quite the
contrary. OFHEO's report solidifies my view that the GSEs need to be
reformed without delay. 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." ... John McCain
http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190#sMonofilemx003Ammx002Fmmx002Fmmx002Fmhomemx002Fmgovtrackmx002Fmdatamx002Fmusmx002Fm109mx002Fmcrmx002Fms20060525-16.xmlElementm0m0m0m
Well?
.
- References:
- ALMOST ARMAGEDDON,MARKETS WERE 500 TRADES FROM A MELTDOWN
- From: Jim Higgins
- ALMOST ARMAGEDDON,MARKETS WERE 500 TRADES FROM A MELTDOWN
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