Quite a letter. Wonder what might have happened if McCain and the other GOP senators who signed this letter urging immediate action re Fannie Mae and Freddie Mac and hoping to formulate a policy to avoid economic catastrophe, had been worked with?
Sen. John McCain’s 2006 demand for regulatory action on Fannie Mae and Freddie Mac could have prevented current financial crisis, as HUMAN EVENTS learned from the letter shown in full text below.
McCain’s letter — signed by nineteen other senators — said that it was “…vitally important that Congress take the necessary steps to ensure that [Fannie Mae and Freddie Mac]…operate in a safe and sound manner.[and]..More importantly, Congress must ensure that the American taxpayer is protected in the event that either…should fail.”
Sen. Obama did not sign the letter, nor did any other Democrat.
The May 2006 letter is here .
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U.S. Rethinking Roles of Fannie, Freddie - Smart Money NEW YORK (Dow Jones) — America’s $11 trillion home-mortgage market is heading for a makeover. Mortgage lending in the U.S. relies heavily on institutions set up in the 1930s by politicians and government officials seeking remedies for the Great
Freddie Mac Increases Support for Ailing Home Loan Market - Washington Post Freddie Mac increased its support for the nation’s ailing home loan market in October, in part p... more
How can we reduce risk for individuals? That’s a natural question when a financial crisis has vaporized trillions of dollars of personal wealth in residential real estate and financial instruments. The problem is, when you try to reduce risk for individuals too much, you end up making things much riskier.
By Michael Barone
The Washington Times
Case in point: The financial system over the last decade. Our current difficulties arose from “the idea,” as Nicole Gelinas descri... more
By Katy Stech
The Post and Courier
Monday, December 1, 2008
Two top groups that insure home mortgages are trying to shed their Scrooge-like reputations during the holiday season.
Fannie Mae and Freddie Mac , government-sponsored enterprises that back the bulk of U.S. mortgages, recently announced plans to suspend foreclosure proceedings and evictions between Nov. 26 and Jan. 9.
The move gives troubled homeowners more time to sign up for a government program that could ma... more
… the government was forced to take over mortgage giants Fannie Mae and Freddie Mac and … hard hit by the meltdown in risky, subprime mortgages made to people with tarnished credit …
Original post: Washington: US Unveils Plan to Rescue Citigroup
a2a_linkname="Washington: US Unveils [...]... more
How good intentions of home ownership for almost everyone, establishing zero down payments, sub-prime interest rates, blocking of inquiries re income, then government guaranteeing of loans, resulted in the inverting of risk-reward credo, then investment “packaging” of riskiest loans into high return investments, widespread to investment houses, and insurances companies, and lack of oversight of Fannie Mae and Freddy Mac, set up a hair-trigger situation - the first small downturn in ... more
Democrats may tax health benefits - The Boston Globe WASHINGTON - In the last month of the presidential campaign, it was one of Barack Obama and Joe Biden’s strongest attack lines: John McCain, they warned, would “tax your healthcare benefits for the first time ever.”But now, some Congressional Democrats in charge of health reform are talking about doing just that. ... more
http://dagnyd.net/vichy.htm
Welcome to Vichy America
This was not just another election. The last time we had a presidential election, the Left tried to get a brazen traitor elected - namely John Kerry. This new President from the Left is even more than that. Obama was no traitor, because he never was really on our side in the first place. Obama was really a foreign candidate - in spirit, funding, and citizenship.
Written by Dagny D’Anconia
Friday, 28 November 2008
... more
Out in California, they recalled 143 million pounds of tainted beef. That’s one triple-stacked burger at Wendy’s. A hundred forty three million pounds of tainted beef! I believe that’s the largest amount of tainted meat since Roger Clemens.”
-David Letterman
“John McCain seems reinvigorated. He has a new campaign slogan, ‘he’ll lead you into the 21st century.’ [...]... more
Bill Clinton is saying :
-”I think most of the press people are in Obama’s demographic. … There have been times when I thought I was literally lost in a fun house.”
Mr. President…we know how you feel. And now YOU know how your successor has probably felt every day since he took office, after having to wait for you to finally get off camera on his inaugural day.
Doug Ross had your number a few days ago .
But honestly, this is not schadenfreude. WeR... more
I can’t embed it, but thanks to Don Surber , I’ve had to mop coffee off my keyboard.
Hitler Singing the Theme from the Jeffersons .
I happen to think it’s the best sitcom theme ever written, and if I remember the back story correctly, it was composed by an actress who played Florida’s neighbor on “Good Times.” (Also a pretty good theme…”keepin’ your head above water/making a wave when you can…”) I think she asked t... more
AP photo of Sen. Kennedy surrounded by (counterclockwise) Ted Kennedy, Jr., stepson Curran Raclin, Rep. Patrick Kennedy, Daughter Kara Kennedy
The emails about Ted Kennedy’s illness have been interesting - I had a note from a gentleman living though his own hell of cancer and wondering why blogs and the press immediately took to focusing on the political ramifications of this news. I understood his meaning, but it is impossible to write about a Kennedy, especially in this el... more
Write a letter, save a life ! The easiest task you’ll have all day!
Priorities in order, the UN sends 200,000 condoms to Myanmar , which the government has accepted. Perhaps those poor people can inflate them, tie them together and float out of there on them. (Margaret Cabaniss gives helpful links to Caritas International and Catholic Relief Services .)
Demilitarizing America: it’s the Smart-Obama thing to do . He’s sounding dumber and dumber... more
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