in 2003, President Bush wanted to tighten the regulation of Fannie/Freddie Mac, but Democrats blocked the efforts [see NYT quote below the fold]

in 2005, Senator McCain tried again to tighten the regulation of Fannie/Freddie Mac, but the Democrats blocked the effort.
[see the Congressional Record, below the fold]

We now learn that Fannie/Freddie Mac gave huge amounts of money to Democrats - Senator Obama ranks at #2 right behind Senator Dodd. - this is money given over the last 10 years [Obama was only receiving money for 3 of those 10 years]

The sub-prime mortgage crisis was fueled by Democrats.

McCain tried to head off the problem but was not able to overcome the bribe money tossed to Democrats.

McCain has a better grip on economics than Obama.

From the NYTimes:

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. ... Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

From GovTrack.us

John McCain, May 25, 2006: '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.'

Posted by: WordMarvin at 09:48 AM | Comments (3) | Add Comment
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