Thursday, September 11, 2008

Fan/Fred: GWB, Greenspan, and Treasury

Another reason that GWB kinda sucked as President:

In the aftermath of the US Treasury’s decision to seize control of Fannie Mae and Freddie Mac, critics have hit at lax oversight of the mortgage companies.

The dominant theme has been that Congress let the two government-sponsored enterprises morph into a creature that eventually threatened the US financial system. Mike Oxley will have none of it

The critics have forgotten that the House passed a GSE reform bill in 2005 that could well have prevented the current crisis, says Mr Oxley, now vice-chairman of Nasdaq.

He fumes about the criticism of his House colleagues. “All the handwringing and bedwetting is going on without remembering how the House stepped up on this,” he says. “What did we get from the White House? We got a one-finger salute.”

Now we find that lotsa Democrat (and Pubbie) hangers-on, ne'er-do-wells, Highly Educated twits, cousins-with-no-prospects, and party operatives were (and ARE) pulling down large money for mismanaging Fan/Fred into bankruptcy.

Oh, well. What's $200 Bn in losses between us taxpayers?

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