Tuesday, September 30, 2008

Bachmann-Sensenbrenner Overdrive

OK. Puns are awful. But hey...

Sensenbrenner appeared with Sykes to 'splain his "no" vote--and his 'splanation was acceptable.

Here's what Michelle Bachmann (R-MN) had to say about her "no" vote:

...I support a plan that would have Wall Street bail itself out, not hardworking taxpayers, by requiring institutions to insure troublesome assets that are causing today’s credit crunch. It would suspend mark-to-market accounting, which forces companies to take losses on artificially devalued assets on an artificial timetable, to give investors more confidence.

The plan I support would break up Fannie Mae and Freddie Mac -- government sponsored enterprises that are at the heart of this crisis -- so that the encumbered taxpayer no longer backs them -- implicitly or explicitly -- and so that they do not artificially grow larger than the market will allow. We cannot pass legislation that sets America up for a Groundhog Day reprise of this mess and that means changing the problem at its core - the GSEs...

Onc suspects that Sensenbrenner would go along with this (as would Ryan,) but it "breaking up" Fan/Fred ain't going to happen--so that's likely a negotiating position.

HT: PowerLine

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