http://www.nytimes.com/2003/09/11/business/new-agency-proposed-to-oversee-freddie-mac-and-fannie-mae.html

Anyone

It's been aalluded to several times over the past few months but nobody gives a shyte because it violates the paradigm -- everything is Bush's fault.

My favorite quote:

''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.''

Indeed. I suggeest checking out Niall Ferguson's interview on Youtube regardin his book/PBS series "The Ascent of Money". A brilliant historical overview of financial rise and fall. Plenty of blame to go around. And the dems stink just as bad as the reps. But you wont here that from the Obamanuts.

- Peter.

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I think I posted it almost a year ago, if its not Bush's fault its not news.

the date for the article is 9-11-03

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Gotta love this...

"
''The regulator has not only been outmanned, it has been outlobbied,'' said Representative Richard H. Baker, the Louisiana Republican who has proposed legislation similar to the administration proposal and who leads a subcommittee that oversees the companies. ''Being underfunded does not explain how a glowing report of Freddie's operations was released only hours before the managerial upheaval that followed. This is not world-class regulatory work.''
Significant details must still be worked out before Congress can approve a bill. 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.''
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said."


My how the worm turns...

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I don't know where you guys get your news, but I've heard and read countless reports of Barnie Frank's misreading of this issue. He's been blamed repeatedly over the last several months.

If you ask me, this claim that people try to blame Bush for everything is worn out. Few blame Bush for everything, but the fact is that he bears the blame for a bunch of bad things. So do a bunch of other people, including Barney Frank. Why you guys believe that Frank's involvement has not been reported is beyond me.

EDIT: Rep. Watts' involvement was also in the news, but not nearly as prominently as the reporting done about Frank. That the reporting on Watts was more low key is not surprising, given Frank's more prominent position in the House of Representatives.

I have to agree with you,, although "prominently" is a little too strong, imo.
Barney actually did publicly admit to making mistakes in judging how many people were creditworthy and should have been permitted to purchase homes.

I recall hearing a few years ago a statistic on how home ownership had risen from about 61% to 67 or 68% in about 4 years or so. That bubble had to burst. Why our leaders didn't put the brakes on it remains the 64k question.

whole lotta blame to sprinkle around....everywhere.

You're probably right.

Difference in training perhaps. You're (and I'm guessin here) an advocate.Advocates speak aggessively, most of the time anyway.
I'm more an advisor. (CPA's are expected to be reserved, quite, types,given to understatement and boredom, no?)

I'm a botanist. I speak for trees.

I thought the Lorax spoke for the trees

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shel silverstein too, maybe?

(joyce kilmer?)

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