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Originally Posted by grumpy247  SouthCoastToday.com: GUEST VIEW: Twelve years of Republican rule produced no reform
So in summary, during 12 years of Republican rule no reform was adopted regarding Fannie Mae and Freddie Mac. In 2007, a few months after I became the chairman, the House passed a strong reform bill; we sought to get the administration's approval to include it in the economic stimulus legislation in January of 2008; and finally got it passed and onto the president's desk in July 2008. Twelve years of Republican rule produced no reform of Fannie Mae and Freddie Mac. We were able to adopt it in 19 months, and we could have done it much quicker if the administration had cooperated.
Change is much needed!!! | Did you read the article? The right-wing accusation is that I was somehow responsible for the problems at Fannie Mae and Freddie Mac because I opposed regulation. The truth is that I opposed right-wing efforts to put Fannie Mae and Freddie Mac out of business, while simultaneously supporting strong regulation. That is, as opposed to the extremists who now dominate the Republican Party in Washington, I believed it was important to have a public mission for Fannie Mae and Freddie Mac to help keep down housing prices. But at the same time I realized that it was important to improve the regulation of both companies.
This is exactly why we are in this mess! Freddie and Fannie SHOULD have gone out of business. . .they made A LOT of unwise decisions. And now instead of failing, like they should, they are asking us to pour trillions of dollars into the system so these businesses don't start toppling like dominoes. In a free market, businesses take risks and reap either profits or losses. But markets only work when businesses are held accountable for their bad decisions. The message this proposed legislation sends to the market is clear: Big lenders like Countrywide who make bad bets can count on generous bailouts -- and responsible renters, homeowners and taxpayers who pay their bills on time can count on getting stuck with the tab.
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"No one believes more firmly than Comrade Napoleon that all animals are equal. He would be only too happy to let you make your decisions for yourselves. But sometimes you might make the wrong decisions, comrades, and then where should we be?"
- George Orwell Animal Farm
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