Diary

while WALL STREET CRASHES read September 11, 2003 - New Agency Proposed to Oversee Freddie Mac and Fannie Mae - New York Times By STEPHEN LABATON

The first and last three paragraphs of the article below sums up a lot of why Wall Street is Crashing (bleeding heart loans to people who can’t or won’t pay them back) yet Democrats are getting a bump in the polls. Americans had better wake up or the next President (Obama) is going to make Jimmy Carter look like a Ron Paul. READ the First and Last Three Paragraphs of the 2003 article below, or entire article at the bottom:


September 11, 2003

New Agency Proposed to Oversee Freddie Mac and Fannie Mae By STEPHEN LABATON

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

”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.

Read entire article here:

http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63&sec=&spon=&pagewanted=print