Saturday, April 11, 2009
Government Deception
...The U.S. Congress' deception was, and continues to be, a major player in our financial meltdown. In congressional hearings, before the meltdown, on the soundness of Fannie Mae and Freddie Mac, Rep. Maxine Waters said, "Through nearly a dozen hearings, we were frankly trying to fix something that wasn't broke. Mr. Chairman, we do not have a crisis at Freddie Mac, and particularly at Fannie Mae, under the outstanding leadership of Franklin Raines." Rep. Barney Frank, the ranking Democrat on the Financial Services Committee, said, "These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." Other congressmen gave similar assurances. Unfortunately for our nation, the forces pushing for "affordable" housing won the day and saddled us with today's unprecedented financial disaster. How stupid is it of us to ask those who brought us "affordable" housing to now turn their attention to bringing us "affordable" health care?...