Friday, December 17, 2010

On Blaming the Republicans Solely For the Financial Meltdown Part 7

Say what you want about John McCain (and, yes, I often have - that the man's a flip-flopper, Bush on steroids, frequently unstable, etc.), folks. At least this individual had the good sense to see what was an obvious powder-keg brewing. Yes, I'm referring to Mr. McCain's decision to sign on as a co-sponsor The Federal Housing Enterprise Regulatory Reform Act of 2005. And while, no, it was clearly not a perfect piece of legislation (some say that it ceded too much in terms of authority to the FED), it was at least an attempt to reign in Fannie Mae and Freddie Mac. This was what the Senator himself had to say about a) the impending crisis and b) the proposed legislation: " For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac - known as government sponsored entities or GESs - and the sheer magnitude companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GESs need to be reformed without delay.............I join as a co-sponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005 to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole."......................................................................................................Wow, huh? And all the while we thought that this character was clueless, nothing but a frigging broken clock, etc..


Beach Bum said...

Just saw a video on Facebook showing how insane our society has become. The meltdown is just another facet of the same thing.

Will are you on Facebook? If you are look up "Ron John", my screen name, and it will be the first thing on my wall.

TRUTH 101 said...

I'm divesting much of my portfolio in anticipation of another market meltdown.

The market seems to be nearing highs for everytrhing I look into. I'm hearing the CEO's talk about how wonderful things are ala Ken Lay. That disturbs the hell out of me because they are saying that but few are hiring. They are stockpiling cash. Perhaps they think anohter bank meltdown is coming also.

Things are teetering and we get no honest answers from Washington.

I have nothing long term now. My strategy is buy and if I make a couple hundred over the month sell and take the profit. Not hitting any home runs this way but it beats hell out of losing half my money in one day which I think will happen again to lots of funds and investors who are trusting in Wall St. and Washington.

TRUTH 101 said...

You can friend me also if you want Will. You'll see my pic on Beach Bum's list.

Marcus said...

Hey Will: IMO, the biggest single factor in the meltdown was deregulation in the securities/banking industries. The parties who introduced derivatives can't even explain what they are or how they work...Maybe Barney Frank is just small potatoes in this?? Thanks for listening.

Will "take no prisoners" Hart said...

Absolutely, Marcus, there's more than enough blame to go around......Truth and double b, thanks for the invitation. Yes, I do have a Facebook account and, while I'll admit to rarely using it, I'll definitely check you out.