Amnesia in the Finance Committee.
Connected to this tradgedy of mis-economics is a senator named Barney Frank (D-Mass) and ranking member of the financial committee, now with amnesia, quoted in 2003
''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.''
This was a response to a Bush administration proposal that would have turned over regulation of GSE's to the treasury department.
I got to give him some credit he finally fessed-up, that he did dismiss the warnings five years ago about Fannie and Freddie, which is a real big shame, because the housing market with it's sub-prime lending was in full swing here in the Charlotte area and pretty much in the rest of the country.
If the warning bells could have been sounded earlier, perhaps the american tax payer could have been saved a few dollars. So don't blame it all on the President, he also rely's on good information, it's no different than you and me.