Ryan Gill ([info]montieth) wrote,
@ 2008-09-27 23:38:00
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More on Fannie Mae & Freddie Mac....
The current financial crisis with the housing market. Watch Obama BLAME the current crisis on republicans and President Bush.



Here's direct rebuttal and HIS party members saying that Fannie Mae and Freddie Mac are fine. That the Regulation to correct and put both under closer regulatory scrutiny. Again, note that above, Sen. Obama says the Republicans and their failed philosophies created this problem. Remember, above he says that Deregulation caused this problem. He couldn't be further from the truth in his statements.


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[info]mattcaron
2008-10-01 10:48 pm UTC (link)
The problem, fundamentally, is that we skirted the rules.

The federal government can't legally print paper money. Fine, we make the federal reserve.

The federal government is not a bank, and thus can't really issue loans. Fine, we make Fannie Mae and Freddie Mac.

There was a REASON that this was not legal. It is NOT the function of government to do the latter, and the former is just bad practice.

But, folks thought they knew better, and here we are.

Ironically, if they'd just changed the constitution to allow for communist-style government housing, folks wouldn't be losing their houses they bought on these bad business deals. After all, the government is unlikely to kick you out of a house they gave you. It's not like you owe them money or anything.

It was snake oil when they sold it, and it's snake oil now.

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