House Financial Services Committee Chairman Congressman Barney Frank in a hearing from September 2003 on an administration proposal to alter the regulation of GSEs like Fannie Mae and Freddie Mac.
“I want to begin by saying that I am glad to consider the legislation, but I do not think we are facing any kind of a crisis. That is, in my view, the two government sponsored enterprises we are talking about here, Fannie Mae and Freddie Mac, are not in a crisis. We have recently had an accounting problem with Freddie Mac that has led to people being dismissed, as appears to be appropriate. I do not think at this point there is a problem with a threat to the Treasury.”
“The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the Treasury, which I do not see. I think we see entities that are fundamentally sound financially and withstand some of the disastrous scenarios. And even if there were a problem, the Federal Government doesn’t bail them out.”
In the 2008 election cycle, the list of the top recipients of donations from the financial services, insurance and real estate sector included the leading presidential candidates.
Democratic nominee Sen. Barack Obama took in $22.5 million, followed by New York Sen. Hillary Rodham Clinton with $21.5 million. Arizona Sen. John McCain, the Republican nominee, was close behind with $19.6 million.
Money also rained down on the top members of Congress. Senate Banking Committee Chairman Christopher J. Dodd (D-Conn.), a candidate for president during the primaries, received $6 million. His counterpart in the House, Rep. Barney Frank (D-Mass.), received $720,000 this year.
The No. 2-ranking Democrat on Frank’s House Financial Services Committee, Rep. Paul E. Kanjorski of Pennsylvania, collected $755,000, and ranking Republican Spencer Bachus of Alabama took in $704,000.
Are you surprised we are in this mess? Stop the partisan bickering and blame game. Our political leaders are held hostage by their corporate donors who finance their obscene lust to get re-elected. What are YOU going to do to make a difference? Do you honestly believe either McCain or Obama will represent change? What would George do?
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I absolutely love that quote by George Washington.
He only served one term, and not even a full one at that, if I remember correctly.
Maybe he can come back, serve another term, and help us out of this mess…
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THANK YOU!! Finally someone willing to point out the fact that half the problem is being caused by people who are supposed to be fixing it. Those numbers are frightening, but I suppose that’s the way politics go… Why do I feel more and more driven to exercise my right NOT to vote in this upcoming election?
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