Freedom of Press is limited to those who own one - H.L. Mencken

I told you so…

by AlexinCT

A little more than a week ago I had a post dealing with the left’s new plan to regulate the financial industry. As I pointed out then, I saw this as a massive disaster. First off, this new plan did not address the underlying issues that led to our economic crisis. But even worse, it put the same politicians and ideology that created the bad policies and then fostered the bad practices which gave us this economic implosion we are in, back in charge of things. I then made the case that in the end the problem was government meddling, and that even more government meddling was just going to give us more of the same. As long as the fundamental concept, that government could actually meddle with the market in order to promote the practice of irresponsible people, the types that make bad decisions regularly, owning homes, we would sooner or later be back were we are today. Not everyone agreed:

Here’s where our main disagreement lies. You seem to me to believe that any program to make low income housing available is wrong. You seem to think ANY government “meddling” in housing is in itself a bad thing. Tell that to your grandfather who bought his first home on the GI bill.

Well guess what? It looks like the primary architect of the first crisis, the gate keeper for the organization that not only made it possible for bad and risky people to get loans, but then packaged the loans and created a security trading market, none other than Barney Franks, is asking for more of the same.

Reuters) - Two U.S. Democratic lawmakers want Fannie Mae and Freddie Mac to relax recently tightened standards for mortgages on new condominiums, saying they could threaten the viability of some developments and slow the housing-market recovery, the Wall Street Journal said. In March, Fannie Mae (FNM.N)(FNM.P) said it would no longer guarantee mortgages on condos in buildings where fewer than 70 percent of the units have been sold, up from 51 percent, the paper said. Freddie Mac (FRE.P)(FRE.N) is due to implement similar policies next month, the paper said. In a letter to the CEO’s of both companies, Representatives Barney Frank, the chairman of the House Financial Services Committee, and Anthony Weiner warned that a 70 percent sales threshold “may be too onerous” and could lead condo buyers to shun new developments, according to the paper.

And we are not even a couple of months into the government scheme to fix what they claim was the damned capitalist deregulation that created the crisis that Frank’s masterful ideological manipulation of the market helped create! Everyone agrees that we are hurting, and hurting bad. In the mean time the news is rigged to allow the collectivists to give us even more bad policy. And the dollar is getting hammered. And things are so bad that hookers now are taking chips in trade for services! OK, that was just a bad joke, but the rest unfortunately is not. Basically we are seeing the same architects of our current crisis asking to be allowed to “fix things. I guess we should trust these guys to make it better this time around… By doing more of the same!

Anyway, I guess Chris Dodd, embattled and looking like he will go down in flames in the next elections because even the MSM cronies have given up on trying to cover up the massive corruption surrounding him, was too busy to also join in on this. Doesn’t matter however, because everything’s in good hands! In the mean time they are adding tax after tax, causing one company after another to close down, and basically making things worse. Liberalism is a mental disorder.

Cross posted at Wasting time with Alex

Comments

Posted by on 06/24/09 at 12:39 PM from

I really, REALLY hate Barney Frank.

Posted by InsipiD on 06/24/09 at 01:20 PM from

He’s the best reason I can think of for term limits and competency tests.

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