John McCain’s Warning About Fannie Mae
From May 2006:
United States Senate
WASHINGTON, DC 20510
May 5, 2006The Honorable William H. Frist, MD Majority Leader
United States Senate
Washington, DC 20510The Honorable Richard C. Shelby
Chairman, Banking, Housing and Urban Affairs Committee United States Senate
Washington, DC 20510Dear Majority Leader Frist and Chairman Shelby,
We are concerned that if effective regulatory reform legislation for the housing-finance government sponsored enterprises (GSEs) is not enacted this year, American taxpayers will continue to.be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole. Therefore, we offer you our support in bringing the Federal Housing Enterprise Regulatory Reform Act (S. 190) to the floor and allowing the Senate to debate the merits of this bill, which was passed by the Senate Banking Committee.
Congress chartered Fannie and Freddie to provide access to home financing by maintaining liquidity in the secondary mortgage market. Today, almost half of all mortgages in the U.S. are owned or guaranteed by these GSEs. They are mammoth financial institutions with almost $1.5 Trillion of debt outstanding between them. With the fiscal challenges facing us today (deficits, entitlements, pensions and flood insurance), Congress must ask itself who would actually pay this debt if Fannie or Freddie could not?
Substantial testimony calling for improved regulation of the GSEs has been provided to the Senate by the Treasury, Federal Reserve, HUD, GAO, CBO, and others. Congress has the opportunity to recommit itself to the housing mission of the GSEs while at the same time making sure the GSEs operate in a manner that does not expose our financial system, or taxpayers, to unnecessary risk. It is vitally important that Congress take the necessary steps to ensure that these institutions benefit from strong and independent regulatory supervision, operate in a safe and sound manner, and are primarily focused on their statutory mission. More importantly, Congress must ensure that the American taxpayer is protected in the event either GSE should fail. We strongly support an effort to schedule floor time this year to debate GSE regulatory reform.
Sincerely,
(signed)
John McCain
et alia
Here is the letter itself:
(Click images to enlarge)
So where are those warnings from Mr. Obama that he talks about so much?
So where are those warnings from Mr. Obama that he talks about so much?
The same place as his executive experience and patriotism, evidently.
I am now convinced that Obama and his supporters have consciously contributed to the economic collapse, because they knew that a crisis just before the election would guarantee an Obama win. I can’t say they orchestrated the entire disaster — that would be impossible — but I have noticed that every time they have had a chance to avert economic disaster, they have chosen to create panic in people by demonizing Bush and declaring disaster (actions that worsen rather than ease a panic), then they rush in to exploit the destruction for political gain. The timing seems too fortuitous to dismiss an outright conspiracy of some kind.
I hope that at some point citizens undertake massive investigations to see if the Democrats acted in concert to maximize this financial meltdown for their own political ambitions. There is a word for that: Treason.
Maybe Senator McCain might want to keep a copy of his letter on him for his debate with the Junior Senator from Chicago.
Perhaps even, Obama may recall how “threatened I was when he invaded my space” while holding up the letter, telling him “we asked you to sign the letter two years ago but you wouldn’t. With all that’s going on now, I’d ask you to sign it again, but unfortunately it’s too late for that & too late for our country. Thanks for nothing, Senator.”
Well if he brings it and tried to bring it to the Messiah’s desk, that will be seen as a racist move.
I would like to make a shirt with this letter on it and wear it for a month. Nevermind the coffee stains, just read the shirt!
I have cross posted these as well, and encourage ALL to pass along. This is the kind of message which needs to be passed along.