No matter how you spin it, it's BS! Every serious community improvement law passed by Congress since the sixties (and supported by some Republicans) has included protections for investment and mortgage companies. The reason was easy; neither party wanted to be responsible for harming the US housing market. I worked for a time at the National Association of Home Builders in DC, so I know a little about the issue. Federal institutions and agencies have always been responsible for making sure things stay healthy, and are supposed to make sure something like today's crisis DOES NOT HAPPEN.
So, it's NOT THE DEMOCRATS AND THE LAWS, it's the BUSH ADMINISTRATION AND REPUBLICAN NEGLECT that caused the problems. If you want to read more, visit a few good resources:
- Board of Governors of the Federal Reserve System FRB
- Federal Deposit Insurance Corporation FDIC
- Officer of the Comptroller of Currency OCC
- Office of Thrift Supervision OTS
So please stop defiling perfectly reasonable legislation with your absurd spin. As usual, you are not telling the whole truth. Then again, it's hard for you guys, isn't it? Perhaps you should ask Mr. Bush, Mr. Greenspan and Mr. Bernanke why they didn't do more to follow the law. It would be a lot more productive than spinning around and screaming into the political wind.Monday's Political Rant #2 - Michael