Party with the failure of Fannie (FNM) and Freddie (FRE), the
government sponsored enterprises (GSEs) at the source of this years
financial crises. McCain attempted to thwart this problem as he
described in recent campign adds, and he needs to hammer the subject
again and again until Americans realize that he does in fact have a
bit more economic sense than he might otherwise lead us to believe.
Furthermore, the attached links should go viral to demonstrate that
the GOP was efforting to mitigate the GSE liabilities in 2000 a.,
2003-4 b., as well as in 2005-6 c.
a. "Congressman Richard Baker (R-La.) has been concerned about the
risks created by Fannie and Freddie since 2000, when he first
introduced legislation to augment the powers of their regulator.
However, the alignment of the political stars was so unfavorable at
the time that Baker–then the chairman of the House subcommittee that
had jurisdiction over the GSEs–could not find sufficient support for
his bill to bring it to formal consideration and possible amendment
by the subcommittee (what is known as "mark-up")."
b. ”These two entities — Fannie Mae and Freddie Mac — are not
facing any kind of financial crisis,” said Representative Barney
Frank of Massachusetts, the ranking Democrat on the Financial
Services Committee. ”The more people exaggerate these problems, the
more pressure there is on these companies, the less we will see in
terms of affordable housing.”
c. "If Congress does not act, 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." John McCain, May 25, 2006
It is my duty to share this with all of my contacts, and I invite you
to do so as well.
This is the link that motivated this message:
And it imprtant to note that the primary source for much of this
information is the New York Times.