Democrats not the only one to blame for Fannie and Freddie

[Ellen]

http://news.yahoo.com/s/ap/20081020/ap_on_bi_ge/the_influence_game_housing


WASHINGTON – Freddie Mac secretly paid a Republican consulting firm $2 million to kill legislation that would have regulated and trimmed the mortgage finance giant and its sister company, Fannie Mae, three years before the government took control to prevent their collapse.

 

[Irishgrrrl]

Ellen, thanks for posting this. I ran across it on my Yahoo homepage yesterday and . . .

 

[goobear78]

Wow.

Thanks for posting this Ellen.

 

[strmrdr]

Everyone in congress is to blame.
Those that tried to do something are guilty of not bringing the case to the American people and if they tried then the news agencies are just as guilty for not getting the news out.

 

[strmrdr]

"In recent days, McCain has said Freddie Mac and Fannie Mae were "one of the real catalysts, really the match that lit this fire" of the global credit crisis."

I think McCain is wrong on that, Wall Street got in the banking business with disastrous results.
Freddie and Fannie were not enough to bring down the market.
.25% interest rates on savings pushing people into risky investments was the second biggest thing.
To much money floating around in the system with to little of value to purchase was another.

 

[iheartscience]

Thanks for posting this, Ellen. I saw that on a couple of my news sites and I thought it was rather interesting. And by interesting I mean shady.

 

[purrfectpear]

Date: 10/20/2008 11:54:40 AM
Author: strmrdr
''In recent days, McCain has said Freddie Mac and Fannie Mae were ''one of the real catalysts, really the match that lit this fire'' of the global credit crisis.''

I think McCain is wrong on that, Wall Street got in the banking business with disastrous results.
Freddie and Fannie were not enough to bring down the market.
.25% interest rates on savings pushing people into risky investments was the second biggest thing.
To much money floating around in the system with to little of value to purchase was another.

Where do you get this stuff Karl? I was getting 5.25% last year, and I''m still getting 3.50% (though it''s nothing to brag about) in FNBO savings this year. Not CD''s, fully liquid FDIC savings accounts.

Sure there are savings accounts that pay little, but aren''t the consumers responsible for seeking out better rates?

 

[strmrdr]

Date: 10/20/2008 1:09:39 PM
Author: purrfectpear

Date: 10/20/2008 11:54:40 AM

Author: strmrdr

'In recent days, McCain has said Freddie Mac and Fannie Mae were 'one of the real catalysts, really the match that lit this fire' of the global credit crisis.'


I think McCain is wrong on that, Wall Street got in the banking business with disastrous results.

Freddie and Fannie were not enough to bring down the market.

.25% interest rates on savings pushing people into risky investments was the second biggest thing.

To much money floating around in the system with to little of value to purchase was another.

Where do you get this stuff Karl? I was getting 5.25% last year, and I'm still getting 3.50% (though it's nothing to brag about) in FNBO savings this year. Not CD's, fully liquid FDIC savings accounts.


Sure there are savings accounts that pay little, but aren't the consumers responsible for seeking out better rates?

Most people don't look beyond their local bank.
.25% is what my local bank was offering on saving accounts when I opened my checking account.
Your still not keeping up with real inflation.