Financial Reform: Ready, Fire, Aim

By Bob McTeer Filed under Financial Crisis on June 5, 2010 with 4 comments

Some quotes are too good to ignore, including the following one by my friend Mike Durante, founder of Western Reserve Hedge Fund in Dallas and a former Federal Reserve bank examiner.*

. . . some of us . . . have consistently referred to the hypocrisy of President Obama’s so-termed ‘Comprehensive Financial Reform’ so we never ever ever never ever never again experience a housing crisis again which EXCLUDES HUD, Fannie Mae, Freddie Mac, GMAC, Car Dealers, Chrysler Credit and R/E attorneys. Instead we are to believe we need 3,000 pages that attack credit card transaction fees, derivatives trading, profits and banker compensation as a means to promote no future housing frivolity.

So, here comes the good intending Bob Croker (R-TN) of the Senate Banking Committee offering-up a simple piece of legislation this past week which would require at least a 5% down payment on a mortgage to be acceptable to Fannie and Freddie.

So, here comes the democrats and shoot it DOWN on a straight party line vote 57-42.

Senate Banking Committee Chairman Chris Dodd explained the universally accepted Democrats rationale for voting against down payments on taxpayer-backed mortgages.

Chris Dodd (D-Conn) explained: “. . . passage of such a requirement would restrict home ownership to only those who can afford it.”

*Speaking of shafts, did you know that it was a former Dallas Fed bank examiner that wrote the Jerry Reed classic,

She Got the Gold Mine (I Got the Shaft)? I didn’t think so.

Don’t worry. I’m not going to connect those dots.

- See more at: http://economyblog.ncpa.org/financial-reform-ready-fire-

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