Financial Reform: Ready, Fire - Bob McTeer

1. 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-
aim/#sthash.Vt0J7PrT.dpuf