First off, I welcome President Barack Obama’s call to shutter mortgage giants (and giant pains in the public arse) Fannie Mae and Freddie Mac. Many conservatives and libertarians have been beating that drum since 2008 and before, back when Obama was voting present on regulation of Fannie/Freddie and taking more in donations from them than all but one lawmaker.But he doesn't need those donations anymore. Time for Freddie and Fannie to take their turn under the populist bus.
Now, it seems, we can work together on this project, as Obama pushed a Senate plan to close Fannie and Freddie during an economic address in Arizona:Watching the democrats and media (but I repeat myself) do hairpin turns to line up with the Presidents "new" outlook will be amusing. I doubt this will get much mention:
But as home prices rise, we can’t just re-inflate a housing bubble. That’s the second thing I’m here to talk about today: laying a rock-solid foundation to make sure the kind of crisis we just went through never happens again.
That begins with winding down the companies known as Fannie Mae and Freddie Mac. For too long, these companies were allowed to make big profits buying mortgages, knowing that if their bets went bad, taxpayers would be left holding the bag. It was “heads we win, tails you lose.” And it was wrong.
The good news is that there’s a bipartisan group of Senators working to end Fannie and Freddie as we know them. I support these kinds of efforts, and today I want to lay out four core principles for what I believe this reform should look like...
“John McCain has been calling for years to reform things and cut bureaucracy, even at the lending agencies that our government supports. The fact is Fannie Mae and Freddie Mac have gotten too big and too expensive to the taxpayers. The McCain-Palin administration will make them smaller and smarter and more effective for homeowners who need help.”MKH has a partial list of media outlets who pooh poohed this back in the campaign.
Sarah Palin, Colorado Springs, 2008
We could have saved a lot of time and trouble and elected McCain and Palin back in 2008.