Why we need a new congress…

That bastion of right wing reporting (only kidding) The New York Times reported five years ago that the Bush administration was trying to set up a new agency to oversee Fannie Mae and Freddie Mac.  Here is the link, New Agency Proposed to Oversee Fannie Mae and Freddie Mac.  Here is a quote from the Hot Air article recalling the events:

Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

“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.”

Representative Melvin L. Watt, Democrat of North Carolina, agreed.

“I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Mr. Watt said.

Sounds a little like the Democratic denial of problems in Social Security, doesn’t it?  Nothing to see here, no crisis on the horizonEverybody just move along, now.  The Democrats had forced lenders to assume more risk at lower interest rates in the 1990s, as IBD points out today, and they didn’t want to countenance an end to their populist policies.”

This is the reason we need to vote people out of office until we get someone in office who will deal with the issues that face this nation and this nation’s economy.