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September 19, 2008

Piracy

fanniemaetm.jpg

The FannieMaeTM, patent pending


For a guy who said he didn't know much about economics, it sure sounded like he knew something back in 2006.

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

A rundown of attempted congressional reforms, via Flopping Aces, here.

McCain drops another shoe, you can see the ad here at HotAir. This time it's Jim Johnson.

I sincerely hope they're on their game with respect to timing and footwork. To those of us who follow this stuff like a monkey on a cupcake, it seemed to take forever for McCain to push the drilling issue. I think most of us said something along the lines of "finally, sweet Jeebus about time". I even recall ace suggesting he'd better get with the program before Obama figures this out and flanks him on ANWR. Fortunately Obama stayed true to his ownself.

Anyway, I think for the average Joe, it takes a little time for this stuff to sink in, just like it took $4/gal to really piss everybody off. 5 trillion gazillion dollars is one of those big incomprehensible expressions, until someone calls it "half the current national debt" (that's incomprehensible too, but now it's a really bad thing. See?)

Link via S. Weasel, who reminds us it's also International Talk Like a Pirate Day*. And she did the "FannieMaeTM" shop up yonder.

She's working herself to death for us.

* My favorites are the naughty sounding ones, like "Arrr, prepare to be boarded. Swab the deck and battendown the mizzenmast"! That sort of thing. But then I'm pretty easily entertained.


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posted by Dave In Texas at 10:54 AM

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