Sunday, July 25, 2010

Financial Reform Bill: Not Aimed At Actually Fixing What Was Wrong. "Dodd Frank Bill" ... R U Kidding Me?

I've heard multiple commentators say that the Dems' 'financial reform' bill they just passed would NOT have prevented what happened to cause the 2008 financial collapse. One doesn't have to look any farther than what the bill does nothing about to know that's true.

It's common knowledge that, if sub-prime mortgages hadn't existed or if they had just been limited to people who actually qualified financially, the collapse would not have happened. Democrats pushed these mortgages way too hard and forced lending requirements to be almost totally eliminated. In fact, Freddie and Fannie were told to make these toxic instruments HALF of their mortgage business. Which leads me to the most extraordinary point of this so-called reform. It does NOTHING to reign in Freddie's and Fannie's terrible, financially irresponsible practices. If the reform doesn't touch them and what they did as, perhaps, the principle contributor to what happened, how can it be called reform?

Everyone knows the two guys in congress who pushed the hardest for getting sub-prime mortgages to unqualified people were Dodd and Frank, both Democrats which leads me to the second most extraordinary aspect of that new financial reform bill. It is named "The Dodd Frank Bill". Is THAT just THE MOST AMAZING bit of hypocrisy you've ever heard?

Why doesn't it come down hard on Freddie and Fannie? Easy answer! Doing that would be an admission how wrong it was for them to push so hard on sub-prime mortgages which in turn would point the finger of guilt straight at Dodd and Frank! What better way to whitewash what they did than name the financial reform bill after them as if THEY are the ones who know how to keep our financial house in order (after they proved they cannot)? Gads! These guys (Democratic leaders in congress) have no conscience at all!

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