Thomas Sowell on the Congressional Leadership and this Crisis

News Type: Opinion — Seeded on Tue Sep 30, 2008 1:04 AM EDT

Article Source: RealClearPolitics

Nothing could more painfully demonstrate what is wrong with Congress than the current financial crisis.

Among the Congressional "leaders" invited to the White House to devise a bailout "solution" are the very people who have for years created the risks that have now come home to roost.

Five years ago, Barney Frank vouched for the "soundness" of Fannie Mae and Freddie Mac, and said "I do not see" any "possibility of serious financial losses to the treasury."

Moreover, he said that the federal government has "probably done too little rather than too much to push them to meet the goals of affordable housing."

Earlier this year, Senator Christopher Dodd praised Fannie Mae and Freddie Mac for "riding to the rescue" when other financial institutions were cutting back on mortgage loans. He too said that they "need to do more"
to help subprime borrowers get better loans.

Published to:

headinthegame's Column, All of Newsvine
Groups: none
Regions: none

Public Discussion (2)

What's this?

Who's leading the conversation?

This visualization below allows you to see the impact that each user has on the current conversation. The top row contains the group of users who have had the most impact, the 2nd row the group of users who have had the 2nd most impact (et cetera). Users with similar impact are grouped together, and the average score of the group is shown to the left of the group. The author of the article is also shown on the left, in their corresponding group. Each user's score is based on the number of comments the user has made plus the number of votes their comments have received. The scores are calculated relative one another, so while their absolute value is not particularly important, their relative difference does indicate a larger difference in impact on the conversation.

0.5

{"commentId":3218112,"authorDomain":"headinthegame"}

headinthegame

Sowell hits the nail on the head, again

{"commentId":3218112,"threadId":"373115","contentId":"1932748","authorDomain":"headinthegame"}

#1 - Tue Sep 30, 2008 1:05 AM EDT

{"commentId":3234362,"authorDomain":"atm1963"}

atm1963

Yes he does.

I have learned a lot about economics from reading a couple of his introductory level economy books.

{"commentId":3234362,"threadId":"373115","contentId":"1932748","authorDomain":"atm1963"}

#1.1 - Tue Sep 30, 2008 10:51 PM EDT

{"canLink":false,"threadId":"373115","isPrivate":false}

Bailout Politics- The Congressional Dems who enabled this crisis are now being trusted to fix it?	National Review Online	Tue Sep 30	2
Letter that will never see light of day	directorblue.blogspot.com	Tue Sep 30	0
Fannie, Freddie disclose subpoenas, investigations	Associated Press	Mon Sep 29	0
The Financial Crisis: Causes, Deregulation, and Big Government	letxa.com	Tue Sep 30	0

HEADINTHEGAME

Backyard

Thomas Sowell on the Congressional Leadership and this Crisis

Published to:

FUN STUFF:

COMPANY STUFF:

LEGAL STUFF: