Posted by
Richard on Wednesday, September 10, 2008 11:28:57 PM
"For years, Congress failed to act and it is deeply troubling that what we are now seeing is an exercise in crisis management rather than sound planning, and at great cost to taxpayers."...read more here
"It is this combination of rapid growth and over leveraging that has lead to the current concerns of Congress, the Justice Department and the SEC with regards to the financial practices of these GSEs...Fannie Mae and Freddie Mac are the only two Fortune 500 companies that are not required to inform the public about any financial difficulties that they may be having. In the event that there was some sort of financial collapse within either of these companies, U.S. taxpayers could be held responsible for hundreds of billions of dollars in outstanding debts. A recent investigation by the Justice Department and the SEC into the accounting practices at Freddie Mac revealed accounting errors in the amount of 4.5 to 4.7 billion dollars..."
Note that this article was written five years ago, (the last two of which have been controlled by Socialists disguised as Democrats), it is a wonder to this writer as to why nothing has been done. I blame both sides of the political isle here for sticking it to the taxpayers with a 200 billion bailout.
I believe that both Senator McCain and Governor Palin, should they be elected will indeed be committed to the reform they have stated in the op-ed in the Journal. My greatest fear is the Socialist-Democrat party coming to power and driving the economy downward ever further into the gutter.