Sunday, September 28, 2008

The subprime Horror, continued: Out of the mouths of commentators

How odd it is that one has to look to blog commentators rather than the US House or Senate, the greatest deliberative bodies on earth, for permanent solutions to future financial crises. From a Politico commentator on the eve of The Great Pickpocketing:

“Subprime mortgages will never be mandated by the US government again. Subprime mortgages will never be guaranteed by the US government again. Fannie Mae and Freddie Mac loans will no longer be guaranteed by the US government. Fannie Mae and Freddie Mac will be broken up into smaller companies and auctioned within 12 months. If a company or entitiy decides to fund mortgages to the poor who cannot afford it, it will be done without the support or guarantee of the US government. Let liberals fund all subprime mortgages and lose a trillion dollars. The FBI will look into the relationship between leading congressmen and Fannie Mae/Freddie Mac for possible criminal charges. A panel will be formed (like the 9/11 commission) that will document and expose 20 years of relationships between congressmen, Fannie Mae, and Freddie Mac with subpoena power. Barney Frank and Chris Dodd must be removed from all financial committees and banned for life.”

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