News for 07/28/2009
Obama Administration Says Regulatory Failure to Blame for Financial Crisis — Proposes More Regulation
http://www.cnsnews.co…
Timothy Geithner told Congress that the administration planned to fix the “basic regulatory flaws” that it thinks caused the financial crisis by instituting more regulations and creating a new regulatory agency to oversee all financial products. Geithner, testifying before the House Financial Services Committee on Friday, told lawmakers that Obama’s proposal would address the “core causes” of the nation’s financial collapse as well as any problems in the future…. Hensarling criticized the Obama proposal, arguing that there was no way the administration could address the core causes of the crisis and ignore reforming Fannie Mae and Freddie Mac, the two government-backed mortgage giants at the heart of the financial crisis. I’m simply taken aback by the lack of reform of Fannie Mae and Freddie Mac, the epicenter of the financial crisis,” he said. “Rather than changing the current status quo for these GSEs [Government-Sponsored Enterprises], the administration’s plan institutionalizes the problem. When President Obama references sweeping reform, I didn’t know he meant sweeping Fannie Mae and Freddie Mac under the rug.”
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Five Freedoms We Loose with Obamacare
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CNN Money article on freedoms we will loose if this thing passes.. brought to you by The Daily Instigator
Conyers Questions The Point of Reading The Health Care Bill
http://www.cnsnews.co…
During his speech at a National Press Club luncheon, House Judiciary Chairman John Conyers (D-Mich.), questioned the point of lawmakers reading the health care bill. “I love these members, they get up and say, ‘Read the bill,’” said Conyers. “What good is reading the bill if it’s a thousand pages and you don’t have two days and two lawyers to find out what it means after you read the bill?” (video at link above)
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