Quote of the day
4:50 pm September 16, 2008 by Brian J. Ritchey
”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
from the New York Times, September 11, 2003 (click to read the entire article).
The cause of the current financial crisis can be traced to the insistence, by Congress, that financial institutions provide “affordable housing” to those who couldn’t afford it. Congress is to blame, not President Bush.
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