Now the point I'm making with the above was simple!
With all these events going on major earth shaking events... where would there have been time to concentrate on the
housing bubble? After all when Bush wanted to do something he was rebuffed!
By ERIC DASH Published: August 11, 2007
"Even President Bush weighed in. On Thursday, he said that both Fannie Mae and Freddie Mac needed to complete a “robust reform package” before they expanded their mortgage portfolios.
The statement drew fire from many Democratic lawmakers on Capitol Hill.
Christopher J. Dodd, the chairman of the Senate Banking Committee, called upon President Bush to “
immediately reconsider his ill-advised” position as problems in the housing market worsen.
In an interview yesterday, Barney Frank, the chairman of the House Financial Services Committee, said that the president’s comments were
“inane.”“Tell the Republicans to stop blocking the bill,” Mr. Frank said. If the president “is saying that ‘I don’t want to support any increase until we pass the reforms,’ then you pass the bill and the bill takes care of that.”
Mr. Frank, like many Democrats, argued that increasing Fannie Mae’s mortgage portfolio was important because the government-sponsored enterprises could provide both liquidity to the market and were more willing to work out problem loans.
http://www.nytimes.com/2007/08/11/business/11fannie.html?_r=0