They currently do.
So the Republicans control Congress now?
The last time I checked, Pelosi (D-CA) was Speaker of the House (and 3rd in sucession to the Presidency), and Harry Reid was the Senate Majority leader...
Did I miss something during the last election?
If you're going to maintain your credibility in your comments, you might start inserting a bit of political objectivity. Imo, there is more than enough blame to go around for the current real estate bubble:
Low-income housing advocates, most of whom are not Republicans...
The Federal Reserve, headed by a Republican nominee (Greenspan), which believed that securitizing mortgages for resale to the global investment community was sound as they believed derivatives would provide sufficient counter-party hedges.
The Treasury, under both Democratic and Republican administrations, which halted sales of 30 year T-Bills and created a tremendous market for 30 year mortgage backed alternatives.
And probably more importantly, foreign governments which, in order to manipulate their currencies and avoid repatriation of their profits, chose to provide the necessary capital that fueled the demand for these high-yield CMOs..
And of course, the mortgage and banking industry, which saw tremendous profit in originating loans and then selling them off their balance sheets to these willing investors.
What I consider a fairly balanced discussion of sub-prime origins:
foxbusiness.com
And now one of which I consider to be less objective:
prospect.org
Hawk |
