July 21, 2010
A Free Pass for Fannie and Freddie
Last Thursday the Obama Administration’s broad sweeping financial reform legislation edged past its final hurdle when the Senate approved the measure by a vote of 60-39.
The Consumer Protection and Regulatory Enhancement Act (H.R. 3310) is now on its way to the White House and awaits the gleeful left-handed signature of President Barack Obama.
The bill, touted by several news accounts as “ushering in the broadest overhaul of financial regulation since the Great Depression,” received almost complete opposition from Republicans who voted 38-3 against it. Democrats supported it by a vote of 57-1.
In May, The New York Times quoted Mr. Obama as saying: “The recession we’re emerging from was primarily caused by a lack of responsibility and accountability from Wall Street to Washington. That’s why I made passage of Wall Street reform one of my top priorities as president, so that a crisis like this does not happen again.”
I’m glad to hear the president report that the recession is about to be over... http://www.thetentacle.com/ShowArticle.cfm?mydocid=3874
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