Tuesday, September 16, 2008

"9% approval rating for Congress is too high"

...from a comment on Hotair.com where Ed explains (and many before and after him have also explained ad nauseum) that CONGRESS used Fannie Mae and Freddie Mac as part of a grand social experiment where they tried to prove that people who were not repaying very small loans (they had BAD credt!!) could be trusted to repay very large loans.

”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.”