House Republicans defend deregulation

[babylonsister]

House Republicans defend deregulation
By Jim Snyder
Posted: 10/05/08 05:38 PM


House Republicans defended "deregulation" in advance of House Oversight and Government Reform hearings designed to assign blame for the financial market crisis that prompted Congress to pass a $700 billion rescue plan last week.

"In the midst of the most serious financial crisis in a generation, some claim that deregulation is entirely to blame," states the report, which was written by Republican staff on the oversight committee.

"This is simply not true and more importantly serves to grossly oversimplify a problem whose roots run deep and involve myriad actors and issues."

The report instead points a finger at a few large institutions, in particular Fannie Mae and Freddie Mac. These mortgage giants, with portfolios that skyrocketed in value between 1990 and 2005, were a "central cancer of the mortgage market, which has now metastasized into the current financial crisis," the report states.

Had Fannie and Freddie been restructured after the Office of Federal Housing Enterprise Oversight reported on their fraudulent accounting activities, "we would likely not be in the crisis we have today," the report states.

more...

http://thehill.com/leading-the-news/house-republicans-defend-deregulation-2008-10-05.html

[VP505]

1. Did anyone expect anything less from

the Reptilians, its NEVER anything they have done that's at fault. Distract, deflect and blame everyone else, they are experts at at. Without control of everything that might just be a tad bit difficult for them this time around, nobody chairing committees to hide stuff.

[babylonsister]

2. I just find their hubris, after the meltdown/bailout, unreal. Yep, they

are great at finger-pointing, really lousy at taking responsibility, just like their fearful leader.

[spanone]

3. they take blame for NOTHING...fuggem