wise?
Yes, Greenspan could have raised interest rates. He liked to make his presidents look good and did so for both Clinton and Bush. Even with higher interest rates, the CRA required Freddie and Fannie to make loans available to minorities who couldn't afford them. But yes, it might have at least caused these people requesting loans to rethink if that was wise.
This was not only unwise but just plain stupid, it put the whole system at risk. We should have learned from Johnsons subsidized housing fiasco. Democrats, especially Dodd will have to take a lot of blame for ignoring that. Dodd got a lot of money from fanny/freddy because he was in charge of the committee overseeing them.
It is very apparent that until we prevent Congressmen from being bribed by special interests the public will continue to get screwed and the economy will be at risk. The airwaves belong to the public why cant we require the TV stations to provide free air time for politicians? this would dramatically reduce the need for vast amounts of campaign money to get elected. The billion dollars spent by Obama is obscene something must be done to restore credibility to government.
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06-07-2009
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