Speaking of Sen. DeMint — which I just did — I meant to say something last week about his proposal that, now that we’re bailing them out, it’s a good time to ban Fannie Mae and Freddie Mac from "lobbying and political activities."
I may not understand why we’re bailing out Bear Stearns, but I sorta kinda understand it with Fannie and Freddie, them being quasi-governmental. But if they ARE quasi-governmental, they shouldn’t enjoy the lobbying privileges of the private sector. As I’ve often said in the past about state agencies, taxpayers should not have to pay for gummint entities to lobby the gummint.
The advisability of what DeMint is recommending is underlined by a lengthy lament from the WSJ‘s editorial page editor today, about the network of influence Fannie already enjoys (including, interestingly according to him, Paul Krugman).
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Fannie and Fred’s lobbying and other political activities are corrupting but will not be stopped because politicians benefit directly not only from fundraisers, but also from the glad tidings F&F spread throughout districts when a pol supports them. How can one be against F&F? Getting labeled as being against affordable housing would kill most political careers.
The folks the Dems pretend to hate, the wealthy Wall-Streeters, benefit from a fee-stream that requires no work and serve as the source of political contributions back to the politicians, especially on the left. Investment bankers are capitalists but don’t care too much for competitive markets. The chicks are probably free too…
It will be easier to get Dems to allow drilling on the continental shelf than to rein in F&F. There’s just too much money and too many great jobs for loyal Dems there.
As for the rest of us in the real world, we got to move these microwave ovens.
NOT! I meant to say “taxpayers should NOT have to pay for governmental entities to lobby the gummint.”
I’ll run back and fix that right this second…
These two giants are just more government that does not work.
The crisis at hand is not political nor philosophical… not Obama vs. McCain…as neither of them is interested in efficient government. What difference does it make who wins if neither can have their willed implemented!
In instance after instance, our government cannot hold up to any scrutiny. When will the public realize that the pundits and pols don’t give a rip about government…they just enjoy the game. The really important thing is to have an efficient and honorable GOVERNMENT that can implement the will of the people…and that we do not have.
Former Clintonites Jamie Gorelick and Louis Freeh are among the board member of these two latest scandals. Anyone surprised?
Democrats have been grandstanding with phony cries for investigation into “oil speculators”, knowing there will be no tightening of regulation. The restrictions imposed under Reagan were removed by Democrats under Clinton.
Oil future trading is dominated by the Commodities Exchange in Chicago. Dick Durbin chairs the committee which controls the regulation, and he protects them. Also protecting this money machine are Barak Obama and Rom Emmanuel. They know which side the lobbyists butter their bread.
On Wednesday the St. Petersburg Times published McCain’s thoughts on Fannie and Fred entitled “Take taxpayers off hook for rot at Fannie, Freddie.” NRO’s Larry Kudlow likes it.
I like it too.
Senior executives including Jamie Gorelick and Louis Freeh, formerly of the Bill Clinton gang.
Dick Armey gives kudos to DeMint [and Jim Bunning (R., Ky.)] for spearheading opposition to the bill in today’s Wall Street Journal. He thinks that the Freddie / Fannie scandal is a perfect opportunity that most Republicans seem to be missing and one that Bush could use to help his party. He laments Bush’s surrender on the veto threat, noting that the House passed the bill over a veto-sustaining “No” vote from Republicans.
However it happens and whomever it benefits, I want to see the bailout killed and F&F fixed before these twins cause further economic havoc.