Removing doubt and decision one issue at a time.

Here we go again, another bailout by the taxpayers. What is it with these people? Now I’m sure most of us have not graduated from some fancy schmancy business school, or have been in the world of high finance for years and yet I can bet that the vast majority of us would have never made the out right dumb mistakes these idiots have made. Oops, did I call them idiots? Let me rephrase that, foxy, shrewd, greed-mongers. You have noticed I’m sure that the CEOs and CFOs all have their golden parachutes deployed. Many have asked the candidates and the government why something hadn’t been done to avoid such a calamitous situation. I believe the present administration tried but got nowhere with the congress. As a matter of fact one person tried very hard to avert just such a devastating occurrence. What follows is a summery of that act :

Federal Housing Enterprise Regulatory Reform Act of 2005 1/26/2005 Congressional Research ServiceFederal Housing Enterprise Regulatory Reform Act of 2005Bill Summary1/26/2005--Introduced. Federal Housing Enterprise Regulatory Reform Act of 2005 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish: (1) in lieu of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency which shall have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (2) the Federal Housing Enterprise Board. Sets forth operating, administrative, and regulatory provisions of the Agency, including provisions respecting: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; (7) golden parachutes; and (8) reporting. Amends the Federal Home Loan Bank Act to establish the Federal Home Loan Bank Finance Corporation. Transfers the functions of the Office of Finance of the Federal Home Loan Banks to such Corporation. Excludes the Federal Home Loan Banks from certain securities reporting requirements. Abolishes the Federal Housing Finance Board.

Had the congress passed this reform act we would quite probably not be in the mess we are in today. After the Enron disaster some forward thinking legislators put together what they considered to be a measure to avert such debacles from occurring again.
The person who put the act forward was John McCain. Of course he is not without fault either.
He was among the legislators to vote for deregulation which some argue lead to this problem.
The bottom line is that on both sides of the isle and through many administrations things have been let go and overlooked. It is time for someone to step up to the plate and take care of business for the people of this country.
As I said in the title removing doubt one issue at a time. From the housing bubble deflation to the latest AIG loan we need the leadership that is willing and has a record of going against the establishment and getting the job done. That my friends I will leave up to you to decide, however, decide by deed and not by rhetoric and your choice will be clear.