Sunday, October 12, 2008

It's Time for New Leadership

What They Said About Fan and Fred in the October 2, 2000 Wall Street Journal takes quotes from 2003 to 2006 hearings to show that Sen. Thomas Carper, Rep. Barney Frank, Sen. Robert Bennett, Rep. Maxine Walters, Sen. Chris Dodd, and Sen. Charles Schumer supported the excessive risk Fannie Mae and Freddie Mac were taking.

For example, at the House Financial Services Committee hearing, Sept. 25, 2003,
Rep. Frank said, "I do think I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]. I want to roll the dice a little bit more in this situation towards subsidized housing. . . ."

Personally, I don't want Congress to be rolling the dice with taxpayer's money anymore. It's time for new leadership who will be stewards of the taxpayer's money, instead of using the funds to promote their own political agendas.

I've already committed to not voting for any major party candidate in the Congressional races. I'm now seriously considering not voting for either the Democrat or Republican candidates in the Presidential election.

For more on New Beginnings, check back every Sunday for a new segment.

This is not financial advice. Please consult a professional advisor.

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