Peter Yost a writer for the Associated Press had written an important article on the lobbying efforts regarding Freddie Mac and Fannie Mae. http://news.yahoo.com/s/ap/20081020/ap_on_bi_ge/the_influence_game_housing . The article reports that in 2005 some Republicans believed that if Fannie and Freddie were not curtailed from their financial lending practices the consequences to the nation could be severe. Here, quoting , R-Tenn., .
“If effective regulatory reform legislation … is not enacted this year, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system and the economy as a whole,” the senators wrote in a letter that proved prescient.
The article demonstrates how DCI an apparently Reupblican lobbying firm was hired by Fannie and Freddy to change the votes of several reupblicans thus undermining good faith efforts to protect Americans. By targeting several elected officals to prevent a vote on legislation that would have limited Freddie and Fannie on the theme ” it will break the housing boom” ,
If true, the reports are true it shows that many lobbyist are defacto viruses, whic have caused America to become sick.
Most folks know that the current economic crisis largely stems from and housing bubble. http://www.housingbubblebust.com/This bubble http://en.wikipedia.org/wiki/United_States_housing_bubble was caused from a perfect storm which included, low interest rates, no money down mortgages, adjustable rate mortgages, ruthless and unethical realtors, bankers, appraisers, attorneys and home inspectors, all who often worked in sync instead of for the purchaser’s best interest.
Some of their conduct and ability to sell “all for one and houses for all ” were the legislative efforts to increase housing event to Americans despite their past credit history and or ecnomic and employment ability to pay for the mortgage.
It appears Freddie and Fannie by retaining and having DCI http://www.dcigroup.com/ steathly deploy their viral ” kill the bill” pill they in fact crippled the nation. Or at a minimum undermined the nationa debate and the intent of our constitution to have a ” bicameral” systmem of government.
Most folks play by the rules. However the major problem facing the nation is that financial folks, elected folks, banking guys and gals and lobbyists’s at the state and federal level are crippling this nation. They act with unbridled greed, self intrest above the national good are narcassistic and are totally partisan. They ” place their subjective “ends” to justify their ” what ever means necessary” even if it means associating with their sworn enemies.
Can President Obama , end this mess. Will a supermajority of Democrats be able to realize the toxic envornment in Washington is caused by ” greed” and by subordinating the electorate. We shall see.