Didn't Have a Clue

2008-10-29 04:11:00

Representatives who didn't have a clue about the coming economical meltdown:

"'What They Said About Fan and Fred'

"House Financial Services Committee hearing, Sept 10, 2003 Barney Franks (D., Mass):

"'I worry, frankly, that there's a tension here. The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the Treasury, which I do not see. I think we see entities that are fundamentally sound financially and withstand some of the disaster scenarios.'

"Rep Maxine Waters (D. Calif) speaking to Housing and Urban Development Secretary Mel. Martinez:

"'Secretary Martinez, if it ain"t broke, why do you want to fix it? Have the GSE"s ever missed their housing goals?'

"House Financial Services Committee hearing, Sept. 25, 2003: Rep Barney Franks:

"'I do think I do not want the same kind of focus on safety and soundness that we have in OCC and OTS. I want to roll the dice a little bit more in this situation towards subsidized housing.'

"House Financial Services Committee hearing Sept 25, 2003: Rep Gregory Meeks, (D, N.Y.):

"'I am just pissed off at OFHEO (Office of Federal Housing Enterprise Oversight) because if it wasn't for you I don't think that we would be here in the first place.'"

(Wall Street Journal, Thur, Oct 2, 2008, Pg A19)