When the dust from the financial fallout settles, will we be entertained by hours of finger wagging and political jawboning on C-SPAN by Monday morning quarterbacking senators and representatives looking for political face time? Maybe not.
Why? Because, in actuality, those who are charged with conducting such hearings would be pointing the fingers at themselves. Who is more to blame than Sen. Chris Dodd, D-Conn., chairman of the Senate Banking, Housing, and Urban Affairs Committee, and Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee? Instead of anticipating problems in the financial system and correcting them in advance, the politicians have largely been reactive to a train wreck that was foreseen by many; they have been fanning the flames of financial disaster at Fannie Mae and Freddie Mac by loosening the reins (higher loan limits, etc.) instead of tightening them.
All this is being done for political gain as we, the taxpayers, have provided them with a blank check to do as they wish. The federal government is failing the hardworking citizens of this nation by spending us into oblivion. Brace yourself for the inflationary impact to follow.
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