Yes Sir ! And who are Head CheerLeaders to eliminate F&F ? The Banks and Congressional Members in thier pockets !
"The facts don't support the argument that Fannie and Freddie caused the financial crisis". The Facts do support this. The Real Cause for the Financial Crisis:
The GRAMM-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act of 1999, Pub.L. 106-102, 113 Stat. 1338, enacted November 12, 1999, is an Act of the United States Congress which repealed part of the Glass-Steagall Act of 1933, opening up competition among banks, securities companies and insurance companies.
This Glass-Steagall Act prevented a bank from offering investment, commercial banking, and insurance services under one roof. When you combine these three there is too much temptation for GREED to infiltrate those services and
History had proven this to be An Absolute Fact... Twice.
Senator Phil Gramm, As Chairman of the SENATE BANKING COMMITTEE, Constructed and passed deregulatory legislation in 1999 that ABOLISHED SAFEGAURDS ESTABISHED BY The Glass-Steagall Act of 1933... those put in place to prevent another world economic crises like the "THE GREAT DEPRESSION" from ever happening again.
PHIL Gramm's legislation Eliminated the 'Depression era', PREMIER BANKING REGUALTION THAT SEPARATED COMMERCIAL BANKING FROM INVESTMENT BANKING
PHIL GRAMM ALSO WROTE LEGISLATION THAT DEREGULATED ENERGY COMMODITY TRADING.
***REMEMBER ENRON AND THE ROLLING BLACKOUTS IN CALIFORNIA....
***PHIL GRAMM'S WIFE, WENDY GRAMM, WAS ON THE BOARD OF DIRECTORS OF ENRON
The blame for the Fiancial Crisis rests with four people and 2 groups, imo.
(1)Senator Phil Gramm (R-Texas), Chairman of the Senate Banking Committee
(2)House Rep. Jim Leach (R-Iowa)
(3)Rep. Thomas J. Bliley, Jr. (R-Virginia), Chairman of the House Commerce Committee
(4)President Bill Clinton who signed into law The Gramm-Leach-Bliley Act which allowed commercial banks, investment banks, securities firms and insurance companies to consolidate.
(5)Every Congressman & Senator who voted in favor of the Gramm-Leach-Bliley Financial Services Modernization Act of 1999
When Phil Gramm left the senate he became the VP of Financial Services for Swiss Bank Giant {UBS}.
Lobbying disclosure forms, filed by {UBS}, lists PHIL GRAMM, as a lobbyist dealing with legislation regarding the MORTGAGE INDUSTRY.
*** Phil Gramm was paid in excess of $2M for this service.
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