Friday 19SEP08

45 days to go..... so anyway, the Palin e-mail hacker has been found. I'm sure you'll be surprised to learn that he's a democrat: The son of state Rep. Mike Kernell has been contacted by authorities in connection with a probe into the hacking of personal e-mail of vice presidential candidate Sarah Palin, Kernell told The Tennessean.....Kernell, a Memphis Democrat, said his 20-year-old son David had been contacted by authorities investigating the hacking of Palin's personal e-mail account, the newspaper reported on its Web site this afternoon. The AP reporter who broke the story says that this whole thing is Governor Palin's fault. Investors Business Daily has the background on the mortgage meltdown that precipitated this week's Wall Street issues: But it was the Clinton administration, obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street's most revered institutions. The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but "predatory." Ragin' Dave sums it up (and thanks to Dave for the IBD link above): Never let a lawyer meddle with the economy. And never let a Leftist anywhere near the levers of government. The results end up hurting everyone except for the rat-bastard commies who caused the problems in the first place. Because they make damn sure they got theirs, and screw everybody else. You are correct, Sir! SGT! I really wish someone would have thought of this sooner: The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago. Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry. The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios..... Wait a minute, they did. This is from 2003.

....Significant details must still be worked out before Congress can approve a bill. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing. ''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

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