Re: Thoughts & Commentary on the Obama Administration
That Westin editorial stirred things up quite a bit. My brother, for example, is a straight-up liberal Democrat, and he's been moping around about President 44 lately, which I think is terribly short-sighted. I kinda like Fareed Zakaria's response:
Maybe Obama understands that with a budget deficit of 10% of GDP, the second highest in the industrialized world, and a debt that will rise to almost 100% of GDP in a few years, we cannot cavalierly spend another few trillion dollars hoping that will jump-start the economy. Perhaps he believes that while banks need better regulations, America also needs a vibrant banking system, and that in a globalized economy, constraining American banks will only ensure that the world’s largest global financial institutions will be British, German, Swiss and Chinese. He might understand that Larry Summers and Tim Geithner are smart people who, in long careers in public service, got some things wrong but also got many things right. Perhaps he understands that getting entitlement costs under control is in fact a crucial part of stabilizing our fiscal situation, and that you do need both tax increases and spending cuts—cuts that are smaller than they appear because they all start with the 2010 budget, which was boosted by the stimulus. Is all this dangerous weakness, incoherence and appeasement, or is it common sense?
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Re: Thoughts & Commentary on the Obama Administration
I think my head might have exploded. Obama said something that I completely agree with....
Quote:
That begins with winding down the companies known as Fannie Mae and Freddie Mac. For too long, these companies were allowed to make big profits buying mortgages, knowing that if their bets went bad, taxpayers would be left holding the bag. It was “heads we win, tails you lose.” And it was wrong.
The good news is that there’s a bipartisan group of Senators working to end Fannie and Freddie as we know them. I support these kinds of efforts, and today I want to lay out four core principles for what I believe this reform should look like.
First, private capital should take a bigger role in the mortgage market. I know that must sound confusing to the folks who call me a raging socialist every day. But just like the health care law that set clear rules for insurance companies to protect consumers and make it more affordable for millions to buy coverage on the private market, I believe that while our housing system must have a limited government role, private lending should be the backbone of the housing market, including community-based lenders who view their borrowers not as a number, but as a neighbor.
Second, no more leaving taxpayers on the hook for irresponsibility or bad decisions. We encourage the pursuit of profit – but the era of expecting a bailout after your pursuit of profit puts the whole country at risk is over.
Sure, it'll probably have caveats or other conditions that will ruin it for me.... but I'll just enjoy the moment.
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