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Congress remains at the center of the financial meltdown
Posted by: McQ on Thursday, October 30, 2008

While Congress continues to relentlessly attempt to put the blame for the financial meltdown on Wall Street and "deregulation", and lost in the hype of a presidential election, the truth of the matter continues to dribble out:
Former Fannie Mae Chief Executive Daniel Mudd wished he said "no" to more of the things the company was asked to do, he told the Wall Street Journal in an interview. "We were asked — or required — to expand lending, to conserve capital while providing liquidity, to meet housing goals for the underserved, to serve shareholders and homeowners alike," Mudd told the paper.

"I should have gone to the government and gotten a clear answer to the question: What do you want — more capital or more lending?" Mudd said.
Carefully note that line - "I should have gone to the government and gotten a clear answer..."

Notice he didn't say "I should have gone to Wall Street". Or anyplace else.

The things Fannie Mae was "asked or required" to do were directed by government, i.e., Congress.

Remember that when they try to exclusively blame deregulation and Wall Street for the fiasco.
 
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Previous Comments to this Post 

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See this article for more of the mess Congress has made. These people are the primary issue in my humble opinion.
 
Written By: meagain
URL: http://
Vindication.
This is what I’ve been pointing to since day one of this nonsense.
 
Written By: Bithead
URL: http://bitsblog.florack.us
Nah, all Barney Frank will do if pressed will say this guy is gay bashing.

That’s his latest answer in a continuing string of "not my fault" answers.
 
Written By: looker
URL: http://

 
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