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Morning Bell: What's the Worst Part of This Bill?
Posted By Conn Carroll On June 24, 2008 @ 8:46 am In Ongoing Priorities | Comments Disabled
Today the Senate is scheduled to vote on the housing bailout bill that has been circulating on Capitol Hill for so long its title today is simply “a bill to provide needed housing reform and for other purposes .” When a bill’s title includes the phrase “and for other purposes,” you know the American taxpayer is about to get a raw deal. This bill is such terrible public policy in so many different ways that it’s hard to pick which one is the worst. But we’ll try.
The bill does have one saving grace: It does contain much needed reform for Freddie Mac and Fannie Mae . The near-monopoly power these government-sponsored entities have in the mortgage industry was a key cause of the housing bubble. But conservatives shouldn’t let Freddie and Fannie’s needed reform of be held hostage. They deserve their own standalone bill.
Article printed from The Foundry: Conservative Policy News Blog from The Heritage Foundation: http://blog.heritage.org
URL to article: http://blog.heritage.org/2008/06/24/morning-bell-what-is-the-worst-part-of-this-bill/
URLs in this post:
 a bill to provide needed housing reform and for other purposes: http://thomas.loc.gov/cgi-bin/bdquery/z?d110:HR03221:@@@T
 Bails out the banks most responsible for the current crisis: http://www.foundry.org/2008/05/12/morning-bell-the-wall-street-bailout-enhancement-act/
 Countrywide Financial: http://www.foundry.org/2008/06/13/the-countrywide-bailout-explained/
 Bank of America: http://www.foundry.org/2008/06/20/bank-of-america-drafted-dodd-bailout-bill/
 Increases the risk of an even bigger taxpayer-funded bailout: http://www.foundry.org/2008/05/06/morning-bell-why-is-congress-doubling-down-on-mortgage-mess/
 These loans default at almost three times the rate of other loans: http://www.nytimes.com/2008/04/09/business/09fha.html?scp=1&sq=rachel+swarns+&st=nyt
 Creates a special-interest slush fund: http://www.foundry.org/2008/05/28/morning-bell-slush-funds-for-reform-hostages/
 fraud: http://www.rottenacorn.com/activityMap.html
 deceit: http://wweek.com/editorial/2818/2532/
 intimidation: http://www.powerlineblog.com/archives/011255.php
 Creates a national fingerprint registry: http://www.foundry.org/2008/06/09/obama-among-supporters-of-national-fingerprint-registry/
 require thousands of individuals working even tangentially in the mortgage and real estate industries — and not suspected of anything — to send their prints to the feds: http://www.humanevents.com/article.php?id=26872
 Does nothing to actually help the economy: http://www.foundry.org/2008/05/05/why-is-congress-risking-billions-to-save-nothing/
 The Hill: http://thehill.com/leading-the-news/its-irrelevant-how-many-are-helped-frank-2008-04-01.html
 would aid only 500,000 households over the next four years: http://www.washingtonpost.com/wp-dyn/content/article/2008/05/02/AR2008050203731.html
 the plan would not be sweeping enough to restore the housing market or ailing economy: http://www.reuters.com/article/topNews/idUSN1138482820080411
 much needed reform for Freddie Mac and Fannie Mae: http://www.foundry.org/2008/05/21/morning-bell-holding-responsible-regulation-hostage/
 success in Basra, Mosul, Sadr City and now Amarah: http://www.usatoday.com/news/world/iraq/2008-06-23-iraqnews_N.htm
 sonar and dolphins: http://www.usatoday.com/news/washington/judicial/2008-06-23-court_N.htm
 released 97 online videos last year: http://www.washingtonpost.com/wp-dyn/content/article/2008/06/23/AR2008062302135.html
 forced to hide in the Dutch Embassy: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2008/06/20/international/i040924D09.DTL
 rejected a proposal for yet another power plant: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/06/24/BARQ11E5DH.DTL
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