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September 22, 2008
Quote of the Day – Monday September 22
”Basically the socialists forced the private sector to behave in ways the private sector didn’t want to behave but was forced to behave under threat of law. And that is to give loans to people who are bad risks. And then the two government-run, in essence, companies, Fannie Mae and Freddie Mac, when the Bush Administration said in ’03 look, we’ve got a problem here – they don’t have enough capital; they’re running wild over there; we don’t have enough oversight and auditing activity; we want to break out that activity and make it independent so they can oversee it, force them to capitalize against their loans better – they were blocked.”
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