Here’s Senator Judd Gregg on the Senate version of the financial reform bill:
“You’ll basically have a consumer protection agency which decides to go out and in the morning and say, ‘well everybody who’s XYZ should have a loan, even though the local community bank says XYZ shouldn’t have a loan, because if we give them a loan, we know they’re not going to pay back,’” he said. “It’s going to become an agency that defines lending on social justice purposes instead of safety and soundness purposes.”
Social engineering by Fannie and Freddie is what got us into this mess, and the Senate Democrats are saying, “More like that, please.”
They say there are only two sure ways to avoid a hangover. One, never drink. Two, never get sober. The Democrats are going for option number two — and we’ll get stuck with their bar tab.