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29 September 2008
The changes they fought for could save us billions.
House Republicans, meanwhile, fought hard for — and won — a provision that would establish a program whereby banks could buy government insurance to back the principal and interest on certain troubled assets, rather than selling them outright. They argued this was a better deal for taxpayers, and would reduce the overall cost of the rescue package.
Why? Because the government is historically a really bad assessor of risk, given the ready and open access to vast amounts of taxpayer money there has and is little reason to get better.
Whereas insurers typically are better because it’s their job on the line. The insurers will assess risk on the loans and assign premiums, incidentally if there is competition to provide the insurance, this should be a good third party assessment just how bad the crisis really is.
(Yes I know Credit Debt Swaps are what got us in to this mess, but unlike CDS’s this process will be transparent.)
And insurance is cheaper than buying the liability outright.
What McCain did for you was give the House Republicans some added muscle.
What Obama did for you? He was part of the problem along with Barney Frank and Chris Dodd and Chris Cox.
Top Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008
1. Dodd, Christopher J, D-Iowa
2. Kerry, John, D-MA
3. Obama, Barack, D-IL
4. Clinton, Hillary, D-NY
Yup that’s change we can believe in.
.
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