Tuesday, May 25, 2010

Wall Street Bailout Bill-Financial Reform - #1777 - Video: Sen. Judd Gregg: Financial Reform Bill is a Disaster - 'Massive Expansion of Social Justice' - CNBC

Sen. Judd Gregg (R-NH) - Financial Reform is a Disaster - CNBC - Senator states this Bill is a Massive Expansion of Social Justice - The financial regulatory bill is a “disaster,” and its proposed consumer protection agency would create a Fannie and Freddie “on steroids,” Sen. Judd Gregg, R-N.H. told CNBC on Monday. “The bill is a disaster because it doesn’t address the fundamental underlining causes of the economic issue, which were real estate and underwriting,” he said. “This bill became, ‘I want to score the most points against Wall Street.’ Most of the initiative of this bill wasn’t directed at solving the problem, but it was directed at scoring political points.” Gregg, who sits on the Senate banking, budget and appropriations committees proposed underwriting standards along with Sen. Bob Corker, R-Tenn., yet they were not included in the final bill, he said. Read more......  If you really want to understand what will happen once this bill is reconciled with the House Bill that has already passed as well, listen to this video and read this article.  If you also want to understand how Fannie and Freddie are not regulated under this bill and how this will impact all of us listen to the video and read the article.  The Housing crisis was started by Democrats in Congress forcing banks to lend mortgage money to those with poor credit and who could not attempt to qualify under current banking regulations.  For those who thought these practices would be discontinued after the housing crisis we are now in, we now have 'SOCIAL JUSTICE" in play, with Congress still dictating to Banks and lending institutions who can qualify for mortgages and loans regardless of the ability to pay them back.

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