Fox's straight news reaction to financial reform proposal: bash Dodd & Frank, fearmonger about czars

... and this idea is a bad idea because...?

And should Bolling be playing fantasy baseball?

The democrats won the election and have the right to do what needs to be done, just like Bush 43 did, under the Cheney tutolage, did what he wanted. Keep on Hyperventilating !

Of course the Republicans are worried - the very thought that there will be new players reviewing fund requests for F-Mac & F-Mae money sends chills down their spine. They are also concerned that Banks will have to be more accountable for FDIC accounts since the limits have been raised to keep private account holders from withdrawing their money. The old slap on the back politics of days past are grinding to a halt.

It's too bad that one can't get good information from Fox. The FDIC does not regulate banks. It insures the deposits. There is a difference. The FDIC does not tell banks how to do business.

Fox would also make you think that the mortgage crisis was caused by congressional mandates to FNMA and FHLMC (Freddie MAC) to fund mortgages for those that could not afford them (i.e. BIG government waste...)

In fact, FNMA and FHLMC have funded mortgages to the nation's middle class for over 50 years. They were created by Congress many decades ago for that very purpose: to ensure a supply of mortgage money to mortgage lenders.

In the early 90's Wall Street firms started to aggresively fund mortgages on a scale much greater than they had done in the past (when they had only been involved with GNMA securities). This new agressiveness led directly to the creation of sub-prime mortgages, and to their phenominal growth. Basically, Wall Street was willing to fund loans to anyone, so long as the rate (yield) could be matched to the risk. There was no risk too bad, since the collateral was real estate, which was always re-coverable by foreclosure. For the first time in the country's history, anyone could get a mortgage, no matter what theie financial negatives. High rates of failure and foreclosure were to be expected, but the bubble burst when the collateral (the homes) became worth LESS than the loan amount. Mortgage loan portfolios that were heavily into these types of loans, became seriously upside down. Companies that were too heavy into these loans became insolvent. The house of cards tumbled.

FNMA and FHLMC's troubles stem from 1) being in the mortgage business at this time 2) making a few sub-prime loans, in order to keep involved in the market and 3) CEO malfeasance.

It is not because Barney Frank and Chris Dodd forced these two organizations to make bad loans.

Fox News often intentially disports the news. In this case, they simply don;t know... but blindly and innocently repeat incorrect "tru-isms" anyway. I'm not sure which is worse.

Has the repugs not drooled over the dissolution of the Fed since its creation. MORE REGULATION??????????????

When did we just get to regulation that we are now at more regulation?

Dodd is untrustworthy- i dont trust him. But i will look to sanders and Anthony weiner in the house to take my cue as to what regulation will work for this country. Dodd has lost my support but if sanders jumps on this legislation, I will too. I would look to franken as well.

They cant seem to stop blaming Frank - its so ridiculous it border on ludicrous because he took over the committee they are speaking of not even a year before the collapse. This was already years and decades in the making. Frank actually DID know something was wrong and worked fast to pass two of the first pieces of regulation that we had in about a decade or more. Frank even said that the two were NOT in good shape and to NOT invest in them.

These talking points are old and tiring - it has been shown that only about 10 percent of all subprime mortgages termed toxic assets could be attributed to fannie or freddie.

I ELECT VOLCKER FOR THE JOB TO RUN THIS THING if this bill stands the test of republican opposition. Volcker is brilliant, qualified and should have a bigger role if he would take one. I want him to replace geitner but you cant always get what you want.

its hard to take someone seriously when they are the host of a program called "happy hour".