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These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.
--
The New York Times (11 September 2003)

 

Barney Frank

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Ironically, by transferring the risk of a widespread mortgage default, the government increases the likelihood of a painful crash in the housing market. This is because the special privileges granted to Fannie and Freddie have distorted the housing market by allowing them to attract capital they could not attract under pure market conditions. As a result, capital is diverted from its most productive use into housing. This reduces the efficacy of the entire market and thus reduces the standard of living of all Americans. Despite the long-term damage to the economy inflicted by the government’s interference in the housing market, the government’s policy of diverting capital to other uses creates a short-term boom in housing. Like all artificially-created bubbles, the boom in housing prices cannot last forever. When housing prices fall, homeowners will experience difficulty as their equity is wiped out. Furthermore, the holders of the mortgage debt will also have a loss. These losses will be greater than they would have otherwise been had government policy not actively encouraged over-investment in housing.

 

Ron Paul

 

Existing regulators had all the powers they needed, and more, and they failed miserably to foresee and prevent this crisis. Chris Dodd is now asking us to put all our eggs in one basket and trust a "super regulatory agency." He should know better than to centralize power in the hands of Washington bureaucrats - it's precisely the arrangement that caused our current problems. I think most Connecticut voters know that we need fewer czars in Washington, not more. As long as Fannie and Freddie and Congress are meddling with the economy, changing the structure of the regulators is basically rearranging deck chairs on the Titanic.

 

Peter Schiff

 

Peralta has a strong record of advocating for working families in the [Assembly]. Working families can count on him to be a leader in the fight for good jobs, affordable housing and an affordable state.

 

Jose Peralta

 

In the last few decades, it has become increasingly clear that humanity is facing a crisis of unprecedented proportions. Modern science has developed effective measures that could solve most of the urgent problems in today's world--combat the majority of diseases, eliminate hunger and poverty, reduce the amount of industrial waste, and replace destructive fossil fuels by renewable sources of clean energy.
The problems that stand in the way are not of economical or technological nature. The deepest sources of the global crisis lie inside the human personality and reflect the level of consciousness evolution of our species.

 

Stanislav Grof

 

So when you go up against the Far Right you go up against the big financial special interests like the Halliburtons of the world, the big oil companies, the big energy companies who work so hard to rip us off.

 

Barbara Boxer