It also makes Nancy Pelosi look like a cartoonish liar when she said the Democrats had nothing to do with this crisis, one which now threatens overseas banks (maybe that's why they wanted to protect them, too?).
McCain and the GOP did exactly the correct thing by delaying a quick passage, allowing time for the history books to swing open while also stopping a funding scheme that would have rewarded the very Democrat shill groups that contributed to the problem. Here's to bi-partisanship!
From the Village Voice, last month:
While fashioning these final rules, Cuomo wrestled with the octopus-like reach of Fannie and Freddie, which spend tens of millions each year on lobbying firms. The GSEs hired 88 lobbying firms over six years, three of which were friendly enough with Cuomo to give to his campaign committee later.Ironically (or not) Cuomo was just mentioned by McCain as somebody he could see as SEC Chairman. Good Lord.
Just a look at the New Yorkers tied to the GSEs must have impressed Cuomo, who, after all, would soon return to New York politics. Harold Ickes, the former Clinton chief of staff and a Democratic power broker in this state, was on the Freddie board. Tom Downey, the former New York congressman who would later donate $21,894 to Cuomo, was a Fannie lobbyist. And Al D'Amato, the former banking committee chair who'd shepherded Cuomo's appointment through the Republican Senate, was a Fannie consultant.