I think the committee hearing is extremely important, perhaps I see it being more important than other members because members have to make decisions about what they’re going to do. I think that the housing crisis has created the economic cataclysm that we are hearing about. This may very well have been the place for us to concentrate our questions, because what’s to say that even with the new structure that we can’t have another problem? Many of the banks are complaining to us about the preferred stock issues. I think that is extremely important.

I am, however, slightly disappointed. I did not expect Federal Housing Finance Agency Director Lockhart to answer the question about the bankruptcy provision that many of us would like to see in the final legislation that we vote on. I think that Fannie and Freddie would have an opinion on that because they are they involved in that issue more than any other agency in the world, on the planet, in the galaxy. But I understand he’s not going to answer the question.

As a result we’re going to be having some people who may not vote for this final package, and it looks like the Republican study group is not going to vote for it and then the progressive Democrats are not going to vote for it, I don’t know if it’s going to make it. Newt Gingrich is saying not to vote for it. This is a very tense moment in these halls, and I’ve heard from old timers that they’ve never seen it this tense before

This entry was posted on Friday, September 26th, 2008 at 9:47 am and is filed under Politics, Economy/Budget .