As stated by Senator Christopher Dodd last week, "Nothing concentrates the mind like a death sentence."
It appears that some may have their financial death sentences commuted later this week, as the combined foreclosure rescue and Fannie-Freddie rescue bill comes up for a vote. The bill has the support of the aforementioned Senate Banking Committee Chair Senator Dodd, as well as House Banking Committee Financial Services Committee Chair Barney Frank, and Treasury Secretary Henry Paulson.
The President's threatened veto of the housing bill, because of nearly $4 billion in funds to assist local governments in buying and fixing foreclosed properties, now rings hollow because of the attachment of the Fannie-Freddie rescue. Yes, it seems that politics really does make for strange bedfellows, as Congressional Democrats find themselves defending the Republican Administration. Meanwhile, Congressional Republicans (long time opponents of Fannie and Freddie) have to balance their disdain for the bill against keeping their constituents happy. This bill may become very hard to vote against between now and Wednesday, especially for those in Congress seeking re-election in November.
Too funny! It's damned if you do, damned if you don't. And a 9% approval rating.
I need to read a lot more on this, is this with taxpayers footing the bill?