Q: http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63 EXCERPT: The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago. Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry. The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios. The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.
A: This crisis was caused by years of poor and irresponsible monetary policy that happened to surface during the years of Bush's Presidency... We need to eliminate the Federal Reserve and get back to the Constitution. It is the market, not the Government, which should control the value of money. Corporations that go under due to poor decision making and over speculation should have to pay those consequences... it is unfortunate that you and I will have to suffer along with them, but maybe the people of this nation need to be woken up from their debt ridden slumber...
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