Tuesday, October 21, 2008

How convenient

Henry Waxman will hold House hearings on Fannie Mae and Freddie Mac, but will wait until after the election to do it.
House Oversight and Government Reform Chairman Henry Waxman (D-Calif.) Monday announced that he will hold a hearing into the collapse of the mortgage giants on Nov. 20, and plans to call several of the firms’ ex-CEOs, including Fannie Mae's Franklin Raines.

Republicans view the two companies as Democrats’ political Achilles heel amid a financial meltdown that has led to calls for more regulation of the financial sector. The GOP dubbed the companies the “toxic twins” and launched a campaign to discredit Waxman’s series of investigative hearings into corporate misdeeds by complaining he was ignoring “Fannie and Freddie.”
Of course, Waxman has been willing to hold all sorts of hearings and bring in CEOx to excoriate them over their behavior. But when it comes to getting to the root of the problem, he'll postpone any hearings because he knows that the Democrats blocked any reform. Representative Mica has it just right
“We’re sort of splashing around in the wading pool when we should be looking into the cesspool,” Rep. John Mica (R-Fla.) said as the Waxman hearings began.