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President and the Congress

October 23rd, 2008

A quote I find interesting from John Steele Gordon.

“In the 1990s interstate banking was finally allowed, creating nationwide banks of unprecedented size. But Congress’s attempt to force banks to make home loans to people who had limited creditworthiness, while encouraging Fannie Mae and Freddie Mac to take these dubious loans off their hands so that the banks could make still more of them, created another crisis in the banking system that is now playing out.”

Full article http://online.wsj.com/article/SB122360636585322023.html

I’m just not sure I’m willing to buy the idea that the President holds anything like absolute power over either legislative body – House or the Senate.

It reminds me of an old saying – trying to herd cats…

Filed under: Politics

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