Wednesday, May 12, 2010

Dear Sen. Patty Murray

Yesterday, Senator, you voted against reform. You voted against cleaning up our financial mess. You voted for crony capitalism.

Yet The Wall Street Journal reports that no Democratic senators were to be seen as Sen. Chris Dodd (D-CT) led the debate against Sen. John McCain's amendment to reform Fannie Mae and Freddie Mac, the bankrupt government mortgage twins. And only two Democratic senators, Feingold and Bayh, voted for reform.

And yet you are running for reelection to the US Senate this fall? Are you serious?

Maybe your staff hasn't quite brought you up to speed on this. The primary cause of the financial meltdown in Fall 2008 was the flood of mortgage debt--about $5.5 trillion in all--sluiced into the credit markets by the the two Government Sponsored Enterprises. All the CDOs and CDSs and other Wall Street shenanigans that you tribunes of the people railed against were merely dodges to hide the government-created mess of liar loans and dress them up for fixed-income pension funds.

If there is one thing the nation needs to do, before health care, before stimulus, before green energy, before fixing education, it is to put the Fannie Freddie era behind us and bring sanity back to the nation's mortgage finance.

On Tuesday you refused to do that, voting to kick the can down the road.

And that tells the voters of Washington State all they need to know about your fitness to serve another six years in the United States Senate.

No comments:

Post a Comment