Political Quotes

“Well, I don't think there is any question. I know the Senator from Arizona has been a reformer all of his life. What we find in this body is we end up having a corporate welfare system built around many of the things we do here. As much as I hate to say it, both sides of the aisle through time empowered this organization to be what it is. We have built an industry in our country around ensuring that the status quo stays in place. It is unfortunate. As the Senator from Arizona knows, as well or better than anybody in this body, the taxpayers are bearing the brunt of this. To me, it is way past time for us to deal with this. I know many people say, Well, in the height of the housing crisis, this is not the time. But the fact is, the way this bill is crafted-- and it sounds as though the amendment of the Senator from Arizona, which I remember supporting strongly--generally would have phased out Fannie Mae and Freddie Mac over a period of time. I think we have gone to tremendous extremes to phase this out in a way that makes sense and allows the private sector to come back. If we think about the type of finance that takes place in this country around all types of complexities, there is no reason, as long as we create the proper structure for the TBA market for the private market to function, there is no reason that the private sector cannot do this on its own. It is amazing, when we think about what has happened with low interest rates.…”