Friday, October 3, 2008

Mark Udall's "Laissez-Fail" An Indictment of His Democratic Party and His Own Votes?

Mark Udall quoted in today's Rocky Mountain News about our current economic crisis:
Congress must retain oversight of the treasury secretary's buyout and should get regular updates, [Mark] Udall insisted. And while it will be up to the next Congress and president to overhaul the financial regulatory system, this bill must outline a road map on how it will get there, he said.

"Clearly this is a laissez-faire attitude that's run amok and, as somebody quipped to me, now we have laissez-fail," Udall said.
But it was Mark Udall's Democratic Party that gave Fannie Mae and Freddie Mac a free pass when oversight was needed. And it was Mark Udall whose votes in Congress let the mortgage lenders grow dangerously with low capital and high risk.

So I wouldn't exactly take Mark Udall to be a trusted expert on this issue. Then again, maybe he's just humbly hanging the laissez-fail label on his own shoulders.

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