Congress Wets Finger and Holds Up To The Wind

Proving that our so-called leaders are nothing more than political wind-sniffers, Congress begins to 'do something, anything'. Late to recognize that there is a problem, failing to understand the nature and cause of the problem, Congress mulls over poorly concieved 'solutions' to the housing meltdown problem.

Increased regulation of lenders, mortgage brokers and the whole Real Estate Industrial Complex is several years too late. But hey, it makes Congress look like they're doing something.

Increasing the caps on Fannie Mae and Freddie Mac portfolios is just rewarding the incompetent. These companies haven't complied with SEC requirements to file accurate financial statements in years and now we want them to expand? They will inevitably fail and though technically they are not underwritten by the federal government there will be overwhelming pressure for the government to bail them out. Increasing the caps on fannie and freddie is just a sneaky way of increasing the federal debt.

Congress needs to spend the time and educate themselves about this problem and then take the leadership role and explain this to the other sheeple who still don't get it.