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Superman's product of the century (so far):
I'm working on a primer on some of the key issues involved in the credit crisis and what's behind it. I was going to utilize a live link to Wikipedia because of its realistic reporting of recent history related to Fannie Mae and Freddie Mac... Alas, what a difference a day makes.
Here's a salient portion of Wikipedia as of September 22nd, 2008 in the entry Federal Takeover of Fannie Mae and Freddie Mac (I have a snapshot of this from a web capture yesterday, we can't be too careful these days you know):
Previous Attempts for GSE Reform
In 2003, the Bush Administration sought to create an agency to oversee Fannie Mae and Freddie Mac. The proposal was shot down by Congressional Democrats such as Barney Frank who said that "These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis".[12]In 2005, the Federal Housing Enterprise Regulatory Reform Act of 2005 was introduced in the Senate. The bill would've increased government oversight of loans given by Fannie Mae and Freddie Mac. In 2006, John McCain become a cosponsor of the bill, saying that "If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole." The bill never passed either the House or Senate. [13] Both are now viewed as possibly preventing the current market meltdown.
Gerald P. O'Driscoll former vice president at the Federal Reserve Bank of Dallas stated that Fannie Mae and Freddie Mac had become classic examples of crony capitalism. Government backing let Fannie and Freddie dominate the mortgage-underwriting. They returned some of the profits to the politicians - sometimes directly, as campaign funds; sometimes as "contributions" to favored constituents." [14]
But here's what it says as of today, September 23, 2008:
Previous Attempts for GSE Reform
In 2003, the Bush Administration sought to create an agency to oversee Fannie Mae and Freddie Mac. In 2005, the Federal Housing Enterprise Regulatory Reform Act of 2005 was introduced in the Senate. The bill would've increased government oversight of loans given by Fannie Mae and Freddie Mac. The bill never passed either the House or Senate. A full and accurate record of the congressional attempts to regulate the housing GSEs is given in the Congressional record prepared in 2005. Many attempts were made with only minor results. report(http://digital.library.unt.edu/govdocs/crs/permalink/meta-crs-7896:1 [12]
While it is possible to see that someone has repeatedly complained about the neutrality of this article in the revision history of this topic, there does not appear to be a history of the change that I've recorded above (and yes I've captured that as well). Just like Factcheck.org (see this from Patterico), the 'neutral' Wikipedia can't help continuing to politicize historical content. Just so, if you didn't know, you know.
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'neutral' WikipediaUmmmm ... edible encyclopedia?
Posted by: Diana at Sep 24, 2008 11:47:58 AM
*Someone* is manging on it m'lady!
Posted by: MC at Sep 24, 2008 11:07:09 PM
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