Walter Williams shares his thoughts on the debacle here.
He reminds us that following the collapse of Enron, Congress held hearings to find out what happened. (Unfortunately, it then proceeded to enact a typical grandstanding piece of legislation, Sarbanes-Oxley, that imposes high regulatory costs in exchange for little or no benefit.) Will there be any hearings regarding this far bigger disaster? Of course not. Congress won’t investigate itself. Dodd, Frank, Schumer et al won’t submit to any hostile questioning about what they knew and when they knew it, conflicts of interest, and so on.
I suggest an open letter to circulate nationally. It could begin with a series of “whereas” clauses detailing what is known about federal culpability and then call for the resignations of all members of Congress who voted for the revision of the Community Reinvestment Act in 1994. (I think that was the date, anyway.) If anyone can suggest a better test for the resignation demand, please do.
