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Friday, July 27, 2012

Obama and the Economic Blame Game | Karl Rove

Obama and the Economic Blame Game | Karl Rove: "In fact, another disaster is brewing at the Federal Housing Administration, which is engaged in some of the same risky practices that undermined Fannie and Freddie. Based on FHA's actuarial studies in November 2011, the agency was then short tens of billions of dollars and leveraged at least 840 to 1. If it is not already insolvent, the agency would be if the value of the mortgages it holds declined as little as 12/100th of a percent. This would trigger another massive taxpayer bailout.

When Mr. Obama warns on the campaign trail against "the same failed ideas that got us into this mess," reporters might gently remind him of his role in helping create the mess by opposing regulation of Fannie and Freddie, then showing little inclination to fix the problem, and now seeming blind to how he's creating another financial debacle."

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