Jay Townsend's Greatest Hits: On Fannie Mae and Freddie Mac, Debate Topic

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Townsend's Greatest Hits in the Great Debate with Chuck Schumer
October 24, 2010, Marist College, Poughkeepsie, NY

Part Three of Townsend's Greatest Hits in the Great Debate with Chuck Schumer
October 24, 2010, Marist College, Poughkeepsie, NY

Townsend: "The cancer which caused the housing crisis was spawned in the bowels of Fannie Mae and Freddie Mac. This bill did not do anything about either of those two agencies. Alan Greenspan went before the United States Senate and Chuck Schumer's committee as early as 2001 and warned that Fannie May and Freddie Mac were out of control. That they were under capitalized. That the regulations were too loose. Who stood in the way of the reform of Fannie May and Freddie Mac? Senator Charles Schumer. Who was rewarded for that? Charles Schumer. Tens of thousands of dollars in campaign contributions from Fannie May and Freddie Mac. What I would like to know Senator Schumer is do you now agree with Barney Frank who said he was asleep at the switch for too long?"

Moderator: "Mr. Townsend just before Mr Schumer rebutes, so you would of voted no on the Finance Regulatory Reform Bill?"

Townsend: "This bill has been signed. It has not been written. There are three hundred new regulations that have not been put into it. Sixty seven new studies…. because Fannie May and Freddie Mac were not in it."

Moderator: "So you would of voted no?"

Townsend: "No, absolutely no."

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