For all the serious disagreements I have with President Barack Obama over policy and philosophy, I have been pleased to hear him promote the idea of greater government transparency. That's something all citizens can rally behind, regardless of partisan affiliation. Only a few days into office, Obama sent out a memo to department heads about the Freedom of Information Act:A democracy requires accountability, and accountability requires transparency. As Justice Louis Brandeis wrote, "sunlight is said to be the best of disinfectants."... All agencies should adopt a presumption in favor of disclosure, in order to renew their commitment to the principles embodied in FOIA, and to usher in a new era of open Government. The presumption of … [Read more...]
Barack Obama and Democrats’ Role in Failing to Avert Financial Crisis
Writing at Bloomberg News, economic analyst Kevin Hassett unravels the story behind the recent financial meltdown (H/T Rossputin). An opportunity to avert the crisis came in 2005 with the introduction of legislation to provide a "world-class regulator" of government-sponsored mortgage loan institutions Fannie Mae and Freddie Mac. Then-Federal Reserve Chairman Alan Greenspan noted that failure to address the problem was "placing the total financial system of the future at a substantial risk.'" Here's the key passage from Hassett's article (though you should really read the whole thing - it's not terribly long):If that bill had become law, then the world today would be different. In 2005, 2006 and 2007, a blizzard of terrible mortgage … [Read more...]