Malpass, who spent more time in Washington than any other candidate in this race, continued in the article to say that "Washington also expanded the role of Fannie Mae and Freddie Mac in the mortgage market, bringing their huge balance sheets and expertise to bear." [Emphasis added]
In response to Malpass's head-in-the-sand comments, Tom Kise, spokesperson for Joe DioGuardi, today offered the following statement:
"For someone who sources his 'economic expertise' as his primary qualification for the U.S. Senate, Malpass failed to see that Washington's actions would actually perpetuate the looming financial crisis. As Bear Stearns' chief economist for 13 years, Malpass tried to convince Americans that the expansion of Fannie Mae and Freddie Mac was good for the economy. And America paid the price for his oversight. Meanwhile, Joe DioGuardi correctly warned taxpayers that the government-funded growth of these so-called self-sufficient Government Sponsored Enterprises would only result in a financial crisis for the rest of us. Joe will bring the same foresight to the U.S. Senate that he has shown time and time again."
"For someone who sources his 'economic expertise' as his primary qualification for the U.S. Senate, Malpass failed to see that Washington's actions would actually perpetuate the looming financial crisis. As Bear Stearns' chief economist for 13 years, Malpass tried to convince Americans that the expansion of Fannie Mae and Freddie Mac was good for the economy. And America paid the price for his oversight. Meanwhile, Joe DioGuardi correctly warned taxpayers that the government-funded growth of these so-called self-sufficient Government Sponsored Enterprises would only result in a financial crisis for the rest of us. Joe will bring the same foresight to the U.S. Senate that he has shown time and time again."
Joe DioGuardi, a Certified Public Accountant, founder of Truth In Government and author of "Unaccountable Congress: It Doesn't Add Up," is the NY State Conservative Party nominee and Republican Party candidate for the U.S. Senate.
