6:26 am, May 29, 2015

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  • Thanks are due to a dedicated civil servant, Ed Demarco
    Withe announced nomination of Mr. Watt to head the FHFA, this presages a highly likely return to the politicized oversight of both Fannie Mae and Freddie Mac that helped create the housing bubble leading in turn to the onset of the Great Recession. A career civil service executive, Ed Demarco, has been acting head of the FHFA for the past three years and has striven - against the vehement opposition of liberal "activists" and Democratic politicians - to tighten up on the loose practices that playd so much of a role in creting the housing bubble in the firsy palce. The President had said earlier that he would replace Demarco this year in response to the complaints voiced aginst him, and the danger exists for a recidivistic return to the loose lending standards previously in place. For his lonely, difficult, dedicated service, this unappreciated civil servant indeed deserves the gratitude of the nation, but will no doubt be quickly forgotten and derided when recalled at all. His career is no doubt effectively over; he had become a liability to the administration, and had become toxic to the President's base. From one fellow and now retired civil servant, albeit of much lower rank, thanks you Mr. Demarco for your selfless service in the best traditions of the Federal civil service.
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