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Have Re-thug-licans already forgotten that BUSH and Co. created the financial/labor...
- Thread starter ReX
- Start date
Frank Raines, Barney Frank, Cynthia McKinney, Chris Dodd, Ted Kennedy, Greg Meeks, Maxine Waters
Seventeen. That's how many times, according to this White House statement (hat tip Gateway Pundit), that the Bush administration has called for tighter regulation of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. Congress has cooperated only once. In spring 2007, as House Financial Services Committee Chairman Barney Frank likes to point out, the House did pass a bill in response. The Senate did not act until 2008; Senate Banking Committee Chairman Christopher Dodd spent most of 2007 camped out in Iowa running for president. The legislation passed by Congress in 2008 enabled Treasury Secretary Henry Paulson to put Fannie and Freddie into federal conservatorship this summer when they failed. But it didn't prevent them from spewing a huge amount of toxic waste, in the form of subprime and Alt-A mortgages, into our financial institutions from 2004 to 2007. Fannie and Freddie spewed out $1 trillion worth (face value) of subprime mortgages between 2005 and 2007. That's a whole lot of toxic waste.
Much if not all of that could have been prevented by a bill cosponsored by John McCain and supported by all the Republicans and opposed by all the Democrats in the Senate Banking Committee in 2005. That bill, which the Democrats stopped from passing, would have prohibited the GSEs from speculating on the mortgage-based securities they packaged. The GSEs' mission allegedly justifying their quasi-governmental status was to package or securitize such mortgages, but the lion's share of their profits—which determined top executives' bonuses—came from speculation.
Don't the American people deserve to know that Democrat Barney Frank, then ranking member and now chairman of the House Financial Services Committee, said, "I want to roll the dice a little bit more in this situation towards subsidized housing"? Isn't the fact that the ranking Democrat in charge of oversight of Fannie Mae was in a sexual relationship with a high-ranking Fannie Mae executive a glaring conflict of interest? Isn't it worth noting that Democratic Rep. Maxine Waters insisted, "we do not have a crisis at Freddie Mac, and in particular at Fannie Mae, under the outstanding leadership of Mr. Frank Raines"? Shouldn't the American people know that Democratic Rep. Gregory Meeks insist that "there's been nothing that was indicated that's wrong with Fannie Mae"?
If nothing else, shouldn't we salute Democratic Rep. Artur Davis for saying, "Like a lot of my Democratic colleagues I was too slow to appreciate the recklessness of Fannie and Freddie. I defended their efforts to encourage affordable homeownership when in retrospect I should have heeded the concerns raised by their regulator in 2004. Frankly, I wish my Democratic colleagues would admit when it comes to Fannie and Freddie, we were wrong."
Housing drops, gas prices soaring, market plunging.
The big 3 that put Obama over the top.
And the Fannie Mae/Freddie Mac problem as part of the market...
And (of course) Bush is the president who is left holding all the blame (truth notwithstanding).
Seventeen. That's how many times, according to this White House statement (hat tip Gateway Pundit), that the Bush administration has called for tighter regulation of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. Congress has cooperated only once. In spring 2007, as House Financial Services Committee Chairman Barney Frank likes to point out, the House did pass a bill in response. The Senate did not act until 2008; Senate Banking Committee Chairman Christopher Dodd spent most of 2007 camped out in Iowa running for president. The legislation passed by Congress in 2008 enabled Treasury Secretary Henry Paulson to put Fannie and Freddie into federal conservatorship this summer when they failed. But it didn't prevent them from spewing a huge amount of toxic waste, in the form of subprime and Alt-A mortgages, into our financial institutions from 2004 to 2007. Fannie and Freddie spewed out $1 trillion worth (face value) of subprime mortgages between 2005 and 2007. That's a whole lot of toxic waste.
Much if not all of that could have been prevented by a bill cosponsored by John McCain and supported by all the Republicans and opposed by all the Democrats in the Senate Banking Committee in 2005. That bill, which the Democrats stopped from passing, would have prohibited the GSEs from speculating on the mortgage-based securities they packaged. The GSEs' mission allegedly justifying their quasi-governmental status was to package or securitize such mortgages, but the lion's share of their profits—which determined top executives' bonuses—came from speculation.
Don't the American people deserve to know that Democrat Barney Frank, then ranking member and now chairman of the House Financial Services Committee, said, "I want to roll the dice a little bit more in this situation towards subsidized housing"? Isn't the fact that the ranking Democrat in charge of oversight of Fannie Mae was in a sexual relationship with a high-ranking Fannie Mae executive a glaring conflict of interest? Isn't it worth noting that Democratic Rep. Maxine Waters insisted, "we do not have a crisis at Freddie Mac, and in particular at Fannie Mae, under the outstanding leadership of Mr. Frank Raines"? Shouldn't the American people know that Democratic Rep. Gregory Meeks insist that "there's been nothing that was indicated that's wrong with Fannie Mae"?
If nothing else, shouldn't we salute Democratic Rep. Artur Davis for saying, "Like a lot of my Democratic colleagues I was too slow to appreciate the recklessness of Fannie and Freddie. I defended their efforts to encourage affordable homeownership when in retrospect I should have heeded the concerns raised by their regulator in 2004. Frankly, I wish my Democratic colleagues would admit when it comes to Fannie and Freddie, we were wrong."
Housing drops, gas prices soaring, market plunging.
The big 3 that put Obama over the top.
And the Fannie Mae/Freddie Mac problem as part of the market...
And (of course) Bush is the president who is left holding all the blame (truth notwithstanding).
how_would_I_know
New member
Meanwhile in the real world..
Our problems started when we got a Democrat majority, and have only gotten worse with a Democrat president.
Democrats caused the problem.
Democrats have made the problem as bad as it is.
Democrats will pay for their mistakes in the coming elections.
And that actually is a fact.
Our problems started when we got a Democrat majority, and have only gotten worse with a Democrat president.
Democrats caused the problem.
Democrats have made the problem as bad as it is.
Democrats will pay for their mistakes in the coming elections.
And that actually is a fact.
And Obama will multiply it 10 fold...people like you will never blame Obama for anything and that's fine because most of the people that voted for Obama was actually voting against the economy and when they realize Obama's policies will and are making things worse the blame will shift from Bush to Obama which you are already seeing in his dropping poll numbers and also the rating for the Democratic Congress have dropped from 23% approval to 18% approval just since May. You have to ask why there has only been 3 Democrats in the White House in the last 50 years and it always comes down to them getting in office and immediately start raising taxes and cutting our military. Obama has said he would only raise taxes on those making $250,000 and more and Bill Clinton made the exact same promise right before he levied the biggest tax increase in history against the middle income earners and Obama will have no choice but to do the same thing but he will also raise taxes on everything that touches out lives with his cap and trade bill. I was watching C-Span the day the voted on the tax and trade bill and it was a Democratic Congressman that voted against the cap and trade that stood at the podium and said, "When the American people realize what is in this bill there will be many people from my own party that will lose their seats in this body".
Lordpercywooster
New member
reality isnt a wing nuts friend
Who Flung Poo?
New member
Aliens will attack in 2012. And that's a fact. Oh, what's that? No information to back that up?
The anger of neocons over the fact that President O'bama can't fix their mistakes in just under six months is laughable.The message from the right seems to be "let us back in , we promise to do better this time." The republican base is shrinking by the day. The only thing they have left is the same old tired crap of fear mongering and lies.As an independent I vote issues, not dog on a leash party politics.We have all been lied to so often from the right that it will take twenty plus years for me to ever believe another republican.