Democrats are to blame for financial meltdown

[Care4all]

Democrats are to blame, as is Freddie and Fannie CEO's, as is the President, as is etc....

But I do believe that Democrats that stonewalled this piece of legislation bear a great deal of the responsibility. These democrats were in the pockets of the financial lobbying coffers.

No doubt that politicians are in the pockets of all lobbyists...

Reeves, can you please show who from the democrats, stalled this legislation and how they stalled it?

The reason I ask, is because all that i could find on it, shows that the legislation made it to a reading on the floor of the senate, and was introduced by Hagel, but it shows that the legislation was never brought up for a vote...

it shows NO FILIBUSTER took place by the Democrats so how exactly did the democrats stop it?

The second question I have is, do you really think that if this legislation passed in 2005/2006 it would have stopped the crisis we are in? This reckless "playing" with money has been going on for quite a while....?

care

 

[glockmail]

He keeps missing the part about Gramm being an ex-advisor. While he ignores all of the white collar criminals that raped investors and taxpayers serving as economic advisors to Obama....

It shouldn't surprise you when a Democrat uses intentional ignorance as a tactic.

 

[jillian]

It shouldn't surprise you when a Democrat uses intentional ignorance as a tactic.

projecting?

 

[glockmail]

projecting?

Show me where I have done that sister.

 

[editec]

She probably doesn't know what projecting means, Jill.

 

[Care4all]

you know, i just found these links that shows the Administration being behind 5.5 million homes for lower income home ownership and reducing the FHA requirements of 5% down to no money down....

The more i dig in to this and uncover, the more hands from both sides of the aisle I am finding that all add up in to ONE BIG MESS.....

I believe many had good intentions, including President Bush with his push, but I still believe the biggest RATS and PERPS in this whole mess are the ones we are now bailing out.

They shouldn't bail out anyone and just spend their time revamping the whole darn banking system.

Bush promotes national minority home ownership plan
Jet, July 1, 2002

President Bush set a new goal of helping 5.5 million minority families buy their own homes before the end of the decade, hoping to end what he called a "home ownership gap."

"The difference in home ownership between Anglo America and Black and Hispanic America is too big," Bush said at St. Paul AME Church in Atlanta.

The president recently was in the city to promote his home ownership program, which calls for the building of 5.5 million new homes for minorities before 2012.

Citing high down payments a major obstacle to home ownership for low-income families, Bush wants a $200 million expansion to the American Dream Down Payment Fund, first outlined in January and awaiting action by Congress. Grants from the fund would help about 40,000 families a year make down payments or pay closing costs on houses.

Bush promotes national minority home ownership plan | Jet | Find Articles at BNET

The American dream: promoting homeownership ranks high on the Bush administration's priorities.(From The President)(George W. Bush)

AS THE BUSH ADMINISTRATION Settles in for a second term, and the 109th Congress gets down to business, several housing-related issues could come under consideration on Capitol Hill.

President Bush laid out an ambitious housing agenda when he spoke to the NAHB board of directors during the final weeks of the 2004 presidential campaign, and many of the issues he raised are likely to surface in the weeks and months ahead.

U.S. Treasurer Pitches Social Security Reform Specifically, the president called for (1) implementing homeownership tax credit and FHA zero down-payment legislation to promote homeownership; (2) removing ...

The American dream: promoting homeownership ranks high on the Bush administration's priorities.(From The President)(George W. Bush) | Builder | Find Articles at BNET

Expanding Homeownership. The President believes that homeownership is the cornerstone of America's vibrant communities and benefits individual families by building stability and long-term financial security. In June 2002, President Bush issued America's Homeownership Challenge to the real estate and mortgage finance industries to encourage them to join the effort to close the gap that exists between the homeownership rates of minorities and non-minorities. The President also announced the goal of increasing the number of minority homeowners by at least 5.5 million families before the end of the decade. Under his leadership, the overall U.S. homeownership rate in the second quarter of 2004 was at an all time high of 69.2 percent. Minority homeownership set a new record of 51 percent in the second quarter, up 0.2 percentage point from the first quarter and up 2.1 percentage points from a year ago. President Bush's initiative to dismantle the barriers to homeownership includes:
American Dream Downpayment Initiative, which provides down payment assistance to approximately 40,000 low-income families;
Affordable Housing. The President has proposed the Single-Family Affordable Housing Tax Credit, which would increase the supply of affordable homes;
Helping Families Help Themselves. The President has proposed increasing support for the Self-Help Homeownership Opportunities Program; and
Simplifying Homebuying and Increasing Education. The President and HUD want to empower homebuyers by simplifying the home buying process so consumers can better understand and benefit from cost savings. The President also wants to expand financial education efforts so that families can understand what they need to do to become homeowners. Fact Sheet: America's Ownership Society: Expanding Opportunities

 

[glockmail]

Show me where I have done that sister.

She probably doesn't know what projecting means, Jill.

As usual, my challenge to Jill goes unanswered.

 

[editec]

you know, i just found these links that shows the Administration being behind 5.5 million homes for lower income home ownership and reducing the FHA requirements of 5% down to no money down....

NINA's were stupid loans, but they made a lot of BANKERS an enormous amount of money.

The more i dig in to this and uncover, the more hands from both sides of the aisle I am finding that all add up in to ONE BIG MESS.....

Mess? That's an understatement. This is the largest SWINDLE in AMERICAN history.

I believe many had good intentions, including President Bush with his push, but I still believe the biggest RATS and PERPS in this whole mess are the ones we are now bailing out.

True.

They shouldn't bail out anyone and just spend their time revamping the whole darn banking system.

We could have solved this problem, but instead we elected to contine the SWINDLE.

 

[dilloduck]

We could have solved this problem, but instead we elected to contine the SWINDLE.

Correction--Congress is choosing to continue the swindle. They are essentially telling us we are owned.

 

[sealybobo]

I heard an arrogant GOP guy on Meet the Press on Sunday trying to say the crash is the Democrats fault. He was sooo arrogant and he was talking over the Democrat.

Then Brokaw nailed him. He said, "well the deregulations, largest deficit in history, war, blablabla, all happened on your watch between 2000-2006"

And that lying mother fucker shut the fuck up! He was so full of shit. Just real loud, so I'm sure Republicans all think he won the discussion.

They don't care about who's right and who's wrong, only who's loudest.

 

[editec]

Correction--Congress is choosing to continue the swindle. They are essentially telling us we are owned.

A fair correction, Dill.

Yes, the tools of Congress are going to continue to pretend that they are in charge and many of us Americans will believe them, fewer Americans will pretend to believe them, and a very VERY small percentage of us will continue to point out what bullshit it all is, and will be punished for speaking the truth.

This system of power and control has been with us for many many generations, now.

But it takes something like this bail out scam for most of us to even get a glimpse of the real men in charge behind the curtains that are the so called representational goverment, and our so called FREE market.

We do not have a respresentational goverment.

In fact, neither do we have anything like an honest capitalist market. We have NEVER had either. (well maybe for about 8 years under Andrew Jackson, but that was quickly corrected, wasn't it?)

Welcome to reality, folks.

 

[sealybobo]

This just in!!! Republicans want to point to a bill when Carter was president that helped poor people own homes. That bill didn't say approve loans without verifying their employment history.

No, that was a 2003 bill that the Republicans passed. So mortgage companies weren't verifying where the person worked or how long they had been there. They simply gave everyone a loan.

And, the Democrats didn't get rid of the regulation that said banks has to keep so much money in reserve for this such a crisis. The economy was slow in 2003 so the GOP passed a law that would allow companies to free up more of their money because this law was holding the bankers back.

NOW WE SEE WHY THAT FUCKING RULE WAS PUT INTO PLACE, YOU DUMB REPUBLICANS. WAKE UP!!!

Just the same as the GOP tried to say the Democrats were just as much to blame for Iraq when that was their puppy. They lied us into it.

We even know now that Chaney lied to fellow Republicans. Or is that just what they tell us because Chaney is leaving office and doesn't care if he takes all the blame?

And now the Democrats are forced to sign this bill because an election is coming up and just like with the immigration bill and iraq war resolution, the republicans have raped this country of a trillion dollars.

And you dumb fucks will vote for McCain. See you in hell dummies.

We know exactly what the GOP did to screw the country. We've been warning you for 7 years or more. Now it is all coming true and you want to blame us? HA!!!

A GOP on Meet the Press yesterday was lying too, and Brokaw took him to the wood shed.

But the American voters are dumb and they'll fall for it. Or if it is close, the GOP will just steal another election. This country is fucked up and it's all because of the right wing.

Bush, congrats, you got another $700 billion for your boys AND the American public doesn't even get it. So, when McCain gets into office, we're gonna steal another trillion because the American population is filled with dumb fucking sheep.

 

[glockmail]

 

[sealybobo]

You know what cucko? The entire 6 yrs the gop ruled washington, Air America and NPR were telling us each time the gop passed some bullshit and guys like you scoffed at the news as liberal lies. Well the gop was deregulating too much, they were giving tax breaks to overseas companies, they were emptying the treasury, they were lying us into a war.

You defended every move they made. They passed a law that banks didn't need to keep as much $ as they used to in reserves. Now you see why that regulation was in place to begin with. They let mortgage companies regulate themselves and they approved zero down and no proof of employment needed. And today all these loans are foreclosing.

So Im sorry you think facts are cocko. You are a pathetic american.

No wonder Bush is ripping you off of $700 billion right before he leaves office. Voters are really really stupid. He is BANKING on it.

It shouldn't be this hard.

Clearly the democrats are for the middle class and even the upper middle class

bush is clearly for the mega rich because this bill is only for them. He even mocked you broke ass republicans. At a fund raiser he called the top 1 percent his base, and he wasn't kidding.

I'm sad 66 percent of the dems in the house signed the bill, but the rich bankers would have crashed the economy if the dems didn't go along, but they weren't going to pass it by themselves, so today only 33 percent of the gop signed it. So I guess it isn't that critical that we give bush the money asap. But now if the economy crashes, its the gop's fault. You probably don't know what i'm talking about. So vote mccain and see what happens to the country. Idiot.

You don't even realize you were robbed of your fortune in 8 yrs. The kitty is empty.

 

[Silence]

the Republicans had been in control of Congress for 12 years until 2007... if it's true as you all continue to say that it's really the Congress who controls things then how is it the Dems fault?

it's cute how when it's good news like the surplus ya'll want credit but when it's bad news you want to affix blame...

sorry, the voters are wise to this game now...

ya'll might as well not even show up to vote at this point...

 

[glockmail]

Fannie and Freddie were created by Democrats, staffed by Democrats, and regulations requiring banks to lend to poor quality credit at sub-prime rates were passed by Democrats. Democrats lauded Fannie and Freddy's CEO's for creating a housing boom, and Barack Obama hired them to advise his campaign. The boom overinflated home prices and the bubble burst. Middle class Americans were left with big mortgages written on homes that then had little value, and many defaulted. All the while Democrats resisted GOP attempts to reel in the impending mess.

 

[sealybobo]

Fannie and Freddie were created by Democrats, staffed by Democrats, and regulations requiring banks to lend to poor quality credit at sub-prime rates were passed by Democrats. Democrats lauded Fannie and Freddy's CEO's for creating a housing boom, and Barack Obama hired them to advise his campaign. The boom overinflated home prices and the bubble burst. Middle class Americans were left with big mortgages written on homes that then had little value, and many defaulted. All the while Democrats resisted GOP attempts to reel in the impending mess.

And guess what? Every bank is either being obsorbed or Nationalized because you free market/no regulations guys really fucked things up.

Hey, rather than GIVE the bankers $700 billion, why doesn't the Government just buy $700 billion worth of stock? Wouldn't that make them primary shareholders? Then of course since WE own the banks, it would only make sense that we put those regulations back that were in place for a reason. SO THIS COULDN'T HAPPEN. Banks should keep enough money on reserve that this can't happen. You don't give loans to people without verifying their employment and you pay your business taxes!!! If Corporations don't want to pay taxes, go to another fucking country. I'm sick of it being patriotic for me to pay taxes but not for corporations.

Of course companies will go overseas if permitted to save a buck. But don't come pedeling your bullshit here. We will tariff the shit out of your products.

Now you see if manufacturing employees aren't making $35 hr, no one can pay their bills. You say they live beyond their means but the economy doesn't work if everyone is frugle like my grandmother. Even she knows that.

So in short, let's OWN stock in these banks, fuck just giving them the money and let Hank Paulson be supreme ruler over this money.

And you GOP suckered 66% of the Dems into signing this bill, when only 33% of you signed. Slick. Very slick.

 

[sealybobo]

The bailout it just another scam by bush to rip us off one more time. I know it because the solution he proposed wouldn't solve anything. Just buy us another month or two.

Here is what Sweden did: The New Straits Times Online......

 

[glockmail]

The bailout it just another scam by bush to rip us off one more time. I know it because the solution he proposed wouldn't solve anything. Just buy us another month or two.
...

Here's proof that if you throw enough darts, one is going to hit the target. Agreed, the bailout will not work; all it will do is put off the inevitable. Best to let the free market do its thing and get the 21st century depression over with as soon as possible.

 

[Silence]

Fannie and Freddie were created by Democrats, staffed by Democrats, and regulations requiring banks to lend to poor quality credit at sub-prime rates were passed by Democrats. Democrats lauded Fannie and Freddy's CEO's for creating a housing boom, and Barack Obama hired them to advise his campaign. The boom overinflated home prices and the bubble burst. Middle class Americans were left with big mortgages written on homes that then had little value, and many defaulted. All the while Democrats resisted GOP attempts to reel in the impending mess.

and guess what else... fannie and freddie worked fine until the Republicans deregulated banking and mortgage practices.

I know it's difficult to see with your head so far up your own ass but the truth is the truth...