Democrats blocked the legislation that "could" have prevented this economic crisis

[Remodeling Maidiac]

Not only that but Obama abstained from taking a position. McCain WAS right in his assessment. Granted both parties got us to this point but is was republicans that identified the red flags prior to the collapse and tried to push democrats into instituting stiffer oversight of Freddie & Fannie. Republicans should have pushed forward anyway even after the legislation was defeated. Democrats clearly were the party that DIDN'T want more regulations yet the gop seems to get the label pasted on them. The biggest disaster in a century was caused because democrats DIDN'T want further oversight like the gop did.

Please watch the entire video segment so our issues are based on the topic at hand and not some made up propaganda.

[ame=http://www.youtube.com/watch?v=LPSDnGMzIdo&feature=youtube_gdata_player]Democrats were WARNED of Financial crisis and did NOTHING - YouTube[/ame]

 

[WillowTree]

Why don't the demonRats scream about the bonus money the CEO's of Fannie and Freddie got paid this year?



crickets.. from the asshats.

 

[Remodeling Maidiac]

Why don't the demonRats scream about the bonus money the CEO's of Fannie and Freddie got paid this year?



crickets.. from the asshats.

I saw that in the news. Congress is not happy about it. Our tax dollars hard at work.

 

[JakeStarkey]

Republicans had the majorities, Gramps, Republicans are the most responsible, though I think Dodd and Frank should be held culpable for their nonsense.

 

[Vaard]

108th United States Congress - Wikipedia, the free encyclopedia

Senate President: Dick Cheney (R)
Senate Pres. pro tem: Ted Stevens (R)
House Speaker: Dennis Hastert (R)
Members: 100 Senators
435 Representatives
5 Non-voting members
Senate Majority: Republican Party
House Majority: Republican Party


a republican congress with a republican president and republicans still blame the dems.......

why dont you give us a link to the bill that "dems blocked" that would have prevented the crisis........


also, tell us who was in charge of the senate banking committee in 2005 that would have enabled this legislation you are going to show us form being passed......

 

[Vaard]

Republicans had the majorities, Gramps, Republicans are the most responsible, though I think Dodd and Frank should be held culpable for their nonsense.

in 2003 and 2005, chris and dodd had zero power in the senate and house.......

they had zero power to stop or start any bills fomr being passed.......

 

[Photonic]

108th United States Congress - Wikipedia, the free encyclopedia

Senate President: Dick Cheney (R)
Senate Pres. pro tem: Ted Stevens (R)
House Speaker: Dennis Hastert (R)
Members: 100 Senators
435 Representatives
5 Non-voting members
Senate Majority: Republican Party
House Majority: Republican Party


a republican congress with a republican president and republicans still blame the dems.......

why dont you give us a link to the bill that "dems blocked" that would have prevented the crisis........


also, tell us who was in charge of the senate banking committee in 2005 that would have enabled this legislation you are going to show us form being passed......

But...then they wouldn't be partisan hacks!

 

[Remodeling Maidiac]

108th United States Congress - Wikipedia, the free encyclopedia

Senate President: Dick Cheney (R)
Senate Pres. pro tem: Ted Stevens (R)
House Speaker: Dennis Hastert (R)
Members: 100 Senators
435 Representatives
5 Non-voting members
Senate Majority: Republican Party
House Majority: Republican Party


a republican congress with a republican president and republicans still blame the dems.......

why dont you give us a link to the bill that "dems blocked" that would have prevented the crisis........


also, tell us who was in charge of the senate banking committee in 2005 that would have enabled this legislation you are going to show us form being passed......

Every democrat "according to the clip" voted against the legislation that the gop proposed to stop the Freddie/fannie train wreck.

Yes, the gop held the majority but feared the legislation could not be forced through a democrat opposition. As I clearly stated they should have tried anyway.

 

[Teals_Of_Wonder]

I thought it was greed that made all of these poor people buy houses and cars they couldn't afford. {aside from demorats forcing banks to give loans to those making 20-30K a year} then they bought the 250K homes,,and borrowed more money against the home equity,,,,HEY,,,WE BOUGHT A NEW HOME !!! AND WE HAVE 50k in Equity !!! Lets go use it to buy a truck and a few Large Screen TV's !!!!

 

[Vaard]

108th United States Congress - Wikipedia, the free encyclopedia

Senate President: Dick Cheney (R)
Senate Pres. pro tem: Ted Stevens (R)
House Speaker: Dennis Hastert (R)
Members: 100 Senators
435 Representatives
5 Non-voting members
Senate Majority: Republican Party
House Majority: Republican Party


a republican congress with a republican president and republicans still blame the dems.......

why dont you give us a link to the bill that "dems blocked" that would have prevented the crisis........


also, tell us who was in charge of the senate banking committee in 2005 that would have enabled this legislation you are going to show us form being passed......

Every democrat "according to the clip" voted against the legislation that the gop proposed to stop the Freddie/fannie train wreck.

Yes, the gop held the majority but feared the legislation could not be forced through a democrat opposition. As I clearly stated they should have tried anyway.

well, instead of just repeating propganda, list the bills that dems blocked......


here, i will even help you..... here is a list of every bill proposed.. whether it passed or failed.... form 1993 to last year...

History of Bills: Search

all i am asking you is to tell us which bill you are referring to and how the dems were able to defeat it in a republican controlled congress........

 

[JakeStarkey]

Republicans had the majorities, Gramps, Republicans are the most responsible, though I think Dodd and Frank should be held culpable for their nonsense.

in 2003 and 2005, chris and dodd had zero power in the senate and house.......

they had zero power to stop or start any bills fomr being passed.......

You are dead wrong. Go study the minority numbers in the Senate and then go look up cloture rules. Don't kids yourself.

 

[Remodeling Maidiac]

I will give you the title is misworded. I should have used a different word. However the content of the post itself is accurate.

Republicans voted for more oversight and democrats opposed it in lock step. That legislation could have forced us into a different outcome. A better one. Democrats opposed the oversight. They were wrong and here we are.

 

[Vaard]

I thought it was greed that made all of these poor people buy houses and cars they couldn't afford. {aside from demorats forcing banks to give loans to those making 20-30K a year} then they bought the 250K homes,,and borrowed more money against the home equity,,,,HEY,,,WE BOUGHT A NEW HOME !!! AND WE HAVE 50k in Equity !!! Lets go use it to buy a truck and a few Large Screen TV's !!!!

so when bush gave this speech in 2002


2002: Bush's Speech To the White House Conference on Increasing Minority Homeownership | VDARE.com

that is a link to his full unedited speech on forcing banks to give homes to minorities regardless of credit.......

and when bush signed this republican sponsored and rpeublican co sponsored bill giving tax payer money to people for downpayments on those houses.....


http://www.govtrack.us/congress/bill.xpd?bill=s108-811
A bill to support certain housing proposals in the fiscal year 2003 budget for the Federal Government, including the downpayment assistance initiative under the HOME Investment Partnership Act, and for other purposes.


you are saying it was the dems who were forcing banks to give out bad loans?

 

[JakeStarkey]

I will give you the title is misworded. I should have used a different word. However the content of the post itself is accurate.

Republicans voted for more oversight and democrats opposed it in lock step. That legislation could have forced us into a different outcome. A better one. Democrats opposed the oversight. They were wrong and here we are.

Don't even try that nonsense, Gramps. Jan 1995 to Jan 2007 it's a GOP Congress, period. Don't even try that.

 

[WillowTree]

108th United States Congress - Wikipedia, the free encyclopedia

Senate President: Dick Cheney (R)
Senate Pres. pro tem: Ted Stevens (R)
House Speaker: Dennis Hastert (R)
Members: 100 Senators
435 Representatives
5 Non-voting members
Senate Majority: Republican Party
House Majority: Republican Party


a republican congress with a republican president and republicans still blame the dems.......

why dont you give us a link to the bill that "dems blocked" that would have prevented the crisis........


also, tell us who was in charge of the senate banking committee in 2005 that would have enabled this legislation you are going to show us form being passed......

Every democrat "according to the clip" voted against the legislation that the gop proposed to stop the Freddie/fannie train wreck.

Yes, the gop held the majority but feared the legislation could not be forced through a democrat opposition. As I clearly stated they should have tried anyway.

well, instead of just repeating propganda, list the bills that dems blocked......


here, i will even help you..... here is a list of every bill proposed.. whether it passed or failed.... form 1993 to last year...

History of Bills: Search

all i am asking you is to tell us which bill you are referring to and how the dems were able to defeat it in a republican controlled congress........

so why does obie wan know nutting keep saying the Republicans are block everything he has ever tried to do? obstructionists is what I believe he calls them and he once had the wh the house and the senate,, now he has the wh and the senate and he still whines about the obstructionist Republicans are you guys fucking hypocrites or what???

 

[Inthemiddle]

As much as I'm appalled by Frank, even way back then, essentially rebuking the need for oversight based on an anticipated plan for government bailouts, I don't see how Democrats blocked anything. The Congress was controlled by Republicans. All this shows is that a handful of Dems opposed certain measures. While that is certainly worth while information to share, it falls well short of showing that the Dems blocked it. The video even says that the legislation survived committee. So what happened after that? Why was it not passed? I have to pin this one on the Republican leadership of the time.

 

[Vaard]

so why does obie wan know nutting keep saying the Republicans are block everything he has ever tried to do? obstructionists is what I believe he calls them and he once had the wh the house and the senate,, now he has the wh and the senate and he still whines about the obstructionist Republicans are you guys fucking hypocrites or what???

if you are looking for someone to defend obama or the things he says, you are asking the wrong person........


go find one of his sychophants for that.......

 

[WillowTree]

As much as I'm appalled by Frank, even way back then, essentially rebuking the need for oversight based on an anticipated plan for government bailouts, I don't see how Democrats blocked anything. The Congress was controlled by Republicans. All this shows is that a handful of Dems opposed certain measures. While that is certainly worth while information to share, it falls well short of showing that the Dems blocked it. The video even says that the legislation survived committee. So what happened after that? Why was it not passed? I have to pin this one on the Republican leadership of the time.

so Wright obiedoodle a letter and tell him the Republicans aren't blocking a damn thang. whydonchya?

 

[Remodeling Maidiac]

108th United States Congress - Wikipedia, the free encyclopedia

Senate President: Dick Cheney (R)
Senate Pres. pro tem: Ted Stevens (R)
House Speaker: Dennis Hastert (R)
Members: 100 Senators
435 Representatives
5 Non-voting members
Senate Majority: Republican Party
House Majority: Republican Party


a republican congress with a republican president and republicans still blame the dems.......

why dont you give us a link to the bill that "dems blocked" that would have prevented the crisis........


also, tell us who was in charge of the senate banking committee in 2005 that would have enabled this legislation you are going to show us form being passed......

Every democrat "according to the clip" voted against the legislation that the gop proposed to stop the Freddie/fannie train wreck.

Yes, the gop held the majority but feared the legislation could not be forced through a democrat opposition. As I clearly stated they should have tried anyway.

well, instead of just repeating propganda, list the bills that dems blocked......


here, i will even help you..... here is a list of every bill proposed.. whether it passed or failed.... form 1993 to last year...

History of Bills: Search

all i am asking you is to tell us which bill you are referring to and how the dems were able to defeat it in a republican controlled congress........

Bush Proposed Fannie Mae / Freddie Mac Supervision In 2003 | Bucks Right

A September 11, 2003 New York Times article shows that President Bush proposed “the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.” His proposal: An agency within the Treasury Department to supervise mortgage giants Fannie Mae and Freddie Mac.

Fearing that mortgages would no longer be available to people who were unable to pay them back, Democrats eventually killed the proposal. The current meltdown in the mortgage industry is a direct result of giving mortgages to people who could not pay them back, a practice protected by Congressional Democrats.

Both entities were recently taken over by the government, a move that puts trillions of taxpayer dollars at risk.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgagelendingindustry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac — which together have issued more than $1.5 trillion in outstanding debt — is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.

But Democrats in Congress, also known as “the caucus perpetually on the wrong side of history,” were having none of this “responsibility” stuff.

”These two entities — Fannie Mae and Freddie Mac —are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the FinancialServices Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in termsofaffordable housing.”

Representative Melvin L. Watt, Democrat of North Carolina,agreed.

”I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Mr. Watt said.

The proposal worked its way around Congress for a couple of years. Efforts at reform of the kind proposed by President Bush were shot down by Democrats each time.

In 2005, Republican Mike Oxley, then chairman of the House Financial Services Committee, brought up a reform bill (H.R. 1461), and Fannie and Freddie’s lobbyists set out to weaken it.

[...]

During this period, Sen. Richard Shelby led a small group of legislators favoring reform, including fellow Republican Sens. John Sununu, Chuck Hagel and Elizabeth Dole. Meanwhile, [Democrat in bed with the mortgage industry Chris] Dodd — who along with Democratic Sens. John Kerry, Barack Obama and Hillary Clinton were the top four recipients of Fannie and Freddie campaign contributions from 1988 to 2008 —actively opposed such measures and further weakened existing regulation.

According to OpenSecrets.org, between 1988 and 2008 Dodd received $133,900, Kerry $111,000, Clinton $75,550, and Obama — in only 143 days in the Senate —received a whopping $105,849 from Fannie Mae and Freddie Mac.

Pennsylvania Democrat representative Paul Kanjorksi, who also opposed new Fannie Mae and Freddie Mac regulations, was given more than any other member of the House of Representatives. He was paid $65,500 by representatives of these entities.

And, in case you were wondering, John McCain co-sponsored a bill requiring greater Fannie Mae / Freddie Mac regulation in 2005. It was also blocked procedurally by Democrats.

The 2003 New York Times article was unearthed by a Free Republic poster.

UPDATE: 2004 video posted to YouTube shows Republicans arguing for, and Democrats arguing against, regulations that would have saved us from the current crisis.


[ame=http://www.youtube.com/watch?v=_MGT_cSi7Rs&feature=youtube_gdata_player]Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis - YouTube[/ame]

[ame=http://www.youtube.com/watch?v=hfGWxqsKFmY&feature=youtube_gdata_player]Bill Clinton on Democrats and the financial crisis - YouTube[/ame]

 

[Inthemiddle]

You know, something else that strikes me is how throughout his term in office, Bush regularly championed the fact that more Americans were owning their homes than ever before, and that more people on the lower income bracket were able to qualify for home loans than ever before. For Bush, it was a key indicator of how powerful the economy allegedly was at the time. If the Bush administration really was so critical of what was going on, it was awfully hypocritical to turn around and parrot the results as if evidence that he was doing a good job to maintain a strong economy. Given that Bush's claims of a strong economy were predicated on what he apparently saw as a weakness in the economy and what we now see after the fact was indeed a weakness, then that suggests to me that we must concede the economy has indeed been weak since the turn of the century.