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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.
so Wright obiedoodle a letter and tell him the Republicans aren't blocking a damn thang. whydonchya?
Well gee, it's your idea. Why don't you do it?
so Wright obiedoodle a letter and tell him the Republicans aren't blocking a damn thang. whydonchya?
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]
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.
what bill are you referring to and what was the vote count?
you keep repeating this propoganda with no facts to support it other than a couple clips of dems saying things during a hearing and to the press, but no actual bill link or the vote count.........
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.
what bill are you referring to and what was the vote count?
you keep repeating this propoganda with no facts to support it other than a couple clips of dems saying things during a hearing and to the press, but no actual bill link or the vote count.........
There were several bills. Some killed precedurally others died in other ways.
S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005 (GovTrack.us)
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. The bill was rendered so toothless that Card called Oxley the night before markup and promised to oppose it. Oxley pulled the bill instead.
The president's budget proposals reflected the nature of the challenge. Note the following passage from the 2005 budget: Fannie, Freddie and other GSEs "are highly leveraged, holding much less capital in relation to their assets than similarly sized financial institutions. . . . A misjudgment or unexpected economic event could quickly deplete this capital, potentially making it difficult for a GSE to meet its debt obligations. Given the very large size of each enterprise, even a small mistake by a GSE could have consequences throughout the economy."
H.R. 2575
H.R. 1461
Rep. Barney Frank (D-Mass.) said the following on Sept. 11, 2003: "We see entities that are fundamentally sound financially. . . . And even if there were a problem, the federal government doesn't bail them out."
Sen. Thomas Carper (D-Del.), later that year: "If it ain't broke, don't fix it."
Al Hubbard and Noam Neusner - Where Was Sen. Dodd?
Congressman Sorry Democrats Dropped Ball On Mortgage Crisis | Bucks Right
Democrat Congressman Artur Davis admits Democrats dropped the ball on reigning in the failed institutions and calls on fellow Democrats to do the same.
“Like a lot of my Democratic colleagues, I was too slow to appreciate the recklessness of Fannie Mae and Freddie Mac. 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 that when it comes to Fannie and Freddie, we were wrong
The video supplied by the OP is extremely misleading. It provides no context for the cherry picked remarks by Barney Frank, and it completely misrepresents the positions of Greenspan and Bush.
Greenspan:
I was aware that the loosening of mortgage credit terms for subprime borrowers increased financial risk, Mr. Greenspan wrote in his recent memoir, The Age of Turbulence: Adventures in a New World. But I believed then, as now, that the benefits of broadened home ownership are worth the risk.
Bush. Please watch the entire video. This allows you to hear everything Bush said, rather than cherry-picked snippets. Bush calls for relaxed restrictions on loans to low-income minorities. He also lays out an aggressive plan for Fannie and Freddie to underwrite billions in mortgages to low-income families.
Home Ownership and President Bush - YouTube
Be careful with FOX News videos. Listen to Bush's actual words not merely out of context snippets by Barney Frank.
The video supplied by the OP is extremely misleading. It provides no context for the cherry picked remarks by Barney Frank, and it completely misrepresents the positions of Greenspan and Bush.
Greenspan:
“I was aware that the loosening of mortgage credit terms for subprime borrowers increased financial risk,” Mr. Greenspan wrote in his recent memoir, “The Age of Turbulence: Adventures in a New World.” “But I believed then, as now, that the benefits of broadened home ownership are worth the risk.”
Bush. Please watch the entire video. This allows you to hear everything Bush said, rather than cherry-picked snippets. Bush calls for relaxed restrictions on loans to low-income minorities. He also lays out an aggressive plan for Fannie and Freddie to underwrite billions in mortgages to low-income families.
Home Ownership and President Bush - YouTube
Be careful with FOX News videos. Listen to Bush's actual words not merely out of context snippets by Barney Frank.
Bush proposed a taxpayer funded subsidy for "qualified" first time buyers to receive help with their down payments. That program was never instituted and has nothing to do with the collapse
The video supplied by the OP is extremely misleading. It provides no context for the cherry picked remarks by Barney Frank, and it completely misrepresents the positions of Greenspan and Bush.
Greenspan:
I was aware that the loosening of mortgage credit terms for subprime borrowers increased financial risk, Mr. Greenspan wrote in his recent memoir, The Age of Turbulence: Adventures in a New World. But I believed then, as now, that the benefits of broadened home ownership are worth the risk.
Bush. Please watch the entire video. This allows you to hear everything Bush said, rather than cherry-picked snippets. Bush calls for relaxed restrictions on loans to low-income minorities. He also lays out an aggressive plan for Fannie and Freddie to underwrite billions in mortgages to low-income families.
Home Ownership and President Bush - YouTube
Be careful with FOX News videos. Listen to Bush's actual words not merely out of context snippets by Barney Frank.
The video supplied by the OP is extremely misleading. It provides no context for the cherry picked remarks by Barney Frank, and it completely misrepresents the positions of Greenspan and Bush.
Greenspan:
I was aware that the loosening of mortgage credit terms for subprime borrowers increased financial risk, Mr. Greenspan wrote in his recent memoir, The Age of Turbulence: Adventures in a New World. But I believed then, as now, that the benefits of broadened home ownership are worth the risk.
Bush. Please watch the entire video. This allows you to hear everything Bush said, rather than cherry-picked snippets. Bush calls for relaxed restrictions on loans to low-income minorities. He also lays out an aggressive plan for Fannie and Freddie to underwrite billions in mortgages to low-income families.
Home Ownership and President Bush - YouTube
Be careful with FOX News videos. Listen to Bush's actual words not merely out of context snippets by Barney Frank.
Bush proposed a taxpayer funded subsidy for "qualified" first time buyers to receive help with their down payments. That program was never instituted and has nothing to do with the collapse
ummm.......
President Bush Signs American Dream Downpayment Act of 2003
President Bush Signs American Dream Downpayment Act of 2003
American Dream Downpayment Initiative - Affordable Housing - CPD - HUD
The program was created to assist low-income first-time homebuyers in purchasing single-family homes by providing funds for downpayment, closing costs, and rehabilitation carried out in conjunction with the assisted home purchase
