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

[Warrior102]

oh, so now dems didnt block it, the repubs did, but because the bills were so weak it would have been pointless ot vote on them anyway?

Hey shitbag / asswipe - whose sock are you?

LOL!!

quiet, your betters are talking.....

you need to get back on your knees and tongue my balls, bitchboy..........

when anyone wants your opinion, i will piss in your mouth and let it dribble out and it will be the best thing to come out of it and the only thing worth regarding.......

Enjoy your meltdown/self-destruct ya left-winged kook-fringe nut job.


I am sure it will be epic.

 

[Warrior102]

in spite of all the propoganda you keep repeating, you ignore the fact that it was a republican controlled committee that killed the freddie/fannie oversight bill three times and the one vote that actually took place in the house had 133 dems voting for the bill.......

Barney Frank is a Republican??

He was a minority congressman at the time, which to CON$ made him more powerful than the GOP president and all the GOP members of the House and Senate combined.

Really? Weren't he and Princess Pelosi in power at the time?
Of course they were.

Carry on stupidly....

 

[Cammmpbell]

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.

Democrats were WARNED of Financial crisis and did NOTHING - YouTube

I want to give you a little eye opener. When Obama took over he was handed a wrecked economy bleeding 750,000 jobs a month and an annual interest payment on Reagan and the Bushes debt of about half a trillion dollars. What was he supposed to do...stop spending? You didn't think Chinese banks were loaning us a trillion dollars interest free did you? $11,000,000,000,000 isn't much money. It couldn't be. In Bush's first staff meeting Cheney said, "The Debt Doesn't Matter...Reagan Proved That"

Well sports fans...that ignorant son-of-a-bitch was wrong. The debt might not matter but the interest on it does. $500,000,000,000 may not seem like a lot of money to Republicans but here's what we spend each year for highway construction and repair...$100,000,000,000 and less than that on education.

Face it...borrowing money from foreign banks to fund tax cuts for the wealthy is the most stupid thing a political party has ever done. It was never done until Mr Reagan and Bush 41 did it and then proceeded to quadruple the national debt. George W. Bush took over a surplus with the entire debt on track to be paid off by 2012. Guess what he did? Tax cuts in 2001 and 2003 and proceeded to double the national debt again during two terms.

Because the rich pay a major portion of taxes what big tax cuts do is the equivalent of borrowing money from foreign banks, turning around and handing it the wealthiest Americans.

If you can't understand that we can't communicate.

 

[Remodeling Maidiac]

Barney Frank is a Republican??

He was a minority congressman at the time, which to CON$ made him more powerful than the GOP president and all the GOP members of the House and Senate combined.

Really? Weren't he and Princess Pelosi in power at the time?
Of course they were.

Carry on stupidly....

At the time the legislation was being debated the gop did have control. It was before 2007

 

[edthecynic]

Barney Frank is a Republican??

He was a minority congressman at the time, which to CON$ made him more powerful than the GOP president and all the GOP members of the House and Senate combined.

ODDLY THAT SOUNDS JUST LIKE THE DESCRIPTION OF THE CURRENT TEA PARTY THAT KEEPS GETTING BLAMED FOR EVERYTHING.

Funny how that works eh...

And funny how CON$ say the Teabaggers are powerless as they blame the DEMS for everything. The difference is the Baggers are filibustering the bills after they come out of committee, but the GOP when they were in power did not even let the bills out of committee to be filibustered. Funny how CON$ flip-flop when their own rationalizations are turned against them.

 

[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.

Democrats were WARNED of Financial crisis and did NOTHING - YouTube

I want to give you a little eye opener. When Obama took over he was handed a wrecked economy bleeding 750,000 jobs a month and an annual interest payment on Reagan and the Bushes debt of about half a trillion dollars. What was he supposed to do...stop spending? You didn't think Chinese banks were loaning us a trillion dollars interest free did you? $11,000,000,000,000 isn't much money. It couldn't be. In Bush's first staff meeting Cheney said, "The Debt Doesn't Matter...Reagan Proved That"

Well sports fans...that ignorant son-of-a-bitch was wrong. The debt might not matter but the interest on it does. $500,000,000,000 may not seem like a lot of money to Republicans but here's what we spend each year for highway construction and repair...$100,000,000,000 and less than that on education.

Face it...borrowing money from foreign banks to fund tax cuts for the wealthy is the most stupid thing a political party has ever done. It was never done until Mr Reagan and Bush 41 did it and then proceeded to quadruple the national debt. George W. Bush took over a surplus with the entire debt on track to be paid off by 2012. Guess what he did? Tax cuts in 2001 and 2003 and proceeded to double the national debt again during two terms.

Because the rich pay a major portion of taxes what big tax cuts do is the equivalent of borrowing money from foreign banks, turning around and handing it the wealthiest Americans.

If you can't understand that we can't communicate.

What the fuck are you rambling on about? This discussion is about when bush was president. Please try to keep up

 

[Seawytch]

It really doesn't matter who blocked the legislation. It wasn't Fanny & Freddy that caused the crisis.

http://www.mcclatchydc.com/2008/10/12/53802/private-sector-loans-not-fannie.html

 

[Cammmpbell]

It really doesn't matter who blocked the legislation. It wasn't Fanny & Freddy that caused the crisis.

Private sector loans, not Fannie or Freddie, triggered crisis | McClatchy

Sorry to burst your bubble. You just got over one and you might not be able to handle another.

They were hiring people to class garbage as AAA rated American bonds. Wall Street had everybody involved in an absolute conspiricy to load up worthless mortgages, give bonuses to whoever could sell more of them and then sell them all over the world, That's why we're not out of this shitstorm yet. Does anybody have any idea why intelligent people would include in their formulas a standard 6% annual growth in property values to perpituity? There is none. Folks on Main St. knew that property values absolutely would never increase by 6% a year forever. The irony of this whole thing is that some people hedged this shit and made a billion dollars when the thing began to fall apart in California.

 

[paulitician]

I still don't understand how Frank & Dodd got away with everything. They practically destroyed this nation with their Fannie Mae/Freddie Mac nightmare. Neither one has ever been held accountable. I just don't get it.

 

[Soggy in NOLA]

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.......

Chris and Dodd?

 

[The T]

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.......

Chris and Dodd?

Maybe he'll get the other name. I'll give him a hint: Think POLE.

 

[JakeStarkey]

Vaard has had the best of it here. You Hard Righties look absolutely stupid.

 

[BlindBoo]

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.

Democrats were WARNED of Financial crisis and did NOTHING - YouTube

Wait a minute, didn't the Republicans control both houses of Congress in 2003and have control of the White House?

 

[BlindBoo]

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.

But the way I remember it none of thsoe bill made it out of committee, where Republicans had majority, so........

I could be wrong, which bill specifically are you talking about.

 

[Dragon]

Since Fannie and Freddy had almost nothing to do with this economic crisis, stiffer oversight of those organizations would not have prevented it.

 

[Trajan]

Since Fannie and Freddy had almost nothing to do with this economic crisis, stiffer oversight of those organizations would not have prevented it.

are you delusional? seriously? or better asked would be, do you use medication that you have recently, as far as you are aware, stop taking?

 

[Dragon]

are you delusional? seriously?

Not at all. Most of the mortgages that went into default, and which triggered the collapse of the mortgage-backed securities and other derivatives that actually caused the meltdown, were not Fannie or Freddie mortgages.

The real culprit was the repeal of Glass-Steagal which allowed banks to play those games with mortgages and build a house of cards on top of them. But if you're going to blame the mortgages themselves (however irrational that is), blame the ones that actually caused the damage.

 

[Ame®icano]

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

He also put one gun into banker head forcing him to issue the mortgage, and another gun into buyers head forcing him to take it.

 

[JakeStarkey]

Americano knows fully the GOP Congress could have changed the law, and it did not.

 

[Ame®icano]

Americano knows fully the GOP Congress could have changed the law, and it did not.

I agree with you, if bill passed Committee on Banking, Housing, and Urban Affairs, it could.

But Committee killed the bill.

Hint: 12 out of 22 committee members were (D).