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

[healthmyths]

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.

Case in point.. Franklin Raines
Raines was in charge in 2001, when Fannie chose to create what the SEC dryly called "its own unique methodology" to calculate the earnings impact of its trillion-dollar portfolio of derivatives.
Raines' total compensation from 1998 through 2004 was $91.1 million, including some $52.6 million in bonuses, according to OFHEO. Howard earned $30.8 million during the period, including $16.8 million in bonuses; Spencer received $7.3 million, of which some $3.5 million was bonus money.

 

[JakeStarkey]

Not in the 2003 committe nor the other two times the GOP had the House and the bill was killed.

Americano, your lies won't save you or the party from its guilt.

 

[asaratis]

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]

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

I stand corrected. The last I heard it was meeting opposition from republicans after it was announced.

It still doesn't change the fact that the gop cried for oversight and the dems all said everything is fine and then shoved their heads back in the sand.

Along with President Clinton, I take issue with Davis’ contention that equal blame exists on both sides. President Bush requested greater oversight in 2003, Republicans are clearly seen in the video fighting for greater oversight in 2004, and John McCain led the charge for greater oversight in 2005. All efforts were rebuffed by Democrats, who demagogued the issue with racial politics that made reform impossible to accomplish. At least they tried. I see no evidence of any push toward greater Fannie Mae /Freddie Mac oversight since the short bus rolled onto Capitol Hill in January 2007.

That said, I appreciate Congressman Davis’ candor in admitting Democrats let their ideology get in the way of what was right for the country.

Congressman Sorry Democrats Dropped Ball On Mortgage Crisis | Bucks Right

Along with President Clinton, I take issue with Davis’ contention that equal blame exists on both sides. President Bush requested greater oversight in 2003, Republicans are clearly seen in the video fighting for greater oversight in 2004, and John McCain led the charge for greater oversight in 2005. All efforts were rebuffed by Democrats, who demagogued the issue with racial politics that made reform impossible to accomplish. At least they tried. I see no evidence of any push toward greater Fannie Mae /Freddie Mac oversight since the short bus rolled onto Capitol Hill in January 2007.

That said, I appreciate Congressman Davis’ candor in admitting Democrats let their ideology get in the way of what was right for the country.

Congressman Sorry Democrats Dropped Ball On Mortgage Crisis | Bucks Right

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.......

And you keep leaving out the reasons the bills keep dying. Democrats were bought off by Freddie and fannie. The bills were butchered to the point of having no teeth and thus no impact rendering them pointless.

Grampa, you can expose the liberal numbnuts to all of the facts that you can find...they will remain unmoved.

Barney Frank's boyfriend was working for Fanny or Freddie when Barney was so against additional regulation. Barney's boyfriend was helping to devise the bundling scheme that allowed worthless loans to be dumped into the market. Barney could not afford to piss off his boyfriend.

 

[asaratis]

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.......

Well just DAMN! I thought the influx of adolescent, braindead idiots coming to USMB had subsided. Now up pops another worthless, would be pseudo-intellectual...struggling with his latent homosexuality....likely straight from the ranks of OWS...suffering from delusions of adequacy.

 

[freedombecki]

All of the arguing demonstrates that both parties and American greed from top to bottom were at fault.

We are the enemy folks, and either we stop playing 'gotcha'' and start working together, or it will get far worse.

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

Not in the 2003 committe nor the other two times the GOP had the House and the bill was killed.

Americano, your lies won't save you or the party from its guilt.

Well, Mr. Starkey, is it "stop playing 'gotcha' and start working together or it will get far worse," or is it 'you hard righties look absolutely stupid' and 'your lies, your party's guilt?' when the count was said to be 12-D, 10-R for a total of 22 on the committee?

 

[freedombecki]

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]

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.......

And you keep leaving out the reasons the bills keep dying. Democrats were bought off by Freddie and fannie. The bills were butchered to the point of having no teeth and thus no impact rendering them pointless.

Grampa, you can expose the liberal numbnuts to all of the facts that you can find...they will remain unmoved.

Barney Frank's boyfriend was working for Fanny or Freddie when Barney was so against additional regulation. Barney's boyfriend was helping to devise the bundling scheme that allowed worthless loans to be dumped into the market. Barney could not afford to piss off his boyfriend.

Representative Frank should have recused himself from the committee when his important other got involved.

Honorable representatives do not serve on committees where spouses/important others are players or directly benefit financially, and it reeks of shovelling taxpayer money into a Congressman's own pocket, no holds barred.

The American public deserves better. It's our money they're legislating to themselves.

 

[edthecynic]

Representative Frank should have recused himself from the committee when his important other got involved.

Honorable representatives do not serve on committees where spouses/important others are players or directly benefit financially, and it reeks of shovelling taxpayer money into a Congressman's own pocket, no holds barred.

The American public deserves better. It's our money they're legislating to themselves.

Except, of course, if they are GOP. Then it is perfectly OK for Long Dong Thomas to hear the Obama health care case coming before the SCOTUS even though his wife is a lobbyist against it.

 

[The T]

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

how many ways and times do you people need to be told F & F where not the source of the problem?

Even If you where to blame Frank and Dodd, Who do you think owns them? Wall street....now what?

And what POWER does the Congress have over the system?

Frank and DODD should be jailed for what they did.

 

[Salt Jones]

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]

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.......

And you keep leaving out the reasons the bills keep dying. Democrats were bought off by Freddie and fannie. The bills were butchered to the point of having no teeth and thus no impact rendering them pointless.

Grampa, you can expose the liberal numbnuts to all of the facts that you can find...they will remain unmoved.

Barney Frank's boyfriend was working for Fanny or Freddie when Barney was so against additional regulation. Barney's boyfriend was helping to devise the bundling scheme that allowed worthless loans to be dumped into the market. Barney could not afford to piss off his boyfriend.

Facts and links to the facts mean nothing to the tea party crowd. It's fun to watch.

 

[The T]

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.


Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis - YouTube

Bill Clinton on Democrats and the financial crisis - YouTube

And you keep leaving out the reasons the bills keep dying. Democrats were bought off by Freddie and fannie. The bills were butchered to the point of having no teeth and thus no impact rendering them pointless.

Grampa, you can expose the liberal numbnuts to all of the facts that you can find...they will remain unmoved.

Barney Frank's boyfriend was working for Fanny or Freddie when Barney was so against additional regulation. Barney's boyfriend was helping to devise the bundling scheme that allowed worthless loans to be dumped into the market. Barney could not afford to piss off his boyfriend.

Facts and links to the facts mean nothing to the tea party crowd. It's fun to watch.

That's why we keep posting the truth that YOU cannot refute but for rhetoric.

 

[Remodeling Maidiac]

I've laid out plenty of facts, dates and involved parties. Tea party or insane liberals don't change those facts. Liberals and Barney Frank bare the larger portion of the blame. Period. These policies were instituted by democrats long before Bush and the culmination of the disaster took years to develop. We see what started it and now see who is trying to continue it.

As long as the govt is involved in the free market to "level the field" these risks will be present. Let the markets and American people rise and fall of their own merits rather than spreading the misery to all by interfering.

 

[Trajan]

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

you are ignorant of the facts, james johnson had any oversight that could have reigned them in, pulled, back in the 90's, and there was even folks IN F&F ( at the time) who saw the issue that the moral hazard the gov. wanted to foist and said so, but, ole James is a canny guy. he got it squashed.

 

[Chris]

Fannie and Freddie did not bring down the economy of Iceland.

The $516 trillion dollar derivatives Ponzi scheme that Wall Street ran did.

 

[Remodeling Maidiac]

Fannie and Freddie did not bring down the economy of Iceland.

The $516 trillion dollar derivatives Ponzi scheme that Wall Street ran did.

Not sure why but my loser alarm just went off.

 

[Chris]

Fannie and Freddie did not bring down the economy of Iceland.

The $516 trillion dollar derivatives Ponzi scheme that Wall Street ran did.

Not sure why but my loser alarm just went off.

A £516 trillion derivatives ‘time-bomb’
Not for nothing did US billionaire Warren Buffett call them the real ‘weapons of mass destruction’


By Margareta Pagano and Simon Evans
12 October 12 2008

The market is worth more than $516 trillion, (£303 trillion), roughly 10 times the value of the entire world’s output: it’s been called the “ticking time-bomb”.

It’s a market in which the lead protagonists – typically aggressive, highly educated, and now wealthy young men – have flourished in the derivatives boom. But it’s a market that is set to come to a crashing halt – the Great Unwind has begun.

Last week the beginning of the end started for many hedge funds with the combination of diving market values and worried investors pulling out their cash for safer climes.

Some of the world’s biggest hedge funds – SAC Capital, Lone Pine and Tiger Global – all revealed they were sitting on double-digit losses this year. September’s falls wiped out any profits made in the rest of the year. Polygon, once a darling of the London hedge fund circuit, last week said it was capping the basic salaries of its managers to £100,000 each. Not bad for the average punter but some way off the tens of millions plundered by these hotshots during the good times. But few will be shedding any tears.

The complex and opaque derivatives markets in which these hedge funds played has been dubbed the world’s biggest black hole because they operate outside of the grasp of governments, tax inspectors and regulators. They operate in a parallel, shadow world to the rest of the banking system. They are private contracts between two companies or institutions which can’t be controlled or properly assessed. In themselves derivative contracts are not dangerous, but if one of them should go wrong – the bad 2 per cent as it’s been called – then it is the domino effect which could be so enormous and scary.

A £516 trillion derivatives ‘time-bomb’ « Did You Know

 

[Remodeling Maidiac]

Nice "OPINION" article Chris.

 

[Bfgrn]

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.

S.190 - The Federal Housing Enterprise Regulatory Reform Act of 2005 never came up for a vote. It died in committee...

Plus, Fannie and Freddie were not the cause of the financial crisis.


Everyone is entitled to his own opinion, but not his own facts.
Daniel Patrick Moynihan

 

[Chris]

Buffett warns on investment 'time bomb'

Tuesday, 4 March, 2003

The rapidly growing trade in derivatives poses a "mega-catastrophic risk" for the economy and most shares are still "too expensive", legendary investor Warren Buffett has warned.

The world's second-richest man made the comments in his famous and plain-spoken "annual letter to shareholders", excerpts of which have been published by Fortune magazine.

The derivatives market has exploded in recent years, with investment banks selling billions of dollars worth of these investments to clients as a way to off-load or manage market risk.

But Mr Buffett argues that such highly complex financial instruments are time bombs and "financial weapons of mass destruction" that could harm not only their buyers and sellers, but the whole economic system.

BBC NEWS | Business | Buffett warns on investment 'time bomb'

 

[Trajan]

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.

S.190 - The Federal Housing Enterprise Regulatory Reform Act of 2005 never came up for a vote. It died in committee...

Plus, Fannie and Freddie were not the cause of the financial crisis.


Everyone is entitled to his own opinion, but not his own facts.
Daniel Patrick Moynihan

and you are not entitled to mischaracterizations either, so I won't quibble or take the easy way out-

the gov. via a set prescribed outcome the dove via F&F, and theereafter strictures or lack there of that allowed F&F, the banks hence wall. st to take us down are at their doorstep.

 

[Bfgrn]

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.

S.190 - The Federal Housing Enterprise Regulatory Reform Act of 2005 never came up for a vote. It died in committee...

Plus, Fannie and Freddie were not the cause of the financial crisis.


Everyone is entitled to his own opinion, but not his own facts.
Daniel Patrick Moynihan

and you are not entitled to mischaracterizations either, so I won't quibble or take the easy way out-

the gov. via a set prescribed outcome the dove via F&F, and theereafter strictures or lack there of that allowed F&F, the banks hence wall. st to take us down are at their doorstep.

I am not wrongly characterizing what happened, and what didn't happen.

Private sector loans, not Fannie or Freddie, triggered crisis

* More than 84 percent of the subprime mortgages in 2006 were issued by private lending institutions.

* Private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year.

* Only one of the top 25 subprime lenders in 2006 was directly subject to the housing law that's being lambasted by conservative critics.

Fannie, the Federal National Mortgage Association, and Freddie, the Federal Home Loan Mortgage Corp., don't lend money, to minorities or anyone else, however. They purchase loans from the private lenders who actually underwrite the loans.

It's a process called securitization, and by passing on the loans, banks have more capital on hand so they can lend even more.

This much is true. In an effort to promote affordable home ownership for minorities and rural whites, the Department of Housing and Urban Development set targets for Fannie and Freddie in 1992 to purchase low-income loans for sale into the secondary market that eventually reached this number: 52 percent of loans given to low-to moderate-income families.

To be sure, encouraging lower-income Americans to become homeowners gave unsophisticated borrowers and unscrupulous lenders and mortgage brokers more chances to turn dreams of homeownership in nightmares.

But these loans, and those to low- and moderate-income families represent a small portion of overall lending. And at the height of the housing boom in 2005 and 2006, Republicans and their party's standard bearer, President Bush, didn't criticize any sort of lending, frequently boasting that they were presiding over the highest-ever rates of U.S. homeownership.

Between 2004 and 2006, when subprime lending was exploding, Fannie and Freddie went from holding a high of 48 percent of the subprime loans that were sold into the secondary market to holding about 24 percent, according to data from Inside Mortgage Finance, a specialty publication. One reason is that Fannie and Freddie were subject to tougher standards than many of the unregulated players in the private sector who weakened lending standards, most of whom have gone bankrupt or are now in deep trouble.

During those same explosive three years, private investment banks — not Fannie and Freddie — dominated the mortgage loans that were packaged and sold into the secondary mortgage market. In 2005 and 2006, the private sector securitized almost two thirds of all U.S. mortgages, supplanting Fannie and Freddie, according to a number of specialty publications that track this data.

In 1999, the year many critics charge that the Clinton administration pressured Fannie and Freddie, the private sector sold into the secondary market just 18 percent of all mortgages.

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