Dems did NOT cause meltdown- Pub Propaganda as usual....

[Truthmatters]

The SEC under Bush held back for years the protections written into the Gramm Leach Bliely act.



SEC Votes for Final Rules Defining How Banks Can Be Securities Brokers
Eight Years After Passage of the Gramm-Leach-Bliley Act, Key Provisions Will Now Be Implemented
FOR IMMEDIATE RELEASE
2007-190
Washington, D.C., Sept. 19, 2007 - Ending eight years of stalled negotiations and impasse, the Commission today voted to adopt, jointly with the Board of Governors of the Federal Reserve System (Board), new rules that will finally implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999. The Board will consider these final rules at its Sept. 24, 2007 meeting. The Commission and the Board consulted with and sought the concurrence of the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision.

 

[Toddsterpatriot]

The SEC under Bush held back for years the protections written into the Gramm Leach Bliely act.



SEC Votes for Final Rules Defining How Banks Can Be Securities Brokers
Eight Years After Passage of the Gramm-Leach-Bliley Act, Key Provisions Will Now Be Implemented
FOR IMMEDIATE RELEASE
2007-190
Washington, D.C., Sept. 19, 2007 - Ending eight years of stalled negotiations and impasse, the Commission today voted to adopt, jointly with the Board of Governors of the Federal Reserve System (Board), new rules that will finally implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999. The Board will consider these final rules at its Sept. 24, 2007 meeting. The Commission and the Board consulted with and sought the concurrence of the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision.

Fannie and Freddie have been creating securities out of mortgages for decades and decades.

 

[Truthmatters]

And pretending they caused this is complete partisan crap.


These securities were then sold off to make profit by all the lenders.

They were able to make money off of sub primes because holding up parts of the law that protected who becomes a broker and how well they were trained and by whom was held back by the Bush SEC on purpose.


No one buys the "its the macs fault" except hyper partisans who deny facts.

It doesnt convince anyone it merely makes you look like a fool

 

[Toddsterpatriot]

And pretending they caused this is complete partisan crap.


These securities were then sold off to make profit by all the lenders.

They were able to make money off of sub primes because holding up parts of the law that protected who becomes a broker and how well they were trained and by whom was held back by the Bush SEC on purpose.


No one buys the "its the macs fault" except hyper partisans who deny facts.

It doesnt convince anyone it merely makes you look like a fool

Yes, "These securities were then sold off to make profit by all the lenders"

And now, the government guarantee has cost taxpayers over $100 billion and counting.

I'm so glad Barney Frank stopped any reform of Fannie and Freddie before the crisis.
I'm so glad Barney Frank and Chris Dodd pushed the bankers to make more subprime loans.
Typical screw up by the libs.

 

[hellofromwarsaw]

Sure- Whatever Rush, Glenn, Savage, and Sean say...no evidence necessary- Strong and Wrong wins with dittoheads...."It's all the fault of poor minorities- and the gay guy?"- LOL!
Read the 3 articles- full of facts that show: over 80% of the bubble was privately held mortgages (NOT Fannie and Freddie), we certainly took a huge hit on bank bailouts, a Booosh's enforcement and regulation holiday made the Depression. Wake up, Foxbots!!

 

[Truthmatters]

And pretending they caused this is complete partisan crap.


These securities were then sold off to make profit by all the lenders.

They were able to make money off of sub primes because holding up parts of the law that protected who becomes a broker and how well they were trained and by whom was held back by the Bush SEC on purpose.


No one buys the "its the macs fault" except hyper partisans who deny facts.

It doesnt convince anyone it merely makes you look like a fool

Yes, "These securities were then sold off to make profit by all the lenders"

And now, the government guarantee has cost taxpayers over $100 billion and counting.

I'm so glad Barney Frank stopped any reform of Fannie and Freddie before the crisis.
I'm so glad Barney Frank and Chris Dodd pushed the bankers to make more subprime loans.
Typical screw up by the libs.

How would reform of them have stopped the other lenders from making money off of subprimes?

 

[Toddsterpatriot]

And pretending they caused this is complete partisan crap.


These securities were then sold off to make profit by all the lenders.

They were able to make money off of sub primes because holding up parts of the law that protected who becomes a broker and how well they were trained and by whom was held back by the Bush SEC on purpose.


No one buys the "its the macs fault" except hyper partisans who deny facts.

It doesnt convince anyone it merely makes you look like a fool

Yes, "These securities were then sold off to make profit by all the lenders"

And now, the government guarantee has cost taxpayers over $100 billion and counting.

I'm so glad Barney Frank stopped any reform of Fannie and Freddie before the crisis.
I'm so glad Barney Frank and Chris Dodd pushed the bankers to make more subprime loans.
Typical screw up by the libs.

How would reform of them have stopped the other lenders from making money off of subprimes?

You think these other lenders made money off of subprimes? They lost billions. They're still losing billions.
In the mean time, thanks to Barney Fraud, Chris Dodd and the rest of the Dem crooks in Congress, the taxpayers are on the hook for hundreds of billions in losses.
Why isn't Frankin Raines in prison yet?

 

[Toddsterpatriot]

Sure- Whatever Rush, Glenn, Savage, and Sean say...no evidence necessary- Strong and Wrong wins with dittoheads...."It's all the fault of poor minorities- and the gay guy?"- LOL!
Read the 3 articles- full of facts that show: over 80% of the bubble was privately held mortgages (NOT Fannie and Freddie), we certainly took a huge hit on bank bailouts, a Booosh's enforcement and regulation holiday made the Depression. Wake up, Foxbots!!

We took a huge hit on bank bailouts? Please explain further.

 

[hellofromwarsaw]

Link to this horse patoot, "strong and wrong"?

 

[Toddsterpatriot]

Link to this horse patoot, "strong and wrong"?

Making claims with no evidence? You must love global warming. LOL!

 

[hellofromwarsaw]

You are seriously misled. Is it Beck, Rush, Sean, or Savage?

 

[hellofromwarsaw]

Did you know the GOP is the only party in the modern world to disagree with Global warming? Or most of their claptrap? Mega rich greedy propagandists and their silly dupes. Steal the non rich blind, and start depressions and the stupidest wars ever...

"Banana Republicans!"

 

[Mustang]

By David Goldstein and Kevin G. Hall | McClatchy NewspapersWASHINGTON — As the economy worsens and Election Day approaches, a conservative campaign that blames the global financial crisis on a government push to make housing more affordable to lower-class Americans has taken off on talk radio and e-mail.
Commentators say that's what triggered the stock market meltdown and the freeze on credit. They've specifically targeted the mortgage finance giants Fannie Mae and Freddie Mac, which the federal government seized on Sept. 6, contending that lending to poor and minority Americans caused Fannie's and Freddie's financial problems.
Federal housing data reveal that the charges aren't true, and that the private sector, not the government or government-backed companies, was behind the soaring subprime lending at the core of the crisis.


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

Sorry about facts

I've heard this before. It was taken out for an initial run some time ago. Maybe they're going to ramp it up.

Yeah, those poor people took control of the American economy and wrecked it along with the economies of several other countries. No, what happened to our economy just could NOT have anything to do with powerful Wall St banking executives making multi-billion (if not trillion) dollar decisions far away from the scrutiny of the SEC (which was essentially neutered under the Bush Administration). Maybe we should also blame poor people for what happened at Enron, and WorldCom, and Tyco, and Arthur Anderson.

What's next? Can I offer a suggestion? Let's blame Bernie Sanders (I-VT) and the 1960's Hippie movement for the debacle that was/is the Iraq War and the subsequent disasterous occupation which found no WMDs.

 

[Toddsterpatriot]

You are seriously misled. Is it Beck, Rush, Sean, or Savage?

We took a huge hit on bank bailouts? Please explain further.

 

[Toddsterpatriot]

Did you know the GOP is the only party in the modern world to disagree with Global warming?

Probably because they're so much smarter than the socialists who want to control the world economy.

 

[LibocalypseNow]

Well the Economy sure did collapse right after they took control of Congress back. So i can understand why Democrats try to avoid discussing this but that is what happened. The bottom fell out right after they took Congress back. It is what it is.

 

[Brookhaven]

"Reckless Endangerment"

Written by a NYT economist (someone hardly hostile to Democrats or sympathetic to Republicans), it's the smoking gun on the 2008 crash.

IMHO, this book has the potential to be one of a handful of books that change the course of American history.

"Common Sense" - drove the Revolution
"Uncle Toms Cabin" - created a huge abolistionist movement
"The Jungle" - created widespread support for reigning in busniesses via regulation

"Reckless Endangerment" is that kind of book.

It lays out clearly the circular relationship between the mortgage industry, the Democratic party, and Democratic office holders that resulted in the mortgage industry being able to write it's own regulations in return for granting favors to Democrats (not just campaign donations, but clear conflict-of-interest financial arangements).

The entire debacle goes back to the early 1990s when James Johnson (who ran Walter Mondales presidential campaign) took over Fannie Mae. He hatched the entire scheme, which was designed to make him incredibly weathly, while at the same time place any financial risks Fannie Mae might encounter (and consequently the entire morgage industry) directly onto the shoulders of the government. That's exactly how it worked out.

I know this book is selling fast. It took Amazon a month to get me a copy, it was so back-ordered.

If this book has the impact of the other three books I mentioned it could kill the Democratic party. Literally, there might not be a Democratic party left. It's that bad.

In the preface to the book, where the authors explain why the decided to write the book, there is a palatable anger to their writing. People who should be predisposed to favor Democrats are mad at them, because they (1) helped created the mess, (2) have done nothing to bring to account those responsible, and (3) Democrats continue to work with those responsible. They site the fact that Johnson (who they hold above all others as personally responsible for the 2008 meltdown) was tapped by then candidate Obama to lead the search for his VP as one example of how the Democratic party has done nothing to clean up the mess or institute any real reforms.

"Reckless Endangerment" is a must read--period. It's going to undercut every Democratic talking point about blaming the economic meltdown on Republicans.

People overnight lost everything, they're mad as hell, and they want someone blame. This book points the finger of blame directly at the Democratic party. Like I said, this book could literally kill the Democratic party.

 

[LibocalypseNow]

Democrats Barney Frank & Chris Dodd should probably be wearing Orange Jumpsuits for what they did with Fannie Mae and Freddie Mac. The fact is,the Economy completely collapsed after the Democrats took control of Congress back. I know they deny this but that is what happened. Their "Blame DA BOOOOOOOSH" stuff was just a scam. They know they screwed things up Big-Time.

 

[GHook93]

Clinton's pushing the Community Reinvestment Act. Frank and Dodds opening Fannie Mae and Freddie Mac to create a secondary market for mortgages. Clinton making student loans non-dischargable skyrocketing tuition rates and putting Gen X into serious student loan debt. Clinton removing the barriers to China and getting them into the WTO, which has helped wreck our manufacturing basis. Clinton signing NAFTA, which turned a trade surplus with Mexico into one of the largest trade deficits in history (next to China of course!), further wrecking our manufacturing basis.

The banks are on the hook for actually making the bad loans. AIG is on the hook for insuring them. Bush is on hook for not stopping the madness that Clinton started. The Wall Street brokers on the hook for selling the packaged mortgages.

But the buck stops with Clinton, the worst President in US history!

 

[Too Tall]

The SEC under Bush held back for years the protections written into the Gramm Leach Bliely act.



SEC Votes for Final Rules Defining How Banks Can Be Securities Brokers
Eight Years After Passage of the Gramm-Leach-Bliley Act, Key Provisions Will Now Be Implemented
FOR IMMEDIATE RELEASE
2007-190
Washington, D.C., Sept. 19, 2007 - Ending eight years of stalled negotiations and impasse, the Commission today voted to adopt, jointly with the Board of Governors of the Federal Reserve System (Board), new rules that will finally implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999. The Board will consider these final rules at its Sept. 24, 2007 meeting. The Commission and the Board consulted with and sought the concurrence of the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision.

Cox was sworn in as SEC Chairman on August 3, 2005. It did take him two years to finalize the new rules. Your inference is that it took Cox 8 years. Shame on you.