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

[bripat9643]

Basically the foxes were in charge of the hen house. Bush's head of the SEC, like those in charge of the oil , lumber industries, etc. had little or no interest in enforcement of rules and laws. Blaming the gay guy is disengenuous BS (see post 1)

What laws didn't the SEC enforce?

 

[hellofromwarsaw]

All the ones that stood in the way of their pals making scads of money...and they DIDN'T pay back, don't be such a dupe.

 

[oreo]

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

Fannie/Freddie were started by DEMOCRATS and DEREGULATED BY DEMOCRATS.


And they are GROUND ZERO for this current economic collapse. All financial wow's--bail--out's lead right back to the front door of these two federal government run agencies.

Fannie Mae Eases Credit To Aid Mortgage Lending - NYTimes.com

Our Federal Government thought it would be a great idea to co-sign our names to 50% of the mortgages in this country-while at the same time--pressuring banks to lower lending practices. Meaning one could walk into a bank with no down payment--no collateral--less than a desirable credit rating--with little income using sub-prime interest rates--fully supported by Allan Greenspan and Robert Rubin--(Clinton's treasury secretary)--and low and behold--a looser could purchase a 400K custom home. Why? Because he had 310 million American co-signers. Also fully supported and defended by these same two people were the derivities market--where Wall Street Bankers were allowed to buy up these mortgage back securities and trade them in the mother of all casino's known as hedge funds--which sent toxic assets global. All warnings of an imminent collapse were completely ignored by both senate and congressional banking boards. In essense--Our Federal Government built a house of cards that collapsed leaving the American taxpayer holding the bag--while they blamed everyone else--including Wall Street bankers for their own ignorance.

 

[hellofromwarsaw]

Yeah we KNOW, but it was under BOOOSH that private lenders could lend to people wth NO JOBS, etc, etc- when they had over 80% of the bad loans, FOR CHRIST SAKE!! ty

 

[oreo]

Yeah we KNOW, but it was under BOOOSH that private lenders could lend to people wth NO JOBS, etc, etc- when they had over 80% of the bad loans, FOR CHRIST SAKE!! ty

BULLSHIT--read it and LEARN--

Fannie Mae Eases Credit To Aid Mortgage Lending - NYTimes.com

 

[Toddsterpatriot]

Yeah we KNOW, but it was under BOOOSH that private lenders could lend to people wth NO JOBS, etc, etc- when they had over 80% of the bad loans, FOR CHRIST SAKE!! ty

When private firms lost money, that was their problem.
When Fannie and Freddie lost money, that was our problem.

Thanks Dem idiots.

 

[oreo]

Yeah we KNOW, but it was under BOOOSH that private lenders could lend to people wth NO JOBS, etc, etc- when they had over 80% of the bad loans, FOR CHRIST SAKE!! ty

When private firms lost money, that was their problem.
When Fannie and Freddie lost money, that was our problem.

Thanks Dem idiots.

Agreed--A 100% mortgage guarantee--co-signed by 310 million American taxpayers--that didn't realize that the Federal Government just co-signed their names to some looser's 500K mortgage--LOL.

Welcome to Fannie Mae & Freddie Mac--

 

[yidnar]

Both parties had a hand in the meltdown. If you can't comprehend that you're too stupid for words and deserve the government ass raping you receive.

and don't forget the community re investment act !!

 

[hellofromwarsaw]

AGAIN-over 80% of toxic loans 2003-6 had NOTHING to do with Fannie. And I read the 1999 NYT...pffft!!!You are perfect tools for the greedy...

 

[hellofromwarsaw]

NONE of this crappe happens without Boosh's pals running the coop. Get REAL, Rush/Foxbots. Ay caramba!! See also 9/11, Katrina, Iraq, Afgan, etc etc...greedy MORONS

 

[oreo]

AGAIN-over 80% of toxic loans 2003-6 had NOTHING to do with Fannie. And I read the 1999 NYT...pffft!!!You are perfect tools for the greedy...

Look--you haven't been paying much attention to this--OBVIOUSLY--

I'll say it again and involve WALL STREET BANKERS for it to make some sense to you.

Our Federal Government thought it would be a great idea to co-sign our names to 50% of the mortgages in this country using Fannie Mae/Freddie Mac--while at the same time Clinton officials were pressuring banks to lower lending standards--meaning no collateral--no down payment--less than a desirable credit rating--while USING sub-prime mortgages--thereby qualifying people way above their income levels.

Once the mortgage backed security was done--WALL STREET bankesr bought these mortgage backed securities up as fast as they could and started using them as collateral in the mother of all casino's known as the dervities market--as they too were deregulated during the Clinton administration--aka (The Glass/Stegall act from the 1930's was GONE). If you had a mortgage in the 1990's like most of us had--you would note that they were constantly traded and you were making a payment to different mortgage bankers every year or two. It wasn't the same banker you originated the loan with. Your mortgage was constantly being traded.

Again--it was the Federal Government that built this house of cards--and also ignored all imminent warnings--that collapsed leaving the American taxpayer holding the bag.

It's that SIMPLE--deal with it.

 

[hellofromwarsaw]

Dems- WORTHY Poor can get loans. Pubs under Boosh- ANYBODY can get a loan, no job, many houses, you name it, S+P will rate em all AAA, AIG will insure them...sell em around the world!! Brilliant!!ANOTHER STUPID corrupt Pub bubble and Great Depression. You are brainwashed. Hoping for your recovery....

 

[hortysir]

Since Fannie Mae and Freddie Mac were bailed out by the Federal government in September 2008, taxpayers have injected
approximately $150 billion into both companies. This is far more than the pay-outs to AIG and other companies that received
bailouts. Yet, 23 months later, the Democrats still have NO bill and NO plan for how to address the long term status of Fannie and
Freddie. Meanwhile, the two enterprises continue to hemorrhage money

http://financialservices.house.gov/UploadedFiles/gsedocumentfinal.pdf

 

[oreo]

Dems- WORTHY Poor can get loans. Pubs under Boosh- ANYBODY can get a loan, no job, many houses, you name it, S+P will rate em all AAA, AIG will insure them...sell em around the world!! Brilliant!!ANOTHER STUPID corrupt Pub bubble and Great Depression. You are brainwashed. Hoping for your recovery....

Again--You're incorrect. These government backed guarantees started during the Carter administration to provide LOWER INCOME people with LOW INCOME HOUSING--that as the Federal Government always does--expands their programs to include taxpayer guaranteed loans to middle class and wealthy individuals. We have over million dollar vacation beach properties (2nd homes) along with fixers and flippers--(investment properties) that were taxpayer guaranteed by Fannie Mae//Freddie Mac--and it has absolutely nothing to do with G.W. Bush--as most of this was done during the Clinton Administration--including deregulation of the Glass/Stegall act of the 1930's.

You can look it up--but just to go willy nilly without any actual knowledge of how this happened--spells another disaster in the future.

 

[Full-Auto]

Yeah we KNOW, but it was under BOOOSH that private lenders could lend to people wth NO JOBS, etc, etc- when they had over 80% of the bad loans, FOR CHRIST SAKE!! ty

You didnt mention the lawsuits fool. The reason those banks entered the game in the first place. DUPE.

 

[oreo]

yeah we know, but it was under booosh that private lenders could lend to people wth no jobs, etc, etc- when they had over 80% of the bad loans, for christ sake!! Ty

you didnt mention the lawsuits fool. The reason those banks entered the game in the first place. Dupe.

link?

 

[Full-Auto]

yeah we know, but it was under booosh that private lenders could lend to people wth no jobs, etc, etc- when they had over 80% of the bad loans, for christ sake!! Ty

you didnt mention the lawsuits fool. The reason those banks entered the game in the first place. Dupe.

link?

Are you serious? how many would you like? Will the one Obama headed be enough?

 

[oreo]

Since Fannie Mae and Freddie Mac were bailed out by the Federal government in September 2008, taxpayers have injected
approximately $150 billion into both companies. This is far more than the pay-outs to AIG and other companies that received
bailouts. Yet, 23 months later, the Democrats still have NO bill and NO plan for how to address the long term status of Fannie and
Freddie. Meanwhile, the two enterprises continue to hemorrhage money

http://financialservices.house.gov/UploadedFiles/gsedocumentfinal.pdf

Well the senate cafeteria is in RED INK.

In truth--the FEDERAL GOVERNMENT couldn't operate a lemonade stand without driving it into bankruptcy.

And we see how their mis-management of Fannie/Freddie has brought this country to it's financial collapse--along with it's taxpaying citizens.

 

[hortysir]

Bawney Fwank was the chair of the House Financial Services committee.
He was the one chanting that FM was doing fine.
Chris Dodd was his Senate counter-part echoing the same chants.

People everywhere are bemoaning Dodd-Frank but you can blame Republicans?

 

[Charles_Main]

Clearly Both Parties have had a hand in our Current problems. However that is no Excuse for Obama adding 4 Trillion more debt in a Failed, Misguided Attempt to fix a Debt Problem by adding more Debt.

Stop worry about who caused this shit. I want to know WTF Obama is going to do about it. Where is the Democrat Budget? Where is Obama's Plan? Why is it all you guys can do is point fingers and say the other guy did it not me?