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Hello?What advice did Newt give that wasn't taken?It's interesting to note that one person paid for advice to the F&F institution would be the result of the entire meltdown. No one else responsible? Banks, Congress, employees, corrupt lending policies, VIP's in the firms? Regulations, no regulations... Just one person No one but Newt.
And all he did was give advice that wasn't taken but isn't disputed. This is really far reaching even for those who are thinking beyond the party politics.
Barney Frank et al. had more culpability but even he can't shoulder the entire responsibility.
Let's just think about this a bit.
Given that a lot of rightwingloons blame the financial meltdown on Fannie and Freddie, and given that Newt was a lobbyist/historian/adviser for Fannie and Freddie, it makes logical sense that his "advice" led to the financial collapse.
What was the advice he gave them?
The government didn't force the banks to loan anyone money. Thank you for confirming that you are nothing more than a rightwingloon.Given that a lot of rightwingloons blame the financial meltdown on Fannie and Freddie, and given that Newt was a lobbyist/historian/adviser for Fannie and Freddie, it makes logical sense that his "advice" led to the financial collapse.
What was the advice he gave them?
What, you haven't gotten your talking points on this one, either?
Of course, Freddie and Fannie didnt' cause the meltdown, the big banks did, because the government made them loan to people they never should have loaned to. FM/FM contributed in that they were directed to buy up a lot of the bad paper to keep it all going.
There's plenty of blame to go around on this mess. Blaming the consultants is kind of weak.
The government didn't force the banks to loan anyone money. Thank you for confirming that you are nothing more than a rightwingloon.Given that a lot of rightwingloons blame the financial meltdown on Fannie and Freddie, and given that Newt was a lobbyist/historian/adviser for Fannie and Freddie, it makes logical sense that his "advice" led to the financial collapse.
What was the advice he gave them?
What, you haven't gotten your talking points on this one, either?
Of course, Freddie and Fannie didnt' cause the meltdown, the big banks did, because the government made them loan to people they never should have loaned to. FM/FM contributed in that they were directed to buy up a lot of the bad paper to keep it all going.
There's plenty of blame to go around on this mess. Blaming the consultants is kind of weak.
To the topic, the vast majority of rightwingloons on this board believe Fannie and Freddie caused the financial meltdown. Therefore, it is imperative we know exactly what advice Newt gave them....well, imperative if you were an honest and consistent person.
None of the former Freddie Mac officials who spoke on condition of anonymity said Gingrich raised the issue of the housing bubble or was critical of Freddie Macs business model.
The government didn't force the banks to loan anyone money. Thank you for confirming that you are nothing more than a rightwingloon.
To the topic, the vast majority of rightwingloons on this board believe Fannie and Freddie caused the financial meltdown. Therefore, it is imperative we know exactly what advice Newt gave them....well, imperative if you were an honest and consistent person.
Whenever I hear anyone in the media say, "spoke on condition of anonymity", I usually assume that means the reporter is just making shit up.
Confirmation bias (also called confirmatory bias or myside bias) is a tendency for people to favor information that confirms their preconceptions or hypotheses regardless of whether the information is true.[Note 1][1] As a result, people gather evidence and recall information from memory selectively, and interpret it in a biased way. The biases appear in particular for emotionally significant issues and for established beliefs.
The government didn't force the banks to loan anyone money. Thank you for confirming that you are nothing more than a rightwingloon.
To the topic, the vast majority of rightwingloons on this board believe Fannie and Freddie caused the financial meltdown. Therefore, it is imperative we know exactly what advice Newt gave them....well, imperative if you were an honest and consistent person.
Look up the CRA and how it caused the meltdown. You make a bank give Johnny Foodstamp a loan he can't pay back, but no worries, you can foreclose on his house and resell it to someone else.
Actually, I could care less what advice he gave them.
He was paid for advice, he gave advice.
Gingrichs first contract with the mortgage company was in 1999, five months after he resigned from Congress and as House speaker, according to a Freddie Mac press release.
His primary contact inside the organization was Mitchell Delk, Freddie Macs chief lobbyist, and he was paid a self- renewing, monthly retainer of $25,000 to $30,000 between May 1999 until 2002, according to three people familiar with aspects of the business agreement.
During that period, Gingrich consulted with Freddie Mac executives on a program to expand home ownership, an idea Delk said he pitched to President George W. Bushs White House.
Really Got It
I spent about three hours with him talking about the substance of the issues and the politics of the issues, and he really got it, said Delk, adding that the two discussed what the benefits are to communities, what the benefits could be for Republicans and particularly their relationship with Hispanics.
Pressed on his Freddie Mac consulting relationship at a debate last month, Mr. Gingrich said he provided "advice as a historian" and told the company when he learned it was "making loans to people who have no credit history" that "this is a bubble. This is insane."
The Freddie interview doesn't show him expressing such concerns. Fannie and Freddie "have made an important contribution to homeownership and the housing finance system," Mr. Gingrich is quoted as saying in the interview presented in a question-and-answer format. "We have a much more liquid and stable housing finance system than we would have without the [companies]."
Which is why we need to see any written documents Newt produced and interview people who he gave advice to. But you don't want that to happen because of your confirmation bias.Whenever I hear anyone in the media say, "spoke on condition of anonymity", I usually assume that means the reporter is just making shit up.
Which is why we need to see any written documents Newt produced and interview people who he gave advice to. But you don't want that to happen because of your confirmation bias.Whenever I hear anyone in the media say, "spoke on condition of anonymity", I usually assume that means the reporter is just making shit up.
Blah, blah, blah...
I find it amusing that someone who brags about making money in real estate is on here whining about Freddie.
Seriously, it's like Madonna calling Paris Hilton a whore.
Point was, Freddie's role was pretty tangental to the whole mess, wasn't it. All they did was buy up the bad paper that the private banks wrote.
And both Democrats and Republicans alike thought increasing home ownership was a good thing.
Madonna calling Paris Hilton a whore is like Newt Gingrich calling Bill Clinton a whore.Seriously, it's like Madonna calling Paris Hilton a whore.
