McBush...Can we afford four more years?

[Chris]

Wow, another person with anger issues. I realize that you idolize FDR, but many do not and for good reason. It seems pointless to tell you why, so I'll just say "good day."

FDR saved America.

You are the one who is pointless.

 

[SwingVoter]

FDR was one of our greatest presidents.

"The only thing we have to fear, is fear itself."

Then I think you should honor his memory, and stop acting so terrified of the masses of people in this world who have more power than you do.

 

[-Cp]

Rising unemployment, rising gas prices, record foreclosures, record trade deficit, the Big Three on the verge of bankrupcy, $700 billion dollars wasted on Iraq, a $500 billion dollar budget deficit, and a Wall Street meltdown.

Bushie, you're doing a heckuva job!

New Agency Proposed to Oversee Freddie Mac and Fannie Mae - New York Times

I know you can't handle facts.. .but this is even from the NY Slimes

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

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 mortgage lending industry.

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.

Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

”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 Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable 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 Democrats had forced lenders to assume more risk at lower interest rates in the 1990s, as IBD points out today, and they didn’t want to countenance an end to their populist policies:

But it was the Clinton administration, obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street’s most revered institutions.

Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making. It was either that or face stiff government penalties.

The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but “predatory.”

Yes, the market was fueled by greed and overleveraging in the secondary market for subprimes, vis-a-vis mortgaged-backed securities traded on Wall Street. But the seed was planted in the ’90s by Clinton and his social engineers. They were the political catalyst behind this slow-motion financial train wreck.

And it was the Clinton administration that mismanaged the quasi-governmental agencies that over the decades have come to manage the real estate market in America.

 

[Girlcanfish]

I can't believe that people would actually think that they can blame one man....!!! even though the congress has been controlled by the Dems for the past 2 years for gas prices and mortgages....OH MY GOSH! you really do need to have your own mind and stop listening to everything that CNN says...I think that the liberals have stopped thinking and rely on the media to do it for them.

 

[Red Dawn]

Jesus, seven years ago Bush voters told us that Bush's tax policies would spur an economic engine of job creation and prosperity.

Now that Bush economic policies are crashing and burning, they're running away from what they once defended, at full sprint.

 

[-Cp]

I can't believe that people would actually think that they can blame one man....!!! even though the congress has been controlled by the Dems for the past 2 years for gas prices and mortgages....OH MY GOSH! you really do need to have your own mind and stop listening to everything that CNN says...I think that the liberals have stopped thinking and rely on the media to do it for them.

That's because liberals don't think... they use emotion rather than reason/facts to guide their lives...

 

[sealybobo]

Jesus, seven years ago Bush voters told us that Bush's tax policies would spur an economic engine of job creation and prosperity.

Now that Bush economic policies are crashing and burning, they're running away from what they once defended, at full sprint.

No shit!!!! Why would we listen to them now?