N.Y Times-PROOF-Regulations blocked by DEMS on Fannie/Freddie crisis

Discussion in 'Congress' started by oreo, Sep 22, 2008.

  1. oreo
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    oreo Gold Member Supporting Member

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    Date of article--September 2003

    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.

    Also quoted in this same article, democrat Barney Frank:--ranking democrat on the financial services commitee:

    Quote:
    'These two entities -- Fannie Mae and Freddie Mac --are not facing any kind of financial crisis,'' said Democrat 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.''

    McCain co-sponsored the Federal Housing Enterprise Regulatory Reform Act of 2005 trying to reign in Freddie Mac & Fannie Mae. His bill was also blocked by democrats.

    The Republicans saw this coming. The Democrats ignored it, then blocked any new regulation, & decided to keep loaning money to people who could not pay it back. Now the taxpayer, meaning you & I are out 700 BILLION dollars!

    It's clear that democrats never wanted to regulate Fannie Mae & Freddie Mac! Why?--because these agencies were their own personal piggy banks! Barack Obama being the second largest donor receipiant of these agencies. Democrat Criss Dodd being in 1st place.

    - New York Times


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    Last edited by iamwhatiseem; 3 Hours Ago at 05:32 PM.
     
    Last edited: Sep 22, 2008
  2. oreo
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    oreo Gold Member Supporting Member

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    Karl Rove stated that every time the administration would try to reign in Fannie Mae & Freddie Mac--there would be at least 40 democrats on the hill that would block any new legislation.
     
  3. editec
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    editec Mr. Forgot-it-All

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    Depends on how they wanted to reign it in, doesn't it?

    A fragment of a whole story is worse than lie.

    If you haven't read the bill, if you don't know the whole story about what was actually be voted on, then you don't know SQUAT.
     
  4. WillowTree
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    WillowTree Diamond Member

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    What we know is that they didn't reign it in.
     
  5. jillian
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    jillian Princess Supporting Member

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    What you DON'T know is what offensive riders were placed on the bill by the repubs to kill it.
     
  6. dilloduck
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    dilloduck Diamond Member

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    Im all ears--what were the offensive riders that were worth 700 billion ?
     
  7. Ravi
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    Ravi Diamond Member

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    I was under the impression that Fannie and Freddie went down because of the devaluation of property, no? Not sure how this article ties in with that.

    Care to enlighten me?
     
  8. Silence
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    Silence wanna lick?

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    curious....whose campaign manager worked for years, earning almost 2 million dollars, to keep Fannie Mae and Freddie Mac from being regulated?
     
  9. xsited1
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    xsited1 Agent P

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    Social Security is going bankrupt and Democrats are still in denial. :confused:
     
  10. sealybobo
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    sealybobo Diamond Member

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    Just like they said there was a shortage of oil when there was no shortage, there was no problem with these banks. They were just going to take a lot of losses on foreclosed loans. Not enough to break them though. But they don't want to take a loss, so instead they used fear of economic collapse to trick us. So they let Lehman go belly up, they consolidate power and they take our tax dollars to make up for all those bad loans. In other words, they fucked you in the ass. And, do you even know about this?

    A critical - and radical - component of the bailout package proposed by the Bush administration has thus far failed to garner the serious attention of anyone in the press. Section 8

    Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

    Dirty Secret Of The Bailout: Thirty-Two Words That None Dare Utter

    The Democrats better not give Bush a blank check and make Hank Paulson above the law. He/They will rape our treasury of whatever is left. They are already doing so.
     

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