Remembering Republican Statements

[del]

I love listening to Rush these days.

i knew someone did but until now, i didn't know who. thanks for clearing up that little mystery for me. are you the same guy that watches o'reilly, or is that someone else?

 

[Gord]

I didn't say the Democrats were guilt-free.

Look, what financial institutions did with Fannie and Freddie mortgage securities contributed to the depth of the credit crisis, but the root is in congress and the Democrat's support of grass-roots organizations like ACORN that used CRA regulations to intimidate banks into making bad loans they would not have normally made. They were between a rock and a hard place in giving the loans, but Freddie and Fannie made them relatively trouble-free by purchasing them. Warning bells were going off about this in the late 90's, but the Democrats in congress refused to allow action out of the oversight committees, seeing this as wedge issue to get and keep the poor's vote, and use it as a demagogic hammer to nail Republicans as racist and not caring about the poor. ACORN and other groups went as far as occupying bank's offices and intimidating management ala Jessie Jackson type shakedowns. This has continued throughout the 00's with Democrats like Barney Frank and Chris Dodd leading the way. Republicans can take some blame for being cowards, but let's face it - when Democrats use demagogic race baiting to defend an issue, knowing the media will back them, Republicans can do very little on their own, even with a majority.

And I will ask again: If any Republican could be shown to have been at fault in this you can be sure the Democrats would be crucifying him with congressional investigations right now. So why are there no Republicans being investigated?

Answer: Because there are no Republicans directly at fault here. The blame for this credit crisis lays squarely at Democrat's feet...

 

[Ravi]

there are faults on BOTH side of the political aisles
but you guys want to blame just ONE MAN


DAMN that Bush
did you stub your toe again ravi?

I never said Bush was solely responsible, and yet here you are in this thread agreeing with some dope that says it's all the fault of the Dems. If you weren't so stupid it'd be funny but it is really just pathetic.

 

[DiveCon]

Look, what financial institutions did with Fannie and Freddie mortgage securities contributed to the depth of the credit crisis, but the root is in congress and the Democrat's support of grass-roots organizations like ACORN that used CRA regulations to intimidate banks into making bad loans they would not have normally made. They were between a rock and a hard place in giving the loans, but Freddie and Fannie made them relatively trouble-free by purchasing them. Warning bells were going off about this in the late 90's, but the Democrats in congress refused to allow action out of the oversight committees, seeing this as wedge issue to get and keep the poor's vote, and use it as a demagogic hammer to nail Republicans as racist and not caring about the poor. ACORN and other groups went as far as occupying bank's offices and intimidating management ala Jessie Jackson type shakedowns. This has continued throughout the 00's with Democrats like Barney Frank and Chris Dodd leading the way. Republicans can take some blame for being cowards, but let's face it - when Democrats use demagogic race baiting to defend an issue, knowing the media will back them, Republicans can do very little on their own, even with a majority.

And I will ask again: If any Republican could be shown to have been at fault in this you can be sure the Democrats would be crucifying him with congressional investigations right now. So why are there no Republicans being investigated?

Answer: Because there are no Republicans directly at fault here. The blame for this credit crisis lays squarely at Democrat's feet...

not quite
but close
the reason no republican is being investigated for this is the same reason why no democrat is
they are BOTH complicit in this mess

 

[DiveCon]

I never said Bush was solely responsible, and yet here you are in this thread agreeing with some dope that says it's all the fault of the Dems. If you weren't so stupid it'd be funny but it is really just pathetic.

yeah sure you dumb fuck, i'm only blaming the dems

oops, what was the last posts of mine in this thread
you show over and over how fucking STUPID you are

 

[Orange_Juice]

i knew someone did but until now, i didn't know who. thanks for clearing up that little mystery for me. are you the same guy that watches o'reilly, or is that someone else?

Ya, me a millions of stone cold ignorant Republican voters. The guy is loved by many, many Republicans

 

[del]

Ya, me a millions of stone cold ignorant Republican voters. The guy is loved by many, many Republicans

you betcha- you're the one listening to him; i'll take you at your word.

 

[Ravi]

Look, what financial institutions did with Fannie and Freddie mortgage securities contributed to the depth of the credit crisis, but the root is in congress and the Democrat's support of grass-roots organizations like ACORN that used CRA regulations to intimidate banks into making bad loans they would not have normally made. They were between a rock and a hard place in giving the loans, but Freddie and Fannie made them relatively trouble-free by purchasing them. Warning bells were going off about this in the late 90's, but the Democrats in congress refused to allow action out of the oversight committees, seeing this as wedge issue to get and keep the poor's vote, and use it as a demagogic hammer to nail Republicans as racist and not caring about the poor. ACORN and other groups went as far as occupying bank's offices and intimidating management ala Jessie Jackson type shakedowns. This has continued throughout the 00's with Democrats like Barney Frank and Chris Dodd leading the way. Republicans can take some blame for being cowards, but let's face it - when Democrats use demagogic race baiting to defend an issue, knowing the media will back them, Republicans can do very little on their own, even with a majority.

And I will ask again: If any Republican could be shown to have been at fault in this you can be sure the Democrats would be crucifying him with congressional investigations right now. So why are there no Republicans being investigated?

Answer: Because there are no Republicans directly at fault here. The blame for this credit crisis lays squarely at Democrat's feet...

So you are saying that the Republican legislation that did away with mortgage down payments for people that couldn't come up with them intimidated banks into making bad loans? Interesting theory.

 

[Ravi]

yeah sure you dumb fuck, i'm only blaming the dems

oops, what was the last posts of mine in this thread
you show over and over how fucking STUPID you are

Ass, you're the one that jumped in and agreed with the dope that placed the blame on the Dems. My post obviously changed your mind but you are too much of a wus to admit it. And a post hours later about dual responsibility is just your effort to save face.

 

[DiveCon]

Ass, you're the one that jumped in and agreed with the dope that placed the blame on the Dems. My post obviously changed your mind but you are too much of a wus to admit it. And a post hours later about dual responsibility is just your effort to save face.

oh keep lying bitch

 

[Orange_Juice]

you betcha- you're the one listening to him; i'll take you at your word.

Lol, ya, I therefore must be the only one.

 

[Ravi]

oh keep lying bitch

Unless you go back and edit your posts your stupidity is on display for all to see.

Poor crybaby.

 

[DiveCon]

Unless you go back and edit your posts your stupidity is on display for all to see.

Poor crybaby.

no, you stupid fuck, my posts on this topic have been consistant
you are just too much of a fucking moron to understand that supporting someone that said the dems were at fault is NOT saying the GOP wasnt also
they BOTH were and are
take off your partisan blinders for a change

 

[bk1983]

no, you stupid fuck, my posts on this topic have been consistant
you are just too much of a fucking moron to understand that supporting someone that said the dems were at fault is NOT saying the GOP wasnt also
they BOTH were and are
take off your partisan blinders for a change

Except Gord placed no blame on the republicans, and said Democrats are completely at fault in the matter. Too bad you got caught cheerleading for the wrong partisan

 

[Gord]

So you are saying that the Republican legislation that did away with mortgage down payments for people that couldn't come up with them intimidated banks into making bad loans? Interesting theory.

It was not Republican legislation. The CRA was created by the Carter administration in 1977 and expanded by Clinton in 1995 using the Housing and Urban Development department and bypassing congress.

 

[DiveCon]

It was not Republican legislation. The CRA was created by the Carter administration in 1977 and expanded by Clinton in 1995 using the Housing and Urban Development department and bypassing congress.

and who controled the congress in 1995?

hmmm?
face it, both partys are neck deep in this mess, and thats why you wont see ANY investigations into either

 

[DiveCon]

Except Gord placed no blame on the republicans, and said Democrats are completely at fault in the matter. Too bad you got caught cheerleading for the wrong partisan

as if you could see beyond partisanship yourself

 

[Gord]

and who controled the congress in 1995?

You don't read too well do you?

 

[DiveCon]

You don't read too well do you?

yes i do
Clinton didnt bypass congress

 

[Toro]

Look, what financial institutions did with Fannie and Freddie mortgage securities contributed to the depth of the credit crisis, but the root is in congress and the Democrat's support of grass-roots organizations like ACORN that used CRA regulations to intimidate banks into making bad loans they would not have normally made. They were between a rock and a hard place in giving the loans, but Freddie and Fannie made them relatively trouble-free by purchasing them. Warning bells were going off about this in the late 90's, but the Democrats in congress refused to allow action out of the oversight committees, seeing this as wedge issue to get and keep the poor's vote, and use it as a demagogic hammer to nail Republicans as racist and not caring about the poor. ACORN and other groups went as far as occupying bank's offices and intimidating management ala Jessie Jackson type shakedowns. This has continued throughout the 00's with Democrats like Barney Frank and Chris Dodd leading the way. Republicans can take some blame for being cowards, but let's face it - when Democrats use demagogic race baiting to defend an issue, knowing the media will back them, Republicans can do very little on their own, even with a majority.

This is political spin. This is not seriously discussed as a root cause of the housing crisis in the financial community.

The relative volume of subprime mortgages purchased by Freddie and Fannie were low. The vast majority of subprime mortgages were not guaranteed nor were they ever owned by the GSEs.

Size of GSE subprime holdings was $170 billion.

Fannie Mae and Freddie Mac are two government agencies who created, and remain highly involved in, the secondary market for mortgage-backed securities. They now own or guarantee about $1.4 trillion, or 40%, of all U.S. mortgages, with $168 billion in subprime mortgages.

Fannie Mae, Freddie Mac and the Subprime Mortgage Crisis

The subprime market grew to be $1.5 trillion while total mortgages were $10 trillion.

The residential mortgage market in 2006 was $10 trillion, representing one-quarter of the total debt market in the U.S. Over the past few years, the $1.5 trillion subprime mortgage market has experienced exponential growth. According to Inside Mortgage Finance Publications, subprime mortgages accounted for over 20% of all mortgage originations in 2006, up from 6% in 2002; the AIt-A mortgage market alone grew from $85 billion in 2003 to $400 billion in 2006.

Comparing the prime and subprime mortgage markets | Chicago Fed Letter | Find Articles at BNET

So we're supposed to believe the Republican spin machine that 11% of all subprime mortgages and 1.7% of all mortgages brought down the US financial system?

C'mon.

It's not a serious argument. It's pure spin to deflect blame.

Most subprime mortgages never went to blacks. Subprime mortgages were used primarily for buyers in the hottest markets, particularly California, Arizona, Nevada and Florida. Yes, some minorities obtained mortgages - many Hispanics who had never owned a home before and believed they were signing on to something else took subprime mortgages to buy homes in those hottest markets - but the vast majority were whites who were not poor.

The systematic risk in the GSEs was not in the subprime market. The systematic risk was in allowing the GSEs to take on too much debt. They were dramatically undercapitalized. This is where the culpability lies with the Democratic party, as they were the primary sponsors of the GSEs. They resisted calls for the GSEs to take on more capital because the executives at the companies were paid on profitability, and more capital meant lower returns.

But the GSEs were no different than much of the financial sector. Lehman was undercapitalized. So was Bear Stearns. As was Merrill Lynch, Morgan Stanley, AIG, WaMu and all the other bastions of capitalism. And it was primarily the Republicans who are responsible for this - if we apportioning blame amongst the political parties - since it was they who were the primary sponsors of financial deregulation which took down Wall Street and much of the financial system. And these problems dwarfed the GSEs.