So who is really at fault for this financial melt-down

Discussion in 'Congress' started by oreo, Oct 5, 2008.

  1. oreo
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    oreo Gold Member Supporting Member

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    Just watched a special on Fox News, October 5, 2008.

    Unbelievable!

    As we know, in 1999 the Clinton adminstration pressured Fannie & Freddie to lower standards (credit & income) to persuade banks to loan out mortgage money to lower income people & minorities. They went as far as not even requiring down payments. (Easy money raced through our economy--thru new mortgages to refinancing). Not only were lower income & minorities getting homes they could not afford, but others jumped on the band wagon--using this money to buy vacation beach homes.

    At this time--government lead by pressuring democrats wanted Freddie & Fannie (government) to back 50% of these new loans in their portfolios to be what we know can honestly say (risky borrowers.)

    Wall Street bought up these mortgages in packages to hedge their capital. When housing prices fell--these risky borrowers walked out of the homes they purchased, primarily because they had nothing to lose. No down payment = no investment to lose.

    In 2001 the Bush adminstration warned that Freddie & Fannie may be getting out of control. Then again in 2003 the Bush administration brought new legislation in to reign these agencies under control. Then again Allan Greenspan warned. Then in 2005 John McCain sponsored a bill to get tighter regulations on these agencies.

    So who blocked these several new pieces of legislation that would have saved us from this 700 BILLION DOLLAR bail-out.

    Every time a new piece of legislation was brought up to the banking/finance committee. Every democrat on the board would vote against new regulation, every republican on the board would vote for it. This happened at least 3 different times during the Bush adminstration.

    NAMES MENTIONED: Democrat Criss Dodd--democrat Barney Frank--democrat--Charles Schumer whom were adamant that Fannie & Freddie needed no stricter regulations. Criss Dodd being the # 1 donor receipiant of Fannie/Freddie--Barack Obama being the # 2 donor receipiant of Fannie/Freddie.

    ACORN--whose sole purpose was to go into banks & scream discrimination--was also a player in this. BTW--Barack Obama is connected to ACORN--& was actually this agencies attorney in his Chicago community organizing days--whom also promoted loans given to people who could not pay them back. (Note that the first bail-out bill that house republicans defeated had $20 BILLION dollars going to ACORN). This outraged them. ACORN is also currently under criminal investigation in several states for voter registration fraud.

    There is absolutely no doubt in my mind--who is to blame for this financial crisis. The party who started it, the party who ignored it, & the party who voted several times against any new regulation to reign these agencies in. Democrats
     
  2. sealybobo
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    sealybobo Diamond Member

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    The gop sure didn't complain. In fact, even though things were easy enough for poor people in the 90's, the gop made it even easier. To the point of being irresponsible and neglegent. The subprime lenders pushed/conned into it.

    You know what? Mccain said he didn't see this coming, yet you guys point to bills that he TRIED to pass to stop such a collapse. Are you sure? Because his words don't suggest he saw this coming NOR do his words suggest he has a clue what to do, other than give more tax breaks and regulate more, or less, depending on the day.

    I'm sick of taking the time to debunk all your lies. It takes me more time to prove these lies wrong than it does for you to make them up.

    Mccain is clueless. Palin is a horrible choice. You guys do realize chaney and rumsfeld will be behind mccain running his presidency, right?

    Ww3 if mccain is president. period. Does anyone want they war for profit to continue? This bailout didn't break us. 9 11 didn't break us. Afganistan wouldn't be breaking us if not for Iraq. Do you want war with Iran?

    Last question. Are you insane?
     
  3. DavidS
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    DavidS Anti-Tea Party Member

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    I agree. That IS unbelievable that you would choose to watch a station that is getting their talking points from the Republican Party.

    Listen, I know that MSNBC has a couple of flunkies on there that are so far to the left, they make Stalin look like Rush Limbaugh... but come on. Getting your news from a 24 hour cable station today should only be for entertainment. Research the internet folks, the facts are out there.

    And by the way, Oreo, the Republicans held a majority in the House from 1994 - 2007, a majority in the Senate from 1994 - 2001, 2003 - 2007. If the Republicans were so concerned about this, they could've done something about it. They didn't need the Democrats' permission.
     
  4. DiveCon
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    DiveCon gone

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    you're right, i blame both
    but you forget that the senate had as slim a margin as the dems have now
    but yeah, both sides have messed things up, at least some on the right tried to fix things, like McCain
     
  5. frazzledgear
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    frazzledgear Senior Member

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    Yes McCain saw this coming. The Palin obsessed media are the ones who never saw it coming. Please give a link to any video where McCain is saying he never saw this coming. As opposed to a worthless video of someone else claiming McCain said that. And please -no leftwing whacko sites that just make up garbage hoping some of it will stick. (It always does with the cows though.)

    McCain sponsored the Federal Housing Enterprise Regulatory Reform Act in 2005 for the specific purpose of trying to head this off. The link also includes his speech from the floor of the Senate on May 25, 2006 urging the need for swift action.

    GovTrack: Senate Record: FEDERAL HOUSING ENTERPRISE REGULATORY REFORM... (109-s20060525-16)

    That McCain had repeatedly warned of the need for regulatory reform of Fannie Mae and Freddie Mac IS INDISPUTABLE FACT.

    During the VP debate Biden LIED (one of at least 18) and claimed that Obama had warned of the subprime meltdown and eventual collapse of Fannie Mae and Freddie Mac two years earlier. Now if you can find at ANY time prior to the collapse where Obama tried to "warn" Congress of that - I'd love to see a link to that. Because he did no such thing. Not only was the ability to foresee that way beyond his pay grade, knowledge and expertise - his job with ACORN was to exploit Fannie Mae in particular for the benefit of people who couldn't afford the homes they took out those loans for. He was a player in getting people to take OUT these loans in the first place!

    As for claims you can even pretend to "de-bunk" these "lies" -try doing it after viewing these videos of congressional hearings and the specific words of Democrats and Republicans over the years. The first one is typical of the response of all Democrats on that committee whenever ANYONE tried to get that committee to get a bill out trying to reform these two institutions. Hostile and a "kill the messenger" mentality.

    [ame=http://www.youtube.com/watch?v=3p1Wc2NFa3w]YouTube - Democrats Covering up the Fannie Mae, Freddie Mac and Economic Crisis[/ame]

    News report on who tried to warn of impending meltdown and who disputed it.
    [ame=http://www.youtube.com/watch?v=3QBRIsCkGQ0]YouTube - Fannie Mae Freddie Mac Barack Obama & John McCain[/ame]

    The most you are going to be able to "prove" is what rational and intelligent people already know. BOTH parties bear a responsibility for this and failed the entire nation. But the canard that it was Republicans who fought against regulatory reform while Democrats were the ones trying to push it -is a lie that is too easily proven to be a lie. Since 2005 when others were insisting it was becoming increasingly urgent to do something -it was Democrats who fought against regulatory reform.

    Last point -I think you need to re-assess your own level of sanity. Either that or get a cattle-size feedbag you can just slip over your head for that partisan bs you love to unquestioningly swallow - and start practicing saying "moooo" for everyone Bessie.
     
    Last edited: Oct 6, 2008
  6. sealybobo
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    sealybobo Diamond Member

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    Holy shit, where have you been? You haven't seen or heard McCain say he didn't see it coming? YOu can find it yourself lazy, but here are a few places you can check out.

    McCain Didn’t See The Crisis Coming - Liberal Values - Defending Liberty and Enlightened Thought

    Here, utube this stupid

    YouTube - McCain Saying He Didn't Expect Economic Crisis

    Or read this one:

    Think Progress McCain: ‘The Issue Of Economics Is Not Something I’ve Understood As Well As I Should’

    Although I doubt it will make a difference.

    PS. I'm sick of taking the time to debunk your sides bullshit and prove my facts. Why don't YOU start talking facts so I don't have to waste so much time proving you fucking wrong. It's getting old. But I guess your side is desperate so you'll resort to anything. Bunch of bitches.
     

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