Obama Voted 'Present' on Mortgage Reform

[CactusCarlos]

In each of the first two presidential debates, Barack Obama claimed that "Republican deregulation" is responsible for the financial crisis. Most viewers probably accepted this idea, especially because Republicans generally do favor deregulation.

But one essential fact was missing from the senator's narrative: While there has been significant deregulation in the U.S. economy during the last 30 years, none of it has occurred in the financial sector. Indeed, the only significant legislation with any effect on financial risk-taking was the Federal Deposit Insurance Corporation Improvement Act of 1991, adopted during the first Bush administration in the wake of the collapse of the savings and loans (S&Ls). FDICIA, however, substantially tightened commercial bank and S&L regulations, including prompt corrective action when a bank's capital declines below adequate levels and severe personal fines if management violates laws or regulations.

More: Obama Voted 'Present' on Mortgage Reform - WSJ.com

Obama lied. In related news, the sky is blue and the grass is green.

 

[CactusCarlos]

Sorry for the dupe, already posted at http://www.usmessageboard.com/current-events/61160-obama-voted-present-on-mortgage-reform.html