Posted on 09/22/2008 12:22:43 AM PDT by Zakeet
For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted.
Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
The White House released this list of attempts by President Bush to reform Freddie Mae and Freddie Mac since he took office in 2001.
Unfortunately, Congress did not act on the president's warnings:
“I introduced two of the leaders here today — they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion.”
GWB June-2002
There are no innocents here, everyone who we have sent to DC over the last 20 years is guilty.
You are fighting a losing battle by pointing out the guilty parties. They’d rather blame Bush and the Repubs than look any deeper.
They are all to blame.
I’m sure Bush, McCain, Schumer and Obama planned this. Good grief!
Go sing that on DU or Kos.
“People today are soft and it is not just the people that are soft but the American corporation that seeks to use my tax dollars to correct their mistakes.”
It is hard to convince people that the actions of the government to bail companies out like is happening today, will actually make things worse - a lot worse - maybe life-endangering worse. They cannot see beyond their next paycheck. Whatever keeps the next paycheck coming is what they will support.
How hard did he fight for it? It's real easy to call for something, knowing it doesn't have a snowball's chance.
ALl I did was post a quote of GWB where he promises to spent 440 BILLION for Sub Prime Loans for Minorities.
I hold him accountable for his statement and actions as well as every Democrat and Republican who supported this nonsense.
You see, I am an American First, a Catholic second, a Conservative third, a Texan fourth and a Republican Fifth.
And if the Republicans keep moving us to Socialism, Republican will fall on the list to somewhere below bad golfer.
So you even supported Bush when he proposed 440 Billion for Sub Prime Fannie and Freddie Mortgages for Minorities?
The Fall of Fannie Mae January 24, 2005
The Reagan administration, for instance, ideologically opposed to government-subsidized corporations, worked hard to privatize the company. (Fannie beat back the effort.)
Thanks for posting. I did a search last week and have posted that article on a couple of threads on FR and was just going to post it to this one.
“They’d rather blame Bush and the Repubs than look any deeper.”
I’m sorry you can’t see the full measure of their complicity with this.
I think some would rather take the money now, no matter how ill-gotten and no matter how hard their children will have to work to pay it back.
If you can’t see that the President has lead this country into the enslavement of socialism, you’ve got bigger problems than your ill-advised investments in Lehman.
I have never invested money.
Get a clue.
Why are you avoiding the question about Bush’s advocacy of 440 Billion dollars for Fannie and Freddie Sub Prime Mortgages for Minorities?
These people cannot see it was an orchestrated effort by the Dems. They will bring America down any way they can. The WOT didn’t hand us over to our enemies so they did it financially. B. Clinton said some months ago that our economy was growing too fast. He knew what was coming.
I already addressed that in post 26. And you didn’t read the link, did you. It starts out talking about Bush pushing home ownership. Try reading it.
You sent that to the wrong person. I did not make Post 74.
Peace.
I read the link. Now did you support the 440 billion in government backed loans to minorities that the President proposed?
Look at the thread. Your name isn’t on 74 so I have no idea how you got it. System gremlins? I have no other thread open.
We discussed this. They were cooking the books. Bush tried to do something in 2003 and was blocked as was REAGAN.
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