Just a reminder… When did the Financial mess start?

Stop the ACLU ^ | Jan 03,2009 | Warner Todd Huston

[BreeLee]

By Warner Todd Huston @ StopTheACLU.com

Bush tried to regulate and supervise Fannie and Freddie… but the Democrats scoffed at it all and blocked Bush from trying to fix the financial mess. So, whose fault is the economic mess? Here is what Representative Barney Frank said in 2003 about Fannie and Freddie:

“Fannie Mae and Freddie Mac are not in a crisis.”

“The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the treasury, which I do not see — I think we see entities that are fundamentally sound financially and will withstand some of the disaster scenarios. And even if there were a problem the federal government doesn’t bail them out. But the more pressure there is there, then the less I think we see in terms of affordable housing.”

Here is a video that YouTube initially pulled because it proved that the Democrats are at fault

http://www.youtube.com/v/cMnSp4qEXNM&hl=en&fs=1

[BreeLee]

Is it just me or does Barney Frank sound like he's always talking with a mouth full "stuff" that he hasn't swallowed. This guy is just loathsome, how in the world did this guy get where he is today, oh yeah, what was I thinking, one word "ACLU".

[Boiling Pots]

This mess started way before Bush.

[xcamel]

There was trouble enough to go around, but nothing hit the fan until the dems took over congress in 06.

[Para-Ord.45]

reference

[AprilfromTexas]

4later

[EQAndyBuzz]

The mess started with FDR.

[BGHater]

1913.

[Boiling Pots]

But, it doesn’t fly in the face of “compassionate conservatism” which requires “equality” in lending.

[gost2]

What year was Franklin Roosevelt first elected?

[Carley]

When Rubin and Summers ended Glass Stegle......(sp?)

[Taffini]

bookmark

[org.whodat]

First you need to define what you mean by financial mess.

If not it is sort of like, did Mrs. O'Leary's cow starte the fire are did the person who lite the lantern are maybe the one that took it to the barn. ETC, ETC>

[BreeLee]

You are right the mess started way long ago it goes all the back to even before they were allowed to operate as a GSE with zero accountability, Red Flags were going up all over the place in 2003 and Congress blatantly ignored them, hence this Barney Frank video.

This From http://hnn.us/articles/1849.html back in 2003, ironically his prediction became reality.

"Fannie Mae and Freddie Mac are the only two Fortune 500 companies that are not required to inform the public about any financial difficulties that they may be having. In the event that there was some sort of financial collapse within either of these companies, U.S. taxpayers could be held responsible for hundreds of billions of dollars in outstanding debts. A recent investigation by the Justice Department and the SEC into the accounting practices at Freddie Mac revealed accounting errors in the amount of 4.5 to 4.7 billion dollars and resulted in the termination of three of the company's top executives. Ongoing investigations by Congress, particular the House Finance Services subcommittee that oversees the activity of GSEs, will determine the future role of Fannie Mae and Freddie Mac and the secondary mortgage market that they dominate."

[org.whodat]

the secondary mortgage market that they dominate."

The last I heard was they had about 40% of the market!!