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Just a reminder… When did the Financial mess start?
Stop the ACLU ^
| Jan 03,2009
| Warner Todd Huston
Posted on 01/03/2009 9:50:00 AM PST by 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 doesnt 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
TOPICS: Business/Economy; Crime/Corruption; Government; News/Current Events
KEYWORDS: bailout; barneyfrank; corruptcongress; cra; deregulation; fannieandfreddie; idiots
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".
1
posted on
01/03/2009 9:50:00 AM PST
by
BreeLee
To: BreeLee
This mess started way before Bush.
2
posted on
01/03/2009 9:50:53 AM PST
by
Boiling Pots
(The USA has become one huge pyramid scheme. Thanks George, John, Nancy and Harry.)
To: BreeLee
There was trouble enough to go around, but nothing hit the fan until the dems took over congress in 06.
3
posted on
01/03/2009 9:53:14 AM PST
by
xcamel
(The urge to save humanity is always a false front for the urge to rule it. - H. L. Mencken)
To: BreeLee
To: BreeLee
To: Boiling Pots
The mess started with FDR.
6
posted on
01/03/2009 9:54:16 AM PST
by
EQAndyBuzz
("Control the information, you control the people.")
To: BreeLee
7
posted on
01/03/2009 9:55:01 AM PST
by
BGHater
(Tyranny is always better organised than freedom)
To: EQAndyBuzz
But, it doesn’t fly in the face of “compassionate conservatism” which requires “equality” in lending.
8
posted on
01/03/2009 9:56:22 AM PST
by
Boiling Pots
(The USA has become one huge pyramid scheme. Thanks George, John, Nancy and Harry.)
To: BreeLee
What year was Franklin Roosevelt first elected?
9
posted on
01/03/2009 10:03:06 AM PST
by
gost2
To: BreeLee
When Rubin and Summers ended Glass Stegle......(sp?)
10
posted on
01/03/2009 10:04:17 AM PST
by
Carley
To: BreeLee
11
posted on
01/03/2009 10:08:38 AM PST
by
Taffini
(Mr. Pippin and Mr. Waffles do not approve)
To: BreeLee
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>
12
posted on
01/03/2009 3:23:15 PM PST
by
org.whodat
(Conservatives don't vote for Bailouts for Super-Rich Bankers! Republicans do!)
To: org.whodat
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."
13
posted on
01/04/2009 5:56:49 AM PST
by
BreeLee
To: BreeLee
the secondary mortgage market that they dominate." The last I heard was they had about 40% of the market!!
14
posted on
01/04/2009 8:08:22 AM PST
by
org.whodat
(Conservatives don't vote for Bailouts for Super-Rich Bankers! Republicans do!)
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