Posted on 03/06/2009 10:43:10 AM PST by Syncro
*snip*
In April 2001, before the events of 9/11 and just after entering the White House, President Bush began signaling warnings to members of congress that both Fannie and Freddie were headed into deep treacherous waters which could cause “strong repercussions in financial markets.”
In early 2003, the Bush White House upgraded its warnings to “a systemic risk that could extend well beyond just the housing markets.”
On September 10, 2003, Bush Treasury Secretary John Snow testified in congress that something had to be done to confront the growing storm at Fannie and Freddie. Democrat Barney Frank, now Chairman of the House Financial Services Committee, reacted by saying “Fannie Mae and Freddie Mac are NOT in a crisis...” completely rejecting Bush administration calls for reform.
Frank went on to say that Fannie and Freddie should do even more to get low-income families into homes. “The more people, in my opinion, exaggerate the threat of safety and soundness, the more people conjure up the possibility of more serious financial losses to the treasury, which I do not see, I think we see entities that are fundamentally sound financially, and 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 affordable housing.” Said Democrat Frank
Congressional Democrats then killed the 2003 bill put forth by Republicans, intended to head off financial crisis.
In 2005, Fed Chairman Alan Greenspan went before congress to sound an even louder warning concerning the soundness of the Government Sponsored Enterprises headed for disaster, testifying that...
(Excerpt) Read more at canadafreepress.com ...
Bush to Help Minorities Buy Homes:
Help with down payments highlights proposed initiatives
Dateline: 06/18/02 Calling a home the "foundation for families and a source of stability for communities," President Bush has proposed three new initiatives designed to enhance existing federal home buyer assistance programs by helping African- and Hispanic-Americans buy homes.
According to the White House, fewer than half of all African and Hispanic Americans currently own their homes, compared to nearly three-fourths of white Americans. "We must begin to close this homeownership gap by dismantling the barriers that prevent minorities from owning a piece of the American dream," said the President in a nationwide radio address.
To close the homeownership gap, President Bush proposed legislation funding the following new initiatives:...
This mess we are in has taken bipartisan effort in Washington.
Republicans have held the White House for 20 of the past 28 years. No slow down in this countries slide to socialism on their watch. I see little difference in our two major political parties. A pox on both their houses.
Yes, we need a two party system in this country.
Bookmark.
Thanks. I like to use these links from time to time.
Bush actually thought these low income people (and illegals)would become Republicans if they owned a house. The way it turned out we can never win them (the poor) again because now they pay no income taxes and need the government to keep their house.
What Mr Naive Bush missed is that the money for the loans had to come from someplace and no one will buy a ‘bad credit low income’ deadbeat’s house loan for premo interest rates. Obama will get around this by taking over the banking.
I also wonder if Bush thought the equity-debt bubble was real economic growth. I notice the Bush-bots here still claim it was Bush’s boom and someone elses bust, was not a winning message for McCain.
Ping for later
Commentary: Limbaugh is Still Relevant
CNN | Rachel Motte
Posted on 03/06/2009 12:08:50 PM PST by lewisglad
http://www.freerepublic.com/focus/f-news/2200898/posts
Obama Pal Ayers Defends Ward Churchill
APRPEH | 10 Adar 5769/6 March 2009 | APRPEH
Posted on 03/06/2009 10:43:30 AM PST by APRPEH
http://www.freerepublic.com/focus/f-bloggers/2200843/posts
Democrat Barney Frank, now Chairman of the House Financial Services Committee, reacted by saying "Fannie Mae and Freddie Mac are NOT in a crisis..." completely rejecting Bush administration calls for reform... went on to say that Fannie and Freddie should do even more to get low-income families into homes. "The more people, in my opinion, exaggerate the threat of safety and soundness, the more people conjure up the possibility of more serious financial losses to the treasury, which I do not see, I think we see entities that are fundamentally sound financially, and 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 affordable housing." ...Congressional Democrats then killed the 2003 bill put forth by Republicans, intended to head off financial crisis.
Good work Syncro!
They had one hell of a lot of help from the Democrat Auxiliary; the Republicans and the RNC. Very few Republicans stood firm against any of the Democrats disastrous policies and legislation over the last twenty years, and those that did were belittled and castigated by both the so-called R leadership and their supporters in the Maggot Media.
I fear it's too late, but we badly need another party, or there will be a full-on revolution!
BTTT
Second paragraph, probably true with or without another party.
I've said for years that we need a true two party system in this country.
We had two liberals running for President last cycle, and the R(D) gave it to the D.
Almost like it was planned that way.
Thanks.
I don’t remember what I was looking for when I found this...
LOL
Interesting that this appeared in a Canadian paper. Will ANY American media pick it up?
Making it possible for folks with less than stellar credit to be able to get a mortgage, with an interest rate that rewards positive behavior, is vastly different from allowing people to get mortgages that were WAY too large for them to ever support, good credit or not. President Bush did NOT support the latter. In fact, he spoke out, in 2003, against Fannie Mae and Freddie Mac extending insurance to financial institutions which were doing just that. He introduced legislation to disallow that practice, and it was defeated in Committee, with the Democrats voting as a bloc.
True.
But I may have mis-spoke in my statement: It won't likely be a "revolution" in the sense that we would like, but more along the lines of a Civil War - as destructive and game-changing as the last one, with more serious repercussions. We've already seen that when push comes to shove the Law ENFORCEMENT Community will enforce unconstitutional mandates and edicts, and they are assisted by the myriad of armed bureaucrats throughout the federal departments.
Keep your powder dry - and well-hidden. Pray to God you don't need it!
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