Posted on 03/06/2009 4:49:53 AM PST by IrishMike
The Bush Admin and Senator McCain warned repeatedly about Fanny Mae and Freddy Mac and what thus became the 2008 financial crisis -- starting in 2002 (and actually even earlier -- in the Clinton and Carter White Houses. Democrats resisted and kept to their party line, extending loans to people who couldn't afford them -- just like you would expect of socialists.
The standard DEM line to deflect blame in cases like this is "you didn't stop us, so it's your fault." They amplify this by noting a GOP majority in Congress during many of the relevant time periods (not that majority matters, because the DEMs use minority power to block what they object to).
Democrats are dishonorable. So are Republicans, but in a slightly different way.
Um, if we knew what was coming in 2001, and the GOP had all 3 Houses at that time, and for FIVE years thereafter, and yet still failed to do anything substantive to address the problem, then they are just as culpable as the Obamans who are so eagerly pushed everything over the edge.
If the concerned American citizens and businesses continue to "Go Galt", we may have a chance to get the Socialists out of power long enough to stop all this. We can only try, and stopping the buying or selling as much as possible for awhile will help a lot. Those who vote, but pay no attention and vote democrat , will notice when their jobs are lost under this democrat rule.
They destroyed Fannie Fraud and that is why we are where we are. Nobody is willing to find out what happened and regulate. Rather we are expanding the program that caused this crisis.
Pray for America, Our Troops and obama’s Guidance
New York Times 2003: The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.... Freddie and Fanny - Oversight and overspin
Pop quiz - who identified and tried to fix what presently ails Freddie Mac and Fannie Mae 5 years ago?
http://www.qando.net/details.aspx?entry=9323
Washington Post - Where Was Sen. Dodd?
“During this period [2005], Sen. Richard Shelby led a small group of legislators favoring reform, including fellow Republican Sens. John Sununu, Chuck Hagel and Elizabeth Dole.” “Meanwhile, Dodd — who along with Democratic Sens. John Kerry, Barack Obama and Hillary Clinton were the top four recipients of Fannie and Freddie campaign contributions from 1988 to 2008 — actively opposed such measures and further weakened existing regulation.” http://www.washingtonpost.com/wp-dyn/content/article/2008/09/11/AR2008091102841.html
Responding to you is worthless. You wont remember you even asked this question after you close your browser.
UpToHere
That's because there is a desperate attempt to insulate Bush from this mess.
Bush appointed first Martinez and then Jackson, both minorities, to head HUD. They were put there specifically to show that Bush wanted more minorities to own homes and actually pushed to increase the percentage of mortgages that Fannie and Freddie would buy.
Add to that that Bush had a republican Congress for four years and completely abdicated any idea of controlling this mess. He was betting that his programs of using tax dollars for downpayments on homes to the "underprivileged" would add to his legacy. He wasn't capable of understanding that these people were simply the same as welfare recipients and would never respect the largesse he handed them.
Go to Ol' Dan Tucker's page to see links and info that shines the light of truth on this.
I am sure to get hammered by the Bushbots still left. But, I know that because of Bush's policies and actions we now have Obama. Bush continually slid to the left until, at the very end, he became a full fledged socialist by approving the bailouts.
Another way to look at it is even if (the Bush Admin ) did warn democrats as in video says when republicans were in power, they (Bush admin) still encouraged us to run out and buy houses and cars and stocks as the prices of those went higher and higher when they told us how great the economy was . Bush could of warned us long before the peak to slow down buying, that there was a major problem brewing. That would have caused him short term political problems but have saved us from this disaster.
I posted this video a few days ago, Bush is at the end:
George W Bush May 17,2002 on TV address:”Freddy Mac will launch 25 different initiatives to eliminate home-ownership barriers. Under one of these, consumers with bad credit will get mortgage with an interest rate that automatically goes down after a period of consistent payments… I’m serious about this. This is a very important initiative for all Americans, a chance for us to empower people ….” at: Voices of Freedom: Ron Paul, Peter Schiff, and Jim Rogers school Obama, Bush, Bernanke, and Paulson
ditto dools007 comment # 16
Yes, but it doesn't change the truth.
ditto, see #30
It all came down to the democrats meddling in the market to make housing “affordable” for those who intrinsically should NOT be homeowners. One aspect was artificially depressing interest rates leading to massive speculative investment. No matter how you slice it, it was democrat malfeasance.
bttt
B-U-M-P everyone’s accusing me
Ping for later.
“Add to that that Bush had a republican Congress for four years and completely abdicated any idea of controlling this mess.”... R’s Senate majority was slim and it took 60 votes to get anything through. The Democrats on the Senate banking committee voted party line against any reform.
Look it up. Why did not a Republican controlled House and Senate not pass Fannie Mae and Freddie Mac reform when the controlled both branches?
Simple answer. The regulation bill never left committee There were 19 members of the banking committee. 10 Republicans voted for legislation, and 9 Democrats voted against. As 60 percent vote is needed to bring the bill to the floor of the House, it never left committee.
Remember: ALL DEMOCRATS ON THE COMMITTEE VOTED AGAINST ADDITIONAL REGULATION OF FANNIE MAE AND FREDDIE MAC.
And despite the fact that all Republicans voted for this legislation, it still did not have enough support to leave committee.
bravo
Another, of course, was Bush pushing a program where tax dollars would be used to assist those people who couldn't afford them.
In Bush's June 17, 2002 speech, he also called for the creation of the American Dream Down Payment Fund.
And so here are some of the ways to address the issue. First, the single greatest barrier to first time homeownership is a high downpayment. It is really hard for many, many, low income families to make the high downpayment. And so that's why I propose and urge Congress to fully fund the American Dream Downpayment Fund. This will use money, taxpayers' money to help a qualified, low income buyer make a downpayment. And that's important.
Notice the posters small ‘r’ and capital ‘D’?
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