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  1. #1
    Lakers '08-'09 allLiving's Avatar
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    Democrats to blame for our economy?

    I don't understand how Obama & Democrats have an "authority" on what should be done to fix our economy, when Democrats are the ones who blocked a bill that would regulate the CRA in 2005. In my eyes, the CRA was the biggest thing to attribute to the faltering economy and our current economic situation we're facing.

    I am not an Obama hater, or McCain hater, I am libertarian. Besides the obvious of the flawed federal reserve system, I think that it's quite hypocritical that Obama is suddenly an authority on the economy, when he was the one adding to this whole mess in the first place.

    (I'll find dirt on McCain soon too guys, no h8.)

    Also, I am just recently trying to research things more and not simply spout off some **** I hear on the news or forums that I believe to be truth. So if you have cold-hard facts to show me and discuss, I love learning, so please share with me.

    I'm not here to flame or pick sides, as I believe both parties are ridiculous, but please let the discussion begin.
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    Originally Posted by TarquinB View Post
    Congress and the president are able to report a lower deficit mostly because they don't count the growing burden of future pensions and medical care for federal retirees and military personnel. These obligations are so large and are growing so fast that budget surpluses of the late 1990s actually were deficits when the costs are included.

    The Clinton administration reported a surplus of $559 billion in its final four budget years. The audited numbers showed a deficit of $484 billion.

    In addition, neither of these figures counts the financial deterioration in Social Security or Medicare. Including these retirement programs in the bottom line, as proposed by a board that oversees accounting methods used by the federal government, would show the government running annual deficits of trillions of dollars.

    The Bush administration opposes including Social Security and Medicare in the audited deficit. Its reason: Congress can cancel or cut the retirement programs at any time, so they should not be considered a government liability for accounting purposes.
    http://www.usatoday.com/money/2006-0...cit-usat_x.htm
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    Originally Posted by TarquinB View Post

    Great cartoon.
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    Originally Posted by allLiving View Post
    I don't understand how Obama & Democrats have an "authority" on what should be done to fix our economy, when Democrats are the ones who blocked a bill that would regulate the CRA in 2005. In my eyes, the CRA was the biggest thing to attribute to the faltering economy and our current economic situation we're facing.

    I am not an Obama hater, or McCain hater, I am libertarian. Besides the obvious of the flawed federal reserve system, I think that it's quite hypocritical that Obama is suddenly an authority on the economy, when he was the one adding to this whole mess in the first place.

    (I'll find dirt on McCain soon too guys, no h8.)

    Also, I am just recently trying to research things more and not simply spout off some **** I hear on the news or forums that I believe to be truth. So if you have cold-hard facts to show me and discuss, I love learning, so please share with me.

    I'm not here to flame or pick sides, as I believe both parties are ridiculous, but please let the discussion begin.
    I don't know if you were just born in 2006 but Republicans were the majority of Congress in 2005 and they rammed through all of the programs they wanted right up until 2006.
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    Lakers '08-'09 allLiving's Avatar
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    Originally Posted by AdonisSMU View Post
    I don't know if you were just born in 2006 but Republicans were the majority of Congress in 2005 and they rammed through all of the programs they wanted right up until 2006.
    In 2003, the Bush administration tried to stop the housing bubble by wanting to regulate Fannie Mae & Freddie Mac under the Department of the Treasury, but Democrats shot it down.

    Representative Barney Frank (D-MA) claimed of the thrifts "These two entities?Fannie Mae and Freddie Mac?are not facing any kind of financial crisis, the more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." Representative Mel Watt (D-NC) added "I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing."[11]

    Source - http://en.wikipedia.org/wiki/Community_Reinvestment_Act

    ___________________________

    In 2005, John McCain signed a bill which called on reform of Freddie Mac and Fannie Mae.

    Quote from McCain -

    "For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.
    Quick Info
    S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005
    Last Action: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
    Status: Dead

    I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole."

    Source - http://www.govtrack.us - Bill S. 190

    http://www.govtrack.us/congress/reco...Elementm0m0m0m


    The Bill never became a law, and was blocked by Democrats. This was due to Democrats wanting more "affordable housing" for lower-income families.

    http://www.govtrack.us/congress/bill.xpd?bill=s109-190
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  7. #7
    Registered User paolo59's Avatar
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    The present housing market meltdown has a good bit to do with Democrat policy. The housing bubble was going to burst, regardless of who occupied the White House. The lending practices that left people incredibly exposed and unable to pay their mortgages can be laid squarely at the feet of "inventive finance" pushed by any number of Democrat lawmakers, including President Clinton. The New York Times in articles during the Clinton administration questioned the policy of pressuring government sponsored lenders to make loans to low income/minority buyers. In "good times" when the economy was flush with money, no problem, should there be a "downturn" that policy would create havoc in the financial system. Clinton himself acknowledged that fact last week on one of the talk/news early morning shows. His response: "You have to understand the time at which this policy was instituted, there was lots of money, lenders were making huge profits, we wanted lower income/minority customers to get a share of that wealth." Words to that effect. Dem policy, pushed by Clinton, Schumer, Dodd, Frank, pressured government sponsored lenders to proffer very risky loans to people who didn't have the income or the credit to service those loans. Political pressure placed led HUD, Fannie Mae, Freddie Mac to increase their percentage of these subprime loans. The two latter corporations had a stated policy of purchasing these loans deliberately. I believe at one point they represented almost 50% of the outstanding debt that the companies were holding. The bubble burst. House values have plummeted. Many individuals who had no financial ability to have taken out a loan of $150,000 or more on a variable rate mortgage were left unable to pay. Low interest, a government policy of dictating lending for socialized, redistribution of wealth, regardless of credit worthiness has been a recipe for disaster.
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    Not just the Dems or Republicans. Not just the Fed either. All of them play a part but it's also the people that are to blame too cus they keep putting political pressure for increased spending and more programs.
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    You aren't going to convince me that the republican congress which rubber stamped almost everything Bush wanted isn't at fault. I'm not buying it with the type of majority they had in the house and senate. They had the means to force it down the throats of Democrats if they wanted to. So I'm not buying.
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    Originally Posted by AdonisSMU View Post
    I don't know if you were just born in 2006 but Republicans were the majority of Congress in 2005 and they rammed through all of the programs they wanted right up until 2006.
    You are either incredibly ignorant, or willfully blind. It really doesn't matter who has control of Congress if their majority isn't sufficient to overcome a filibuster, or reach the 60 vote threshold for passage of any bill. The Dems promised an end to the Iraq war if they gained "control" of Congress. They gained control, but still didn't have the votes necessary to push through their promised agenda. Your statement is disingenuous to say the least. McCain's sponsored reforms for Fannie Mae and Freddie Mac were indeed blocked by Democrat politicians. Because one party has what you call "control" of Congress doesn't amount to a hill of beans. I would think that most Americans with any sense and intelligence would be more than aware of that fact.
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    IS SO GAY! AdonisSMU's Avatar
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    Originally Posted by paolo59 View Post
    You are either incredibly ignorant, or willfully blind. It really doesn't matter who has control of Congress if their majority isn't sufficient to overcome a filibuster, or reach the 60 vote threshold for passage of any bill. The Dems promised an end to the Iraq war if they gained "control" of Congress. They gained control, but still didn't have the votes necessary to push through their promised agenda. Your statement is disingenuous to say the least. McCain's sponsored reforms for Fannie Mae and Freddie Mac were indeed blocked by Democrat politicians. Because one party has what you call "control" of Congress doesn't amount to a hill of beans. I would think that most Americans with any sense and intelligence would be more than aware of that fact.
    First of all you are about 10+ years tooo late on that one. Bill Clinton was the first to propose reforms on Fannie and Freddie. The republican congress then shot it down. That's according to FOX NEWS the REPUBLICAN NEWS NETWORK.

    http://www.prospect.org/csnc/blogs/t..._on_fannie_and
    Last edited by AdonisSMU; 09-27-2008 at 01:44 PM.
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    The CRA program is nothing but republican spin

    July 30, 2008 7:07 PM

    On the same day President George Bush signs a historical housing bill, the University of California at Irvine releases a study that looks at why housing prices ballooned in the first place. KPCC?s Patricia Nazario reports.

    Patricia Nazario: Professor Kerry Vandell says research by UCI?s Center for Real Estate surprisingly shifts the blame for the housing collapse away from sub-prime loans.

    Kerry Vandell: That is, the intensity of sub-prime lending, really, controlling for other factors, was not, in and of itself, influential. That there were a variety of other things that were involved here.

    Nazario: Vandell blames the housing collapse on a slowdown in lending by traditional mortgage backers Fannie Mae and Freddie Mac. He says private funding stepped in to fill the void, with looser underwriting standards and increased tolerance for riskier loans. Marginal borrowers jumped into the housing market, boosting the number of buyers, creating a bubble.

    Vandell says releasing the study the same day the president signed the housing bill was a coincidence.


    "Private funding in the form of asset-backed securities and residential mortgage-backed securities replaced conventional, conforming mortgage-backed securities as the prevalent source of mortgage capital."

    Here is the referenced article
    http://today.uci.edu/news/release_detail.asp?key=1805


    Bottom line: Fannie and Freddie reduced lending and that opened the door for others to offer the crazy products.
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    http://www.youtube.com/watch?v=H5tZc8oH--o


    This is the Reform by clinton. Press conference on the subject :
    1:30 P.M. EST

    MR. RUBIN: Hi. I'm Bob Rubin, the Assistant to the President for Economic Policy, and I'm going to introduce today's topic.

    The President, as you know, has a broad, comprehensive strategy for dealing with the economic problems of the country for putting the country back on the right track for the long-term. A lot of the legislative and executive actions that have taken place in 1993 have been pursuant to that long-term economic strategy of the President's.

    An important component of that strategy is to deal with the problems of the inner city and distressed rural communities -- pursuant to his belief that we must make real progress in those areas if this country is going to be successful in the future for all of us. The reform of the Community Reinvestment Act is an essential building block in the efforts I've just mentioned.

    In July the President asked the four banking regulators to reform CRA, to reduce paperwork in process and reward performance, and to get that done by January 1, 1994. We're delighted to report that that has been accomplished on schedule. And in conjunction with the President's Community Development Bank and financial institution legislation, which recently passed the House of Representatives, CRA reform will generate billions of dollars in new lending and extend basic banking services to the inner cities and to distressed rural communities around the country.

    Before I turn this over to Secretary Bentsen who, as always, did an extraordinary job in marshalling the resources of the Treasury to deal with this priority of the President's, I would like to thank Chairman Greenspan and Governor Lindsay, of the Fed, Andrew Hove, of the FDIC, and Jonathan Fiechter of the OTS for their substantial contributions to this process. We would also like to give special thanks to Comptroller Gene Ludwig in his efforts to make CRA reform a reality.

    With that, I introduce you to Secretary Bentsen.

    SECRETARY BENTSEN: If you have any questions about it, the fine print's right here. You're going to have to behave for just a minute.

    Let me say that we've developed another element in that program to improve access for all Americans. I think one of the interesting phases of this one is that you saw all four regulatory agencies work together, to speak with one voice on that one. And that makes it effective.

    I want to briefly tell you about it and how it fits into the Clinton administration's initiatives for change. We have developed proposed regulations to take the uncertainty out of the Community Reinvestment Act. The heavy lifting on this has been done cooperatively by the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the Fed and the Federal Deposit Insurance Corporation. And that effort has been led by Gene Ludwig, of the OCC, and Lawrence Lindsay, of the Fed. Gene is going to be able to give you a great deal of the detail in just a moment.

    In a nutshell, what we're proposing to do is to make it easier for lenders to show how they're complying with the Community Reinvestment Act. For those who aren't familiar with the area of banking law, the changes we're proposing are important because banks now have a very clear, quantitative standard by which their compliance can be judged. And that is very important to banks when it comes to ask regulators to approve mergers, new branches and the like.

    Before our proposal banks had no certainty what effect the steps they were taking toward community reinvestment would have on applications. What we're trying to do is to make credit more readily available for small business, for small farms and distressed areas of our country.


    One of the things that you've had before is a problem -- if you were going to do a small business loan, or you were going to do a large business loan, the cost was almost the same. So the incentive there was for the bank to make the large business loan. What we've tried to do is cut back a lot of the paperwork and the cost on small business loans.

    The only thing that ought to matter on a loan application is whether or not you can pay it back, not where you live. There are businesses out there that are safe bets for loans. Those businesses are critical to creating jobs and sustaining the growth we're beginning to see. You see the big headlines when *** or General Motors cuts out 5,000, 10,000 people; but what you're not seeing is the accretion, the outsourcing, the types of things taking place for small business that don't add up in themselves to large numbers, but in the total have seen an amazing change in the increase of jobs in this country.

    What we're seeing is a chance for these men and women out there with dreams being achieved because of the access to more credit. And we think that this regulatory change will make that credit available so we can see more jobs created and deserving Americans see their dreams fulfilled.

    Back in March when we were out on the lawn with the President talking about a very active agenda, when it comes to getting the kinks out of financial services regulation and getting money flowing again to credit-worthy borrowers, making change to make our economy work again, we've come a long way and we think we can be proud of what we've accomplished and been able to get in less than a year.

    We talked then about breaking the credit crunch, and substantial progress has been made on that front. We promised we were going to get rid of the duplicative regulation in our financial institutions, and we've developed legislation to accomplish just that. We said the Clinton administration was going to get money flowing into community development financial institutions, and we're doing just that. And we also promised by year's end to bring about some sanity in the standards of the Community Reinvestment Act, and this proposal does that.

    And with that, let me turn this podium over now to Gene Ludwig, the Comptroller of the Currency on the detail. And he's done a great job on this one -- congratulations.

    MR. LUDWIG: Let me ask my fellow regulators to join me up here. With me this morning are Skip Hove, acting Chairman of the FDIC, and John Downey, who's acting for Jonathan Fiechter, while he's out of town for the Office of Thrift Supervision, and Governor Lawrence Lindsay, of the Fed. I'm Gene Ludwig, Comptroller of the Currency. Thank you very much.

    Fifteen years ago, Congress passed the Community Reinvestment Act. Passed it to ensure that banks and thrifts served the financial needs of their entire communities; and in particular economically empowered persons of low and moderate income. But the CRA has never achieved its full promise.

    During the presidential campaign last year, thenGovernor Clinton, responding to the complaints of bankers and community leaders, vowed to reform CRA; to make the law work by emphasizing performance over paperwork. Following up on his campaign pledge the President, last July, challenged the federal banking regulators to breathe new life and new purpose into the law. He told us to rethink the entire system of regulation through which we put the CRA into effect and to make the law work.

    The proposed reform package we are unveiling today follows the President's directive and fulfills the promise of the law. It will channel billions of dollars a year in new credit into America's distressed communities, while at the same time reducing unnecessary burdens on banks.

    This reform package is the product of five long months of consultation and deliberation. Before we made a single decision on proposing reform, we turned to the people to ask what the people thought what the people needed. We walked through South Central Los Angeles, in a predominantly minority neighborhood in New York City to see with our own eyes and to listen with our own ears to what should be done. We talked with representatives of the Navajo Nation; to bankers, large and small banks, inclusive; to poor people in rural North Carolina and elsewhere. We saw and what we heard shaped this reform package.

    By replacing paperwork requirements with performance tests, this package would stimulate bank lending, investment and service in low and moderate income communities. This proposal is not about formulas. Community groups and bankers both emphasized the need for flexibility. So this proposal recognizes the diversity of banks and the markets they serve. It reduces the examination burden, particularly on small banks without reducing their obligation to serve their communities; and it recognizes that regular public participation is critical if we are to achieve the goals of the law.


    Finally, under the proposed rule, large banks and thrifts would begin reporting loan data on January 31, 1995, and the new evaluation standards would be mandatory July 1, 1995.

    With that, I'd be pleased to take any questions you have.
    http://clinton6.nara.gov/1993/12/199...ubin.text.html


    Part of the increase in home loans was due to increased efficiency and the genesis of lenders, like Countrywide, that do not mitigate loan risk with savings deposits as do traditional banks using the new subprime authorization. This is known as the secondary market for mortgage loans. The revisions allowed the securitization of CRA loans containing subprime mortgages. The first public securitization of CRA loans started in 1997 by Bear Stearns.
    http://www.wachovia.com/inside/page/...%5E306,00.html


    Other rule changes gave Fannie and Freddie extraordinary leverage, allowing them to hold just 2.5% of capital to back their investments, vs. 10% for banks. By 2007, Fannie and Freddie owned or guaranteed nearly half of the $12 trillion U.S. mortgage market.
    http://www.treas.gov/press/releases/ls564.htm
    http://news.yahoo.com/s/ibd/20080924...pIjIcA8wCspph4


    S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005

    Sen. Charles Hagel [R-NE]hide cosponsors
    Cosponsors [as of 2007-01-08]
    Sen. Elizabeth Dole [R-NC]
    Sen. John McCain [R-AZ]
    Sen. John Sununu [R-NH]
    The bill summary.
    Federal Housing Enterprise Regulatory Reform Act of 2005 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish: (1) in lieu of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency which shall have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (2) the Federal Housing Enterprise Board.
    Sets forth operating, administrative, and regulatory provisions of the Agency, including provisions respecting: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; (7) golden parachutes; and (8) reporting.
    Amends the Federal Home Loan Bank Act to establish the Federal Home Loan Bank Finance Corporation. Transfers the functions of the Office of Finance of the Federal Home Loan Banks to such Corporation.
    Excludes the Federal Home Loan Banks from certain securities reporting requirements.
    Abolishes the Federal Housing Finance Board.
    http://www.govtrack.us/congress/bill.xpd?bill=s110-190
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    Originally Posted by AdonisSMU View Post
    First of all you are about 10+ years tooo late on that one. Bill Clinton was the first to propose reforms on Fannie and Freddie. The republican congress then shot it down. That's according to FOX NEWS the REPUBLICAN NEWS NETWORK.
    I believe you're incorrect here.

    "In 1995, as a result of interest from President Bill Clinton's administration, the implementing regulations for the CRA were strengthened by focusing the financial regulators' attention on institutions' performance in helping to meet community credit needs.

    These revisions[5] with an effective starting date of January 31, 1995 were credited with substantially increasing the number and aggregate amount of loans to small businesses and to low- and moderate-income borrowers for home loans. These changes were very controversial and as a result, the regulators agreed to revisit the rule after it had been fully implemented for seven years. Thus in 2002, the regulators opened up the regulation for review and potential revision.[citation needed]

    Part of the increase in home loans was due to increased efficiency and the genesis of lenders, like Countrywide, that do not mitigate loan risk with savings deposits as do traditional banks using the new subprime authorization. This is known as the secondary market for mortgage loans. The revisions allowed the securitization of CRA loans containing subprime mortgages. The first public securitization of CRA loans started in 1997 by Bear Stearns. [6] The number of CRA mortgage loans increased by 39 percent between 1993 and 1998, while other loans increased by only 17 percent. [7] [8]

    Other rule changes gave Fannie and Freddie extraordinary leverage, allowing them to hold just 2.5% of capital to back their investments, vs. 10% for banks. By 2007, Fannie and Freddie owned or guaranteed nearly half of the $12 trillion U.S. mortgage market. [9]"

    http://en.wikipedia.org/wiki/Community_Reinvestment_Act

    ______________

    What was he trying to reform? Looks to me like Clinton was trying to get subprime loans out to more people who couldn't afford it.
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    In addition to what I have posted here, remember it was republican Alan Greenspan in 2004 who told the country that they should take advantage of ARM loans etc.

    I keep hearing the repub spin machine blame the CRA etc for these problems. Dont fall for it.
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    http://partners.nytimes.com/library/...-congress.html

    Republicans lifted all restrictions on these financial institutions.
    Last edited by AdonisSMU; 09-27-2008 at 01:56 PM.
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    Originally Posted by AdonisSMU View Post
    First of all you are about 10+ years tooo late on that one. Bill Clinton was the first to propose reforms on Fannie and Freddie. The republican congress then shot it down. That's according to FOX NEWS the REPUBLICAN NEWS NETWORK.
    You couldn't be more mistaken. Check your facts. What took place in 2003, and 2006 is undeniable. Dodd, Frank, Schumer, all blocked much needed reform legislation. There is no way in hell that you can weazle your way out of the Democrats complicity in this financial debacle. Sputter until you are blue in the face. It is a wasted effort. The cards that were played are clearly on the table. They were dealt by Democrat lawmakers.
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    Originally Posted by AdonisSMU View Post
    http://partners.nytimes.com/library/...-congress.html

    Republicans lifted all restrictions on these financial institutions.
    "When this potentially historic agreement is finalized," Clinton said in a statement, "it will strengthen the economy and help consumers, communities and businesses across America."
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    http://www.digitaljournal.com/article/260301


    Bill Clinton says democrats at the time blocked reforms of Fannie and Freddie. So I have to reconsider my position.
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    Originally Posted by AdonisSMU View Post
    http://www.digitaljournal.com/article/260301


    Bill Clinton says democrats at the time blocked reforms of Fannie and Freddie. So I have to reconsider my position.
    Bill Clinton was never one of my favorites, but the man had a better handle on issues economic in nature than perhaps any president we have had in quite some time. It pains me to say it, but in view of the present crop of Democrat leadership in the Congress, I long for the days of a Bill Clinton!
    Last edited by paolo59; 09-27-2008 at 02:03 PM.
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    Originally Posted by paolo59 View Post
    Bill Clinton was never one of my favorites, but the man had a better handle on issues economic in nature than perhaps any president we have had in quite some time. It pains me to say it, but in view of the present crop of Democrat leadership in the Congress, I long for the days of a Bill Clinton!
    I think that's a point that many democrats are missing. The Reid, Pelosi and Obama democrats are not the same democrats of the Clinton years.

    Follow the money trail from Fannie/Freddie. See where it leads.
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    Originally Posted by etech View Post
    I think that's a point that many democrats are missing. The Reid, Pelosi and Obama democrats are not the same democrats of the Clinton years.

    Follow the money trail from Fannie/Freddie. See where it leads.
    An Obama in the White House isn't that frightening in the least, were it not for the pair of these two holding the reins of Congress!
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    I just think McCain has no grasp of economic policy at all. This is why I supported Mitt Romney for the republican party earlier this year.
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    Originally Posted by etech View Post
    Follow the money trail from Fannie/Freddie. See where it leads.
    Chris Dodd, Harry Reid, and Barney Frank.

    Hmmm......the same guys that want 700 Billion to fix it......
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    Odd how you all speak of Republicans and Democrats as though there were a difference.
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    Originally Posted by SDMuscleBuddy View Post
    Odd how you all speak of Republicans and Democrats as though there were a difference.
    They all spend money like drunken sailors on shore leave don't they?
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    Originally Posted by allLiving View Post
    In 2003, the Bush administration tried to stop the housing bubble by wanting to regulate Fannie Mae & Freddie Mac under the Department of the Treasury, but Democrats shot it down.

    Representative Barney Frank (D-MA) claimed of the thrifts "These two entities?Fannie Mae and Freddie Mac?are not facing any kind of financial crisis, the more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." Representative Mel Watt (D-NC) added "I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing."[11]

    Source - http://en.wikipedia.org/wiki/Community_Reinvestment_Act

    ___________________________

    In 2005, John McCain signed a bill which called on reform of Freddie Mac and Fannie Mae.

    Quote from McCain -

    "For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.
    Quick Info
    S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005
    Last Action: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
    Status: Dead

    I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole."

    Source - http://www.govtrack.us - Bill S. 190

    http://www.govtrack.us/congress/reco...Elementm0m0m0m


    The Bill never became a law, and was blocked by Democrats. This was due to Democrats wanting more "affordable housing" for lower-income families.

    http://www.govtrack.us/congress/bill.xpd?bill=s109-190
    Everytime i see that Fat F*ck Barney Frank standing in the background at the end of each day of the bailout negotiations i puke inside my mouth. This quote from him, which i became aware of a few weeks ago makes me sick to my stomach. Dodd and Reid are no better.

    I brought this sh*t up in a thread a few days ago and all i got was Democrat denial in response. The bottom line is that the Republicans attempted to address this situation twice in the last 5 years and the Democrats killed it each time. Responsibility is shared in this debacle but at least the Republicans recognized the potential problem where as the Dem's just kept their heads in the sand.
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    Originally Posted by paolo59 View Post
    They all spend money like drunken sailors on shore leave don't they?
    I'm really hoping that the American People wake up, realize that this failure/bailout cycle has been going on for years regardless of the party in power, and kicks out 75% of congress this year.

    You want "change" in Washington (and who doesn't)? This is the only way to do it.
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    Originally Posted by SDMuscleBuddy View Post
    I'm really hoping that the American People wake up, realize that this failure/bailout cycle has been going on for years regardless of the party in power, and kicks out 75% of congress this year.

    You want "change" in Washington (and who doesn't)? This is the only way to do it.
    I agree completely. We get what we deserve. Politicians are a reflection of the electorate, unfortunately!
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    Originally Posted by SDMuscleBuddy View Post
    I'm really hoping that the American People wake up, realize that this failure/bailout cycle has been going on for years regardless of the party in power, and kicks out 75% of congress this year.

    You want "change" in Washington (and who doesn't)? This is the only way to do it.
    Why are we surprised that the federal government spends too much money? Most of the population lives in debt, of course the government is going to. We (the people) have a 0% savings rate.
    My Goals:

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