 merrie says: In Congress, they made sure there was no additional oversight, no additional limit on executive behavior and compensation, and no further restraint on the growth of the companies’ mortgage-backed-securities portfolios, among other changes. (All of these needed reforms, by the way, have been championed for years by Sen. John Sununu.) They wanted more loans to people who might not qualify for traditional bank financing. And, as The Wall Street Journal has pointed out, Frank “pressured regulators to ease up on their capital requirements — which now means taxpayers will have to make up that capital shortfall.” Barney Frank is the very symbol of Washington’s deliberate refusal to prevent the collapse — the predicted collapse — of Fannie Mae and Freddie Mac. Rules were relaxed and money was loaned and predictably low income families defaulted on loans that they never had any business getting in the first place and now you and I have to pay for it. .......continued...Obama & The Democrats! Thanks! OBAMA A TOP RECIPIENT IN CONTRIBITIONS FROM FANNIE MAE, FREDDIE MAC AND LEHMAN BROTHERS Obama Ranks Second Among Donations From Fannie Mae And Freddie Mac Among All Members Of Congress Since 1989: In Just Four Years, Obama Has Received More Money From Fannie Mae And Freddie Mac Than Any Other Member Of Congress In The Past Two Decades (Since 1989) Except Senate Banking Committee Chairman Sen. Chris Dodd. (Lindsay Renick Mayer, "Fannie Mae And Freddie Mac Invest In Lawmakers," Center For Responsive Politics' "Capital Eye" Blog, www.opensecrets.org, 9/11/08) (Christopher) Dodd Has Served In Federal Office Since 1975. (The Washington... Yet none have had the effect on deregulation of the magnitude of Phil Gramm, until recently McCain's source of economic direction, now replaced by golden parachuted Carly Fiorina. Yet none have had the effect on deregulation of the magnitude of Phil Gramm, until recently McCain's source of economic direction, now replaced by golden parachuted Carly Fiorina. It turns out Sen. John McCain foresaw the impending Fannie Mae / Freddie Mac Mortgage Crisis more than two years before it happened, and co-sponsored legislation that would have required greater oversight of the mortgage lending entities. But, of course, that legislation was torpedoed by the Democrats, never making it out of committee. Obama did nothing to speak out at the time in behalf of the legislation, and would not sign on as a co-sponsor. Here's what John McCain said on May 25, 2006: I join as a cos... The Truth Behind the “Wall Street Crisis” Posted on September 18, 2008 by Mr Pink Eyes Barack Obama calls the “Wall Street crisis” a direct result of failed Bush policies and claims that John McCain will continue those same policies. However a simple look at the time lines and facts prove otherwise. The New York Post had an article today, that can be read here, that sheds a little light on the subject. Back in 1999, Congress opened the door to the subprime mortgage crisis when it repealed the Glass-Steagall Act, the 66-year firewall between commercial banks and investment houses. Though sponsored by two Republicans and supported by the GOP majority in Congress, it was sign... Cowards that hide from their bankrupt political philosophy by sowing division and pointing fingers show that our nation truly is in one of its darkest hours. S.E.C. Concedes Oversight Flaws Fueled Collapse Mr. Cox and other regulators, including Ben S. Bernanke, the Federal Reserve chairman, and Henry M. Paulson Jr., the Treasury secretary, have acknowledged general regulatory failures over the last year. Mr. Cox’s statement on Friday, however, went beyond that by blaming a specific program for the financial crisis — and then ending it. |
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