Posted on 09/18/2008 10:33:16 AM PDT by Bill Dupray
I think Obama may still have been 12 yeas old and still in his beer-and-blow years at that time, so there is no record of his position.
The New York Times from September 11, 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. . . .The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.
Despite the attempt to curb the waste, fraud, and abuse, some Democrats were not on board. Barney Frank really looks like a genius on this one. And this guy was the ranking member on the Financial Services Committee.
Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.
Yeah we need more stuff taken over and managed by the Federal Government. Those guys are really good at finance and mortages. Maybe when Obama wins he can make Franklin Raines the Treasury Secretary. That would sure be a change. Let's bring crime, corruption, and mismanagement to the Cabinet level.
(Excerpt) Read more at patriotroom.com ...
This is a slam dunk for McCain.
This is so shameful that these political hacks are now deriding the very people who had vision enough to try to head it off.
my motto: Never trust a Democrat.
Here’s an article that talks about the oversight that the Bush Administration proposed in 2003.
I love the quote near the bottom by Rep. Barney Frank...
‘’These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,’’ said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ‘’The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.’’
Here’s a couple of articles that (in addition to other stuff) talk about the repeal of the Glass-Steagall Act in 1999, and its impact on the housing market.
http://www.bloomberg.com/apps/news?pid=20601109&sid=aDSFgf3DHR_A&refer=exclusive
http://www.prospect.org/cs/articles?article=the_bubble_economy
McCain used that line at a rally in Ohio earlier this week. It’s a great video.
http://patriotroom.com/?p=2092
Waiting for the ad.
This kind of news is still not filtering down to the typical yahoo on the street. All day long I run into people who blame Bush for the financial crisis and have no clue when I attempt to point them in the right direction. People are just either too lazy or too dumb to delve into the causes and just make surface-level determinations in who to blame. It’s very frustrating, the McCain team needs to blast this into TV ads time and time again, because TV networks filter the message and it never gets heard by the right audience.
McCain needs to invest a lot of campaign ads using this NYT article plus the fact Obama has received a lot of campaign money from Freddie Mac. The Dems didn’t want to do anything about the FMs because it was underwriting a lot of mortgages for minorities that couldn’t afford the mortgages. This is a huge winner for McCain.
The democrats are probably wondering why the McCain team isnt hammering them...and frankly neither can I.
He also played a tape of Mudd’s sycophantic testimony to the Congressional Black Caucus praising them for rescuing the FMs. It doesn’t take a rocket scientist to figure out how these institutions were in the back pocket of the Democrats.
thanks for posting.
i heard rush say it in my car.
it’s amazing how supposedly intelligent people hate bush.
for example, this morning bill handel of kfi am 640 los angeles was bashing bush again.
he blamed this financial crisis on bush.
no mention of president clinton on november 12, 1999 signing the dereg bill for banks
and no mention of the democrat party involvement in fanny mae and freddy mac.
he needs to pound it hard!!
bookmark
Good job Bill!!!! (Isn’t the internet a wonderful thing?)
That was one of the most disgusting displays of arse-kissing I’ve ever heard. Truly revolting. Calling the Congressional Black Caucus “the conscience of the Congress, and indeed the conscience of Fannie Mae.”
McCain, who prefers to blame "greed," disagrees with you. Perhaps he doesn't want to advertise a bill that failed to get passed despite the fact that GOP controlled both houses of Congress at the time.
“Perhaps he doesn’t want to advertise a bill that failed to get passed despite the fact that GOP controlled both houses of Congress at the time.”
He should given the disdain those republicans had for him.
Fire Chaffey and Hagel tonite!
Love it. 1st Amendment on ‘roids.
“Perhaps he doesn’t want to advertise a bill that failed to get passed despite the fact that GOP controlled both houses of Congress at the time.”
McCain is the best candidate from the GOP.
He saw what they didn’t and wouldn’t.
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