Posted on 07/07/2009 11:42:18 AM PDT by fiscon1
The Republicans have again chosen their favorite boogey men for blame in the mortgage crisis, Fannie Mae, Freddie Mac and the Community Reinvestment Act. The Republicans House Committee on Oversight and Government Reform lead by Congressman Darrell Issa has released this white paper today on all three entity's roles in the mortgage crisis. In my opinion, the Republicans have once again inflated the role of all three in the crisis.
(Excerpt) Read more at theeprovocateur.blogspot.com ...
You forgot the barf alert.
you can’t please everyone.
Every side has their bogey man. The truth is that there is blame to go around. Dumb government policy followed by dumb, greedy lenders, then the mortgage security traders, etc, etc.. A house of cards that finally came down. Want to blame someone? Look to your ideology, and then take your pick.
At least they are getting their foot in the fascists’ door at the ground level.
All the other banking abuses occured as a result from this inital deal with Clinton and his agreement to stop banking regulation.
This is a libertarian argument...an effort to “blame both parties” and the expense of holding no one responsible. That “everyone is guilty” stance helps the Libertarian party but does not address any justice for the Nation. “Everybody does it” is not a valid campaign slogan for libertarians.
Some Republicans (including Ron Paul) objected and warned this mortgate and real estate melt down was coming. Liberals shouted them down as “racists’ and Rinos hid under their desks. Might not serve the interests of the Libertarian party but it serves the interest of truth!
But you can put a barf alert on to warn them.
You got it right by naming GUBMINT 'first in line' there....
I don’t understand what you mean and so I can’t help you until you do. If you have a problem with the piece, state it. Just simply making a crude comment doesn’t help me.
You ARE familiar with the FR lexicon, are you not?
Mostly I agree with this. Not sure why Bush gets so much of the blame when he walked into a tough situation from the tech crash, 9/11 and the Enron and other Wall St. scams that took place under Clinton’s watch. He didn’t cause the mess, he just made it worse though.
This was a bi-partisan pooch screw...
I think Bush’s blame is for doing nothing when stated loans became the center of mass fraud. I think there is plenty of responsibility there.
Yes, I thought FReepers hate the Fed. This article blames the Fed. Is that not all right?
Okay, so you don’t know what a lexicon is, either. Glad we’ve cleared that up. And because I’m a nice guy, I’ll let you in on the barf alert tag: the phrase Barf Alert is inserted at the end of link titles when the contents of the article are so antithetical to factual reality that it makes one want to barf.
In this case, Issa’s ignorant ranting about “failures” during the Bush administration regarding the financial market make anyone with a modicum of a clue want to barf. If Issa knew what he was talking about, he wouldn’t have opened his mouth in the first place, considering that Democrats blocked Bush’s attempts at increasing oversight of Fannie Mae and Freddie Mac at least 14 separate times during his two terms. If Issa knew what he was talking about, he would instead be lambasting Barney Frank, the Congressional Black Caucus, Senator Chris “Countrywide” Dodd, and a few other individuals and groups for their direct role in creating the government-mandated subprime mortgage market, blaming the victims (the mortgage institutions) for being predatory when they had a legal gun to their head for the past decade, and then recently coming out and stating that the subprime mortgage market needs to come back.
As for what a lexicon is, you can head over to dictionary.com and figure it out.
Actually, he blames all of them.
He’s promoting his report as a repudiation of Bush and Hastert, and your blog entry bashes conservatives who go as far back as the CRA when listing causes of the subprime meltdown.
Both you and Issa are being dishonest.
Barney-Frank-is-the-root-of-all-evil-and-degeneracy bump
No, the blog entry bashes conservatives that say the CRA is the cause when clearly, according the numbers, the CRA is insignifcant.
The CRA is the wedge by which the government began telling mortgage brokers who to lend to without regard for profitability or sustainability.
It doesn’t have to show up in the numbers. It’s the starting point for the entire mess.
You know this how. Are you a mortgage broker? Do you really think that some inconsequential program had a systemic effect on the market? Is that really reasonable? The program itself accounted for a fraction of all loans, but somehow it had a systemic effect. Does that sound right to you?
Do you really think the government was even telling mortgage brokers who to lend to. Why did this program get transformed in the 1990’s but the crisis happened nearly a decade later.
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