Skip to comments.Bush Called For Reform of Fannie Mae & Freddie Mac 17 Times in 2008 Alone... Dems Ignored Warnings
Posted on 09/22/2008 12:22:43 AM PDT by Zakeet
For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted.
Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
The White House released this list of attempts by President Bush to reform Freddie Mae and Freddie Mac since he took office in 2001.
Unfortunately, Congress did not act on the president's warnings:
A long list of warnings is presented in the original article here.
Anybody out there dumb enough to believe the MSM idiots report this?
Interesting, considering that in 2002 President Bush Promised 440 Billion Additional Dollars for Freddie and Frannie mortgages for minorities.
we also warned them that we need to reform social security, medicare and medicaid but nobody listens and they will also fall apart soon
Did y’all know that David Gregory’s wife was the Executive Vice President-General Counsel of Fannie Mae for the past several years? (She resigned on Friday.)
Beth Wilkinson. One of her claims to fame is that she wore $2,000 suits to work in a quasi-gubmint agency.
You have to give George W. Bush credit for trying to head off the subprime mortgage meltdown in a timely manner. I’m not aware of any other options he had available than what he used once the situation started deteriorating.
Do you also give him credit for this?
“I introduced two of the leaders here today — they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion.”
He was duped.
I wonder if it was due to solely to sub prime lending or sub prime lending to affrimative action types with little or no down payment.
ping for later
Duped into dumping 440 Billion of our tax dollars into Fannie and Freddie?
No, just as complicit as Barney Frank and the GOP led Congress.
Fascinating...and in the comments section at the link an anonymous poster (posted in full without citing) a Daily Kos (interesting) take on the situation.
Thanks for posting
Remember that even the Perdogg post, which was an amazing find, by the way, was about a NY Times article from Sept. 2003, some 15 months later.
There's a good chance the President did not realize the full scope of what was going on until the Summer or Fall of 2003, thus his idea for a new agency to over these two companies, at that time.
over = oversee
The RNC needs to make an ad.
Since 2001, Republicans have repeatedly called for housing government-sponsored enterprise (GSE) reform. Each time Democrats in Congress emphatically denied there were problems.
In 2005, Senator John McCain partnered with three other Senate Republicans to reform the governments involvement in lending. Democrats blocked this reform, too.
Not only did democrats not act on these warnings but Barack Obama put one of the major Sub-Prime Slime (Pritzer) on his campaign as finance chairperson.
The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.”
However, in 2002 the President increases Freddie and Frannie money for mortgages for minorities by 440 Billion.
Looks to me that in June 2002 he no longer had the concerns that he expressed in April of 2001.
The fact that George W. Bush does not walk on water (have godly prescience) does not make him the devil or fool you apparently want to believe him. If you want spend your time blaming GWB for it all and ignore the responsibility that Democrats in Fannie Mae, Freddie Mac and Congress bear, I think your priorities are way off.
I blame everyone in Washington for the current economic disaster and will not accept the current administration’s ushering of socialism simply because it is led by a Republican.
If it had been a Democratic administration doing the same thing I would be livid and am livid at the GOP administration for nationalizing industry and propping up markets as if this were Venezuela.
No, Barney Frank and the Democrats do hold the blame but as we see from a 2002 Speech Bush was more than willing to give away 440 Billion of our tax dollars for sub prime mortgages.
The GOP House and Senate could have stopped this nonsense but elected not to do so.
Does anyone wonder about the timing of all of this, not long before the election? Could this have been manipulated to have happened at this time in hopes of it hurting the Repubs? What has Soros been up to lately? Is he involved in this at all for instance? It seems the Dems have long been out to destroy America. Communist maybe or are they just dumb, greedy and power hungry as well as being totally depraved?
But right now, the Democrats are trying to paint this as being solely GWB's fault when it should be made plain to the electorate that it is they who are primarily culpable.
I will be hardest on GWB because as a Texan I voted for him eight times and expected more of him than this. He has taken actions that would make FDR Blush and Hugo Chavez proud.
I am pissed because he and Paulsen have sold my children down the river with a trillion dollars in debt.
If a Democrat had done all of this, I would be just as pissed.
And it is troubling that simply because GWB has an “R” next to his name that many of the finest Conservatives in this nation, right here on FR are cheering his actions which has turned us into a socialist state overnight.