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:
This could be true, however, it appears his concerns resurfaced in 2003. Personally, I think Bush foresaw the Fannie/Freddie meltdown back in 2003, and did what he could, from 2003 to 2008. That's five long years.
And, minorities tend to predominate that layer called "lower brackets". The reasons why they predominate that level is numerous. Thomas Sowell has written periodically about this, for years. The hope was, that as more were able to buy homes, finally and maybe the stick the Socialists and Con Artists were using (CRA, ad nauseum) to beat the American public about would be neutered.
This is NOT the same as asserting the President was part of "the con". He wasn't.
I know you aren't suggesting he was, and I'm merely adding to your post.
Yes, I have read the article that you posted but it does not explain why it 2002 President Bush promised 440 BILLION in Fannie and Freddie Sub Prime Loans to Minorities not does it explain why the GOP Congress did not act on the 2003 Bush recommendations.
I see. And you never make a decision and find later that you were wrong and try to correct it. The article states that the Dems blocked what he wanted. Add Rinos to the mix and you tie the Presidents hands.
Nonsense. All he had to do was to make it clear that any firm buying mortgage backed securities was doing so one hundred percent at its own risk. If this had been done as late as early 2006 (by which time the problem was obvious) the current mess need not have happened.
I have made plenty of decisions that I regret and that had personal economic consequences. However, with the bail out of banks and Wall Street and the nationalization of AIG, it would appear that the FED has created an economic environment where the chosen few cannot fail and instead are saved by the tax payer.
I call that a Socialist State.
And I have been in Socialist nations and even lived in one and I hate socialism.
You can call it anything that you like. What do you suggest should be done instead when a business can’t make the payroll because they were invested in one of these failing entities? It’s the trickle down theory with catastrophic consequences. Not being an economist, I don’t know if there was a better solution. I just know we are in deep doo-doo. The big guys fail and it takes smaller businesses down with them. I also know that Bush and McCain tried to stop it and were blocked.
B-U-M-P everyone’s accusing me
btt
I would never suggest that we nationalize industry and that is exactly what has occurred. However, I would suggest that people take responsibility for their economic actions and if they made a bad investment or have a house in foreclosure or loaned money to the wrong person that they deal with the consequences as opposed to forcing me, my children and grandchildren to pay for their stupid mistakes.
Yup. That'll solve it. Every business that invested in these companies should go belly-up. That'll help the economy!/sarc off
In Capitalism, some people fail while other people win.
In Socialism, no body fails and no body wins.
As for me, call me a radical Conservative, I am for Capitalism!
However, I understand that some people fear Free Markets and want the Government there to save the day with MY tax dollars.
However, I understand that some people fear Free Markets and want the Government there to save the day with MY tax dollars.
That wasn't a free market. That was a rigged market.
Yes they should. You see, life in a Free Market is not a game of Pee Wee Baseball where they don't keep score and there are no losers.
Instead, a Free Market has Winners and Losers. Well, that was the case until the last week when the Fed Killed the Free Market.
So now that you are in favor of socialism can you name any other industries that you would like to nationalize?
“Yup. That’ll solve it. Every business that invested in these companies should go belly-up. That’ll help the economy!/sarc off”
What makes you so sure that just because a business exists, proved itself unable to manage itself properly should be allowed to continue to exist SOLELY on government money?
Do you genuinely think the economy is better off with failed businesses still operating funded by government bailout money?
I don’t.
How can you be a Capitalist when you advocate the Federal Government Nationalizing Industry?
Again, that was not a free market. It was rigged. Books were cooked. THAT is not a free market.
[Excerpt]
Shame on you Chucky, you are the Chairman of Congress’ Joint Economic Committee and a vocal critic of the Bush administration, shame and you Chris Dodd, you are the Senate Chairman of the Banking Committee on Housing and Urban Affairs, you Mr. Dodd, you got sweetheart loans as did your liberal friends like Senator Obama that most Americans have no ability to get, with special clauses which include no penalties, low interest rates, no fees etc. that brings me to Barney Frank, you are the Chairman of the Financial Services Committee and you promised the American voters in 2005 and 2006 this would not happen on your watch, but each of you sirs, you all lied!
Did you three think that conservative Bloggers and radio talk show hosts like me have forgotten that President Bush, and Senator John McCain tried to get you and the rest of the House and Senate to pass new sweeping oversight legislation back in 2003 and again in 2005?
Bush and McCain supported the creation of a new agency within the Treasury Department that would have had the power to oversee the financial dealings of Fannie Mae and Freddie Mac and change the current legislation that historically left that power within the oversight of congressional committees which at the time were in the hands of Republicans, not Democrats. It is important to note that both Bush and McCain recognized the problems that poor oversight and mismanagement posed and that was at least part of the reason why they wanted to put the oversight of the banking, mortgage, home loan and insurance industries into the hands of the Treasury Department not partisan congressional leaders of either party.
Why didn’t you three or the “Dali-Bama” push for the passage of sweeping banking, mortgage lending and loan insurance reform legislation back in 2003 and 2005? Bush, McCain and hundreds of economists saw this disaster coming, but oh no not you!
Simply stated it was because Schumer, Dodd, Frank and your cronies like Reid, Rangel, Murtha, Boxer, Diane “Franken-Feinstein”, Hillary “Rotten” Clinton, and Nancy “Stretch” Pelosi were too busy concentrating on blocking every piece of legislation on the Presidential wish list just to make the administration look bad. The plan was to keep the public and the news media focused on the war in Iraq, all in an effort to swing power back to liberal Democrats prior to the election.
Well you three back benchers it worked and thank you for this mess we are in. Now you and so many others on the liberal left, including Senators Joe Biden and Barack Obama want to cry foul... and it stinks sirs.
President Bush and John McCain saw this coming and you three did nothing, just because you clowns were in the middle of a big power grab you all chose to sit on your hands while leading in the charge to do nothing! You and so many others like you on the left refused the pass the FDIC Banking Reform Act of 2005 H.R. 1185 and you also refused to pass the Mortgage Regulatory Reform Act of 2005. Each of you claim now that Republicans have supposedly pushed us into this mess, yet you all continually blocked the passage of proposed Republican legislation to prevent it, just so you could win an election!
Mr. Schumer you made the move on your own accord in June to leak letters you had sent to federal bank regulators, saying that the financial position of IndyMac Bank “poses significant risks to both taxpayers and borrowers” and then went on to ask “if federal regulators were prepared to take measures that would help prevent the collapse of IndyMac or minimize the damage should such a failure occur.” After that little note of yours Senator Schumer sent shock waves through the financial sector there was a $1.3 billion dollar run on the bank.
Less than one month later IndyMac was seized and the house of cards that congress could have prevented in 2003 started to fall and fall fast. At the time it was the second-largest bank failure in U.S. history. The banks employees and investors blamed Schumer for IndyMac’s failure calling the leaking of the of the letters “reckless and grossly irresponsible.” Over 50 former IndyMac employees, sent a letter to California Attorney General (and confirmed fellow moonbat) Jerry Brown stating that “Because of a malicious, politically motivated act of Charles Schumer, our lives have been shattered.”
Because he and other nutty liberals want to try and hold Republicans accountable for the mess when it was Republicans who tried to get congressional Democrats to reach across the aisle and alter the current course of events back in 2003 and again in 2005. House and Senate Democrats, including Schumer, Dodd and Frank have accused the Bush administration of doing nothing to keep people from accepting loans they could not actually afford. Then to try and sweep this and all the other financial ruin under the rug and make the problem go away it was Schumer, Dodd, Frank and others that pressured the President to sign the Mortgage Relief Act a month ago.
[End Excerpt]
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