Posted on 10/02/2008 5:40:12 AM PDT by MrChips
When I argued that the Democrats were to blame for the Fannie/Freddie mess, even using the video, one liberal colleague responded by saying, "Well, the Republicans were in control of Congress." All I could say was that while President Bush proposed reforms in 2003 and McCain proposed reforms in 2005, Democrats were able to block those efforts because, as we have just witnessed, it is difficult to get anything through Congress without bipartisan support. So, three questions:
(1) Is there a better answer than that?
(2) I know the DEMS took over the HOUSE just two years ago, but it the same true of the Senate? I don't remember.
(3) Weren't the Republican majorities in the last 4 years of their tenure rather narrow majorities?
Yes, your thoughts are correct. In addition, I would refer to that 2004 hearing where Barney Frank and the black caucus turn it into a racial argument to scare off reform. Their tactics are to shame the opposition into inaction, and we all know if the issue was brought more attention the media would be lockstep with the race-baiters. All in the name of ‘affordable housing’/
It’s the “few rotten apples” theory.
It only takes a few RINOs to side with the Dems to block conservative attemps at reform.
The reluctance of Bush to go over the head of congress, directly to the American people, is also responsible for many of our woes.
Nothing, I mean nothing gets done in the Senate unless you have enough votes to block a filibuster. I don’t think that there has been a large enough R majority, at any point in the Bush administration to block a filibuster. So even if the “reform” would have passed in the house, Dodd and Kennedy would have filibustered it.
“(1) Is there a better answer than that?
(2) I know the DEMS took over the HOUSE just two years ago, but it the same true of the Senate? I don’t remember.
(3) Weren’t the Republican majorities in the last 4 years of their tenure rather narrow majorities?”
Yes, there is a better answer. President bush can only “recommend” something to Congress. He did so in 2003.
McCain and other Republicans actually brought a bill to the floor to regulate/oversee FannyMae/FannyMac in 2004 when the DEMS had control of both the House and Senate. Of course it did not pass or go anywhere due to DEMS.
In addition, the Senate did switch in 2006, but has been a razor thin majority the entire Bush term. it was 50/50 split in 2000 and there was power-sharing. Then a Rep switched to Dem. We got a thin majority in 2002 and kept it until 2006, but as we know the Senate gives great power to the minority party.
Here is a quick look into 3 former Fannie Mae executives who have with the Democrats in Congress, brought down Wall Street.
Franklin Raines was a Chairman and Chief Executive Officer at Fannie Mae. Raines was forced to retire from his position with Fannie Mae when auditing discovered severe irregulaties in Fannie Mae’s accounting activities.
Raines left with a “golden parachute valued at $240 Million in benefits. The Government filed suit against Raines when the depth of the accounting scandal became clear.
http://housingdoom.com/2006/12/18/fannie-charges/ .
The Government noted, “The 101 charges reveal how the individuals improperly manipulated earnings to maximize their bonuses, while knowingly neglecting accounting systems and internal controls, misapplying over twenty accounting principles and misleading the regulator and the public.
Tim Howard - Was the Chief Financial Officer of Fannie Mae. Howard “was a strong internal proponent of using accounting strategies that would ensure a “stable pattern of earnings” at Fannie. In everyday English - he was cooking the books. The Government Investigation determined that, “Chief Financial Officer, Tim Howard, failed to provide adequate oversight to key control and reporting functions within Fannie Mae,”
Raines and Howard resigned under pressure in late 2004.
Howard’s Golden Parachute was estimated at $20 Million!
Jim Johnson - A former executive at Lehman Brothers and who was later forced from his position as Fannie Mae CEO.
A look at the Office of Federal Housing Enterprise Oversight’s May 2006 report on mismanagement and corruption inside Fannie Mae, and you’ll see some interesting things about Johnson. Investigators found that Fannie Mae had hidden a substantial amount of Johnson’s 1998 compensation from the public, reporting that it was between $6 million and $7 million when it fact it was $21 million.”
Johnson’s Golden Parachute was estimated at $28 Million.
WHERE ARE THEY NOW?
FRANKLIN RAINES? Raines works for the Obama Campaign as Chief Economic Advisor
TIM HOWARD? Howard is also a Chief Economic Advisor to Obama
JIM JOHNSON? Johnson hired as a Senior Obama Finance Advisor and was selected to run Obama’s Vice Presidential Search Committee
IF OBAMA PLANS ON CLEANING UP THE MESS - HIS ADVISORS HAVE THE EXPERTISE - THEY MADE THE MESS IN THE FIRST PLACE.
Would you trust the men who tore Wall Street down to build the New Wall Street?
In the 1996 and 1998 elections, Republicans lost Congressional seats but still retained control of the House and, more narrowly, the Senate. After the 2000 election, the Senate was divided evenly between the parties, with Republicans retaining the right to organize the Senate due to the election of Dick Cheney as Vice President and ex officio presiding officer of the Senate. The Senate shifted to control by the Democrats (though they technically were the pluraity party as they were one short of a majority) after GOP senator Jim Jeffords changed party registration to "Independent" in June 2001, but later returned to Republican control after the November 2002 elections. In the 2006 elections, Democrats won both the House of Representatives (233 Democrats, 202 Republicans) and the Senate (49 Democrats, 49 Republicans, and 2 Independents caucusing with the Democrats) as well as the majority of state governorships (28-22).Also, keep in mind that in the Senate because of the fillibuster rule, the minority party has the ability to block legislation. On the Fannie/Freddie regulation the Democrats and Republicans couldn't agree on terms, so the Democrats effectively blocked it. This article has a good timeline and mentions the point about the Senate.
That said, I would council you to just skip the argument with the libtard. You won't ever convince them, they won't ever conceed the point, and the only thing you will accomplish is to frustrate yourself. Libtard's religion is liberalism. Bush is their Satan. Remember when you argue with them on topics like this you are questioning their faith.
The Senate needs 60 votes to end debate and bring the bill to the floor. It then needs 60 votes to pass the bill.
Even with a majority in the Senate, it was not a large enough majority to do either. Dems had to vote too for the bill and voted instead unanimously against it.
It was 50-50 in Jan 2001, so Gore (as VP) gave the Dems the majority.
Then Bush was inaugurated and the Republicans took control.
Then Daschle took control (Jun?) when Jeffords defected and caucused with the Dems.
Democrats don't want you to remember that they controlled the senate for almost half of Bush's presidency.
It goes back to the CRA... it also has a lot to do with Republicans being scared sh•tless of being called racists.
Party control of the Senate:
107th Congress (2001-2003)
Majority Party (Jan 3-20, 2001): Democrat (50 seats)
Minority Party: Republican (50 seats)
Other Parties: 0
Total Seats: 100
________
Majority Party (Jan 20-June 6, 2001): Republican (50 seats)
Minority Party: Democrat (50 seats)
Other Parties: 0
Total Seats: 100
______
Majority Party (June 6, 2001-November 12, 2002 —): Democrat (50 seats)
Minority Party: Republican (49 seats)
Other Parties: 1
Total Seats: 100
_____
Majority Party (November 12, 2002 - January 3, 2003): Republican (50 seats)
Minority Party: Democrat (48 seats)
Other Parties: 2
Total Seats: 100
Note: From January 3 to January 20, 2001, with the Senate divided evenly between the two parties, the Democrats held the majority due to the deciding vote of outgoing Democratic Vice President Al Gore. Senator Thomas A. Daschle served as majority leader at that time. Beginning on January 20, 2001, Republican Vice President Richard Cheney held the deciding vote, giving the majority to the Republicans. Senator Trent Lott resumed his position as majority leader on that date. On May 24, 2001, Senator James Jeffords of Vermont announced his switch from Republican to Independent status, effective June 6, 2001. Jeffords announced that he would caucus with the Democrats, giving the Democrats a one-seat advantage, changing control of the Senate from the Republicans back to the Democrats. Senator Thomas A. Daschle again became majority leader on June 6, 2001. Senator Paul D. Wellstone (D-MN) died on October 25, 2002, and Independent Dean Barkley was appointed to fill the vacancy. The November 5, 2002 election brought to office elected Senator James Talent (R-MO), replacing appointed Senator Jean Carnahan (D-MO), shifting balance once again to the Republicans — but no reorganization was completed at that time since the Senate was out of session.
108th Congress (2003-2005)
Majority Party: Republican (51 seats)
Minority Party: Democrat (48 seats)
Other Parties: Independent (1 seat)
Total Seats: 100
109th Congress (2005-2007)
Majority Party: Republican (55 seats)
Minority Party: Democrat (44 seats)
Other Parties: Independent (1 seat)
Total Seats: 100
110th Congress (2007-2009)
Majority Party: Democrat (49 seats)
Minority Party: Republican (49 seats)
Other Parties: 1Independent; 1 Independent Democrat
Total Seats: 100
Note: Senator Joseph Lieberman of Connecticut was reelected in 2006 as an Independent, and became an Independent Democrat. Senator Bernard Sanders of Vermont was elected as an Independent.
For more go to http://www.senate.gov/pagelayout/history/one_item_and_teasers/partydiv.htm
Sorry.
I should have written "Democrats controlled the senate for most of the 107th Congress. 2001-2002"
at the intersection of Congress and Fannie Mae ....you will find......the DEMron Scandal.
McCain needs to say this at the opening of his next debate with Obama.
My friends, as you well know I have some problems using a computer due to severe war injuries I sustained as a POW in Vietnam. If you really want to know more about my opponent I simply ask you to google the following on my behalf before election day:
Jeremiah Wright Barack Obama
Tony Resco Barack Obama
William Ayers Barack Obama
Jim Johnson Barack Obama
Franklin Raines Barack Obama
Thank you.
Former Chairman of Superior Bank
failed for aggressively sub-prime loans criticized by Blacks for targeting minority predatory loans.
Cost to depositors 10 Billion
Cost to taxpayers 480 Million. p> cost to Shareholders priceless.
Where is the media?
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