Moving on to last night's vice presidential debate, we hear this claim from Senator Joe Biden...
"BIDEN: Well Gwen, two years ago Barack Obama warned about the sub prime mortgage crisis. John McCain said shortly after that in December he was surprised there was a sub prime mortgage problem. John McCain while Barack Obama was warning about what we had to do was literally giving an interview to "The Wall Street Journal" saying that I'm always for cutting regulations. We let Wall Street run wild. John McCain and he's a good man, but John McCain thought the answer is that tried and true Republican response, deregulate, deregulate.
So what you had is you had overwhelming "deregulation." You had actually the belief that Wall Street could self-regulate itself. And while Barack Obama was talking about reinstating those regulations, John on 20 different occasions in the previous year and a half called for more deregulation. As a matter of fact, John recently wrote an article in a major magazine saying that he wants to do for the health care industry deregulate it and let the free market move like he did for the banking industry." Source: http://elections.nytimes.com/2008/president/debates/transcripts/vice-presidential-debate.html
So there it is. In the last two debates the claim has been made that the most merciful Obama attempted to save us all from this fate.
Clearly, I am skeptical of this claim and would like my fellow Freepers to weigh in on the truthfulness - or lack of truthfulness - behind this.
This is “New History”.
Please revise your books.
That was twice I’ve heard this. I want to see a copy of the damn letter.
I think I speak for everyone when I say ... “Breaking??”
the Dems have been praising obama to no end this week with this bail out.
not once have the republicans even McCain said about obama being on the take,Franks making this whole mess and on the take plus calling for franks to step down
have the mentioned about how much money the Dems got especially obama, not once have I heard a connection from republicans saying about ACORN and obama together
have I missed something, did we just let the Dems keep punching us and we’ll take it
Barrak the Prognosticator... He foresaw the failure of Iraq... But he didn’t see the success of the surge. He Foresaw the failure of the financial industry due to Sub-prime mortgage mess but he didn’t foresee his need to put forth a Senate Resolution to deal with the coming Frannie/Freddie failure?
Will he foresee his coming impeachment after his ACORN relationships and its direct ties to this mess are uncovered?
I don’t get it?
Is he REALLY THE ONE?
“I warned you that I was taking campaign contribution kickbacks from my friends Raines and Johnson knowing full well that they were cooking the books” .
So he’s had two years as a Senator to create, sponsor, or co-sign a bill to try to avert this problem.
I’m sure it’ll be very easy to find in all the other bills he authored.
What? There are none? Well, he’s lying then.
Obama constantly attempts to take credit for things that he has had no part of. I’m sure this is no exception!
What I find astounding is that no one is talking about Biden stating that he and Zerobama want bankruptcy judges to have the power to reduce not only mortgage interest rates, but the principle balance as well.
That is the most astonishingly stupid and dangerous thing I've heard from any politician during this entire election cycle.
Obama, Durbin propose federal mortgage reforms
Wednesday, February 15, 2006
Sen. Barack Obama (D-Ill.) proposed a sweeping set of federal reforms Tuesday to combat mortgage fraud, ratcheting up enforcement and creating a national database of brokers who have been disciplined.That addresses outright fraud at the mortgage broker level.
It does not appear to address other problems that led to the current situation. Like offering sub-prime borrowers loans they would not be able to repay when the rates adjusted, lenders begging mortgage brokers for high interest loans to purchase so they can be packaged and sold to other investors, or packaging these loans into other financial instruments without clear documentation of their true value.
I am more than skeptical. I flat out don’t believe it.
Now why would a Senator write directly to the Secratary of the Treasury?(Administrative Branch)
Would not a Senator go to the Chairman of the Banking Committee? (Dodd)
Damn Senate mail system!
Just like he voted against the war in Iraq....even though he wasn’t in the Senate.
A New Opportunity for McCain
American Spectator | 10-01-08 | Peter Ferrera - Commentary
Posted on 09/30/2008 9:40:54 PM PDT by smoothsailing
[snip] at a hearing in the House in 2004, now available in video on YouTube, the Republicans sought to expand supervision and regulation, over Fannie Mae and Freddie Mac. Federal regulators testified that the reckless financial practices of these two government-sponsored enterprises threatened the entire financial system. Republican after Republican called for a new regulatory authority to supervise Fannie and Freddie and impose standard bank regulation on them. Franklin Raines, the former Clinton budget director who went on to serve as chairman and CEO of Fannie Mae, testified that the mortgage-related securities of these two organizations, which have now rocked the entire financial world, were “riskless.” During his tenure, Raines criminally led Fannie Mae to falsify its books so that he would qualify for excessive bonuses and compensation eventually totaling $90 million... The following year John McCain was one of three co-sponsors of legislation to impose such regulatory supervision and controls over Fannie and Freddie. The Bush Administration supported this as well, in one of its four attempts to win legislative approval for such expanded regulatory authority. But the Democrats shouted these proposals down as an assault on affordable housing for the middle class and the poor... [end]
Obama urges second stimulus after bailout passes
The Hill | 10/03/08 04:41 PM [ET] | Sam Youngman
Posted on 10/03/2008 2:05:57 PM PDT by Jean S
You have asked a very good question! And, it’s definitely something Obama and Biden should be answering, and McCain should be pointing out if he hasn’t done so already.
This comment does not address the main point of your post. I would however, like to share this as it addresses part of it.
There are two words that are essential for Americans to understand when discussing this. Those words are, “Deregulation” and “Oversight”. Currently, the word “deregulation” is used, when what Americans think they are talking about “oversight”. There is a difference, and the liberals try to pretend there is not. They use this misunderstanding to their advantage when they spout the propaganda.
Deregulation is GOOD. Deregulation means that the government is not going to be able to interfere with the Markets. Decreasing Regulations simply means that Congress is not going to be able to set in stone maximums, or minimums in the markets, or within a business itself (like price controls for instance). Deregulation means that we would no longer allow the Government, its various agencies, or corrupt businessmen (like Frank, and Dodd) to say companies must do something that makes bad business sense, and leads to creating a crisis in the markets due to financial institutions losing too much money over a short period of time, thereby effecting the entire market (like what happened now with the mortgage crisis).
What the liberals mean, and what the average American THINKS they mean is OVERSIGHT. A huge difference.
Communists try to equate Capitalism with Criminality, when in fact, there are of course, criminals in all groups of people (including Capitalists and Conservatives). However, support for Capitalism and Conservatism does NOT mean support for Criminality.
This is why we must make a point to inform people about the difference. John McCain has been introducing and trying to get passed rules for better oversight of Freddie Mac, and Fannie Mae for years and years, now.
The real kicker (no pun intended for those DU’ers reading this...)? Even Bill Clinton has gone on national media, to make a statement on record, saying that he himself tried to get the Democrats to increase oversight on these companies while he was President, and his OWN PARTY leaders fought him on it and blocked his attempts, too!
So clearly this is a problem with those who blocked these necessary reforms. Two of those people happen to be the House Banking Committee Chairman Barney Frank(D). Another is the Senate Banking Committee Chairman Chris Dodd(D). Both of these men have been a part of Congress for a very, very long time. They are not new to Washington. They are part of the “old boy network”. The same type of “old boy network” that Palin already took down in Alaska.
I just wanted to be sure everyone realizes this, because I think it’s something we perhaps may need to explain to friends, and family. People need to realize who is to blame - not JUST Dodd and Frank - because we need to get rid of the rotten apples ASAP.