Skip to comments.Congressional Democrats Bankrupted the Nation (The History)
Posted on 03/06/2009 10:43:10 AM PST by Syncro
In April 2001, before the events of 9/11 and just after entering the White House, President Bush began signaling warnings to members of congress that both Fannie and Freddie were headed into deep treacherous waters which could cause strong repercussions in financial markets.
In early 2003, the Bush White House upgraded its warnings to a systemic risk that could extend well beyond just the housing markets.
On September 10, 2003, Bush Treasury Secretary John Snow testified in congress that something had to be done to confront the growing storm at Fannie and Freddie. Democrat Barney Frank, now Chairman of the House Financial Services Committee, reacted by saying Fannie Mae and Freddie Mac are NOT in a crisis... completely rejecting Bush administration calls for reform.
Frank went on to say that Fannie and Freddie should do even more to get low-income families into homes. The more people, in my opinion, exaggerate the threat of safety and soundness, the more people conjure up the possibility of more serious financial losses to the treasury, which I do not see, I think we see entities that are fundamentally sound financially, and withstand some of the disaster scenarios, and even if there were a problem, the federal government doesnt bail them out, but the more pressure there is there, then the less, I think we see, in affordable housing. Said Democrat Frank
Congressional Democrats then killed the 2003 bill put forth by Republicans, intended to head off financial crisis.
In 2005, Fed Chairman Alan Greenspan went before congress to sound an even louder warning concerning the soundness of the Government Sponsored Enterprises headed for disaster, testifying that...
(Excerpt) Read more at canadafreepress.com ...
Posted above is part of the article about the current situation, the article starts from 1916
DOW down nearly 6,000 points since the democrats retook congress.
Cloward Piven stragety.
The Gross National Debt increased from $680B to $10.6T during the Democratic Congress’ reign.
The objective is to destroy capitalism.
George W Bush May 17,2002 on TV address: Freddy Mac will launch 25 different initiatives to eliminate home-ownership barriers. Under one of these, consumers with bad credit will get mortgage with an interest rate that automatically goes down after a period of consistent payments Im serious about this. This is a very important initiative for all Americans, a chance for us to empower people . at
Says it all.
The GOP may be the Stupid Party, but Rats are elected by stupid people.
The left looks at history and sees a means by which to increase their own political power. As Obama Chief of Staff Rahm Emanuel put it, You never want a serious crisis to go to waste. And what I mean by that is an opportunity to do things you think you could not do before.In a nutshell
Democrats have along list failure and it gets longer every day see obama.
It took a Canadian news agency to figure it out and “enlighten” the dums in our country! Even though we conservatives have been talking about this for 3 years, we are considered the “greedy” citizens and not qualified to figure this out.
True, lets get the word out.
I’m sure the MSM will jump right on it.
Excellent. Ping for later.
Well, his crisis opportunity may give him some action he’s not counting on. The American people will ultimately turn on these treasonous little weasels and squash them like bugs.
(Hope that doesn’t get me into trouble with the SS)
And isn't that interesting, they were all ARM's that went up.
I'd like to see if that statement can be used to twist the arms of lenders to reduce interest rates.
I have NO idea what he was talking about. He said automatically.
Dateline: 06/18/02 Calling a home the "foundation for families and a source of stability for communities," President Bush has proposed three new initiatives designed to enhance existing federal home buyer assistance programs by helping African- and Hispanic-Americans buy homes.
According to the White House, fewer than half of all African and Hispanic Americans currently own their homes, compared to nearly three-fourths of white Americans. "We must begin to close this homeownership gap by dismantling the barriers that prevent minorities from owning a piece of the American dream," said the President in a nationwide radio address.
To close the homeownership gap, President Bush proposed legislation funding the following new initiatives:...
This mess we are in has taken bipartisan effort in Washington.
Republicans have held the White House for 20 of the past 28 years. No slow down in this countries slide to socialism on their watch. I see little difference in our two major political parties. A pox on both their houses.
Yes, we need a two party system in this country.
Thanks. I like to use these links from time to time.
Bush actually thought these low income people (and illegals)would become Republicans if they owned a house. The way it turned out we can never win them (the poor) again because now they pay no income taxes and need the government to keep their house.
What Mr Naive Bush missed is that the money for the loans had to come from someplace and no one will buy a ‘bad credit low income’ deadbeat’s house loan for premo interest rates. Obama will get around this by taking over the banking.
I also wonder if Bush thought the equity-debt bubble was real economic growth. I notice the Bush-bots here still claim it was Bush’s boom and someone elses bust, was not a winning message for McCain.
Ping for later
Commentary: Limbaugh is Still Relevant
CNN | Rachel Motte
Posted on 03/06/2009 12:08:50 PM PST by lewisglad
Obama Pal Ayers Defends Ward Churchill
APRPEH | 10 Adar 5769/6 March 2009 | APRPEH
Posted on 03/06/2009 10:43:30 AM PST by APRPEH
Democrat Barney Frank, now Chairman of the House Financial Services Committee, reacted by saying "Fannie Mae and Freddie Mac are NOT in a crisis..." completely rejecting Bush administration calls for reform... went on to say that Fannie and Freddie should do even more to get low-income families into homes. "The more people, in my opinion, exaggerate the threat of safety and soundness, the more people conjure up the possibility of more serious financial losses to the treasury, which I do not see, I think we see entities that are fundamentally sound financially, and withstand some of the disaster scenarios, and even if there were a problem, the federal government doesn't bail them out, but the more pressure there is there, then the less, I think we see, in affordable housing." ...Congressional Democrats then killed the 2003 bill put forth by Republicans, intended to head off financial crisis.
Good work Syncro!
They had one hell of a lot of help from the Democrat Auxiliary; the Republicans and the RNC. Very few Republicans stood firm against any of the Democrats disastrous policies and legislation over the last twenty years, and those that did were belittled and castigated by both the so-called R leadership and their supporters in the Maggot Media.
I fear it's too late, but we badly need another party, or there will be a full-on revolution!
Second paragraph, probably true with or without another party.
I've said for years that we need a true two party system in this country.
We had two liberals running for President last cycle, and the R(D) gave it to the D.
Almost like it was planned that way.
I don’t remember what I was looking for when I found this...
Interesting that this appeared in a Canadian paper. Will ANY American media pick it up?
Making it possible for folks with less than stellar credit to be able to get a mortgage, with an interest rate that rewards positive behavior, is vastly different from allowing people to get mortgages that were WAY too large for them to ever support, good credit or not. President Bush did NOT support the latter. In fact, he spoke out, in 2003, against Fannie Mae and Freddie Mac extending insurance to financial institutions which were doing just that. He introduced legislation to disallow that practice, and it was defeated in Committee, with the Democrats voting as a bloc.
But I may have mis-spoke in my statement: It won't likely be a "revolution" in the sense that we would like, but more along the lines of a Civil War - as destructive and game-changing as the last one, with more serious repercussions. We've already seen that when push comes to shove the Law ENFORCEMENT Community will enforce unconstitutional mandates and edicts, and they are assisted by the myriad of armed bureaucrats throughout the federal departments.
Keep your powder dry - and well-hidden. Pray to God you don't need it!
good thread, thanks.
Clinton said yesterday that she is no fan of ‘multi-party democracies.’
The murder of JFK has now extended its reach to the nation.
Arlen Specter’s magic bullet theory might have been seen for the sham it is, but Arlen still serves his purpose, doesn’t he.
As a college student over 30 years ago, I remember distinctly all the Little Red books that young men espeicially would carry around as their ‘bibles,’ and now I hear the phrase ‘social justice’ like it is some type of governmental objective. Who among modern notables breathes life into the principles of those that founded this nation? What school teaches these in any American public school? What citizenry stands on its own as a question of pride and duty rather than take a handout?
FDR turned this nation into a semi-socialist state that LBJ expanded with the ‘War on Poverty.’ Carter humiliated us in a Middle Eastern desert and still hobnobs with terrorists. Clinton sold our military crown jewels. 0bama, well, he’s well paid for, now isn’t he, the athiest/moslem marxist. Republicans, at least, aren’t traitors.
The Democrat party is not the party of the little man & fairness, any more than the Republicans are the friends of big business & wealth. Truth to tell, the Democrat party is rife with millionaires and multi-millionare communists and the Republicans are dying off with the Greatest Generation.
The wealth destruction of the United States is going to pulverize other nations and beat down the actual poor in this country like no one’s seen in our lifetimes. Lay this at the foot of Republicans or Democrat partisans, but this is an all out war against the greatness of this nation and its leadership position of the world.
25,000 lives were lost on American soil at Gettysburg, Antietam and the Wilderness, with blood so deep it ran in rivers. At least those men actually, physically fought.
Most excellent find syncro...
It seems to me that Bush really loves America, and always tried to do the right thing by her. He made the mistake of thinking that the DemoRats think the same way ("New Tone"). That, combined with his famous lack of communication directly to the public that we all grew so frustrated with (that and the enemedia) kept this story under wraps until it blew up and couldn't be denied any more.
When I say it's Bush's fault, what I really mean of course is that he should have done more to sound the alarm to the public. Although you could make the case, given that as of November 4, 2008 we have empirical evidence that 52% of America is clinically brain dead, he could have showed up naked to a press conference with the message tattooed on his back, and no one would have noticed.
LOL. Truth is stranger than fiction at times.
2003 was a Republican congress, the year Republicans increased seats (2002 election) and you blame this on democrats?. But what you are claiming was that Bush knew all about this problem yet in 2006 and 2007 he let investors keep buying houses and stocks at hugely inflated prices, he kept telling everyone how good the economy was so WE would borrow even more money. Last he promoted SS taxes to go into inflated stock market in 2006, 3 years after you claim he knew about this problem. That's criminal. Trillions lost that could have been avoided if he warned the public in a speech , like his TARP or WMDs speeches.
Although the US Constitution affords the federal government no such power whatsoever to engage taxpayer revenue in banking or any other economic enterprise, Congress has been recklessly meddling in private enterprise for almost one hundred years now, with a devastating track record of unparalleled failure.
The 2008-2009 collapse of the US banking system is not the result of failed free market mechanics, but rather a clear demonstration of just how unqualified the federal government is to regulate industry and private enterprise. It is not the result of the last eight years, but rather the last eighty years or more
It was not an accident, but instead a natural end to a bad idea.
I have no love for Bush or the Republicans,but Fannie Mae and Freddie Mac are 99% the brainchild of the Democrats under Clinton.The justice Dept blackmailed banks to make sub-prime loans under threats od audits and outright discrimination fines.Make no mistake-these two entities were affirmative action programs.Congress has heard testimonies under oath that loaners told people to lie about their actual income.Sure the republicans held a slim majority-some would say no majority in the Senate because of senators like snowe ,collins,Specter,Shays and more.When you add the fact we are in a war of political correctness,it was virtually impossible to say no to any minority applicant.John McCain and Bush warned Barney Frank and Dodd seven times after the Dems retook Congress and Barney gave a rousing spech in 2007,espousing the vitality and solidness of these two hellbound trains.Dodd was busy taking graft from nationwide to pay attention.You can blame Bush for a lot of the problems we face,but this is not one of them.
LOL! The President has no control over what people do with their money. He didn't hold a gun to anyone's head to make them buy real estate at inflated prices. And yes, there was a Republican Congress, but the people in charge of Fannie Mae and Freddie Mac were Democrats, and the committees that handled the two organizations, though they might have had Republican chairs, were not able to keep the Democrats from voting as a bloc, and with only one or two Republican votes, keep any reform from going forward, which is what happened from the late 90's up to 2005.
Remember, even though the Republicans had the majority in the early part of the Bush years, it didn't mean they were conservatives. In fact, it was that very reason that many of them lost their seats in 2006, handing the majority to the Democrats and shutting down ANY chance at reform.