Posted on 03/06/2009 10:43:10 AM PST by Syncro
*snip*
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 doesn’t 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.
Bookmarking, thanks!
Cloward Piven stragety.
The Gross National Debt increased from $680B to $10.6T during the Democratic Congress’ reign.
The objective is to destroy capitalism.
bump
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… I’m serious about this. This is a very important initiative for all Americans, a chance for us to empower people ….” at
Voices of Freedom: Ron Paul, Peter Schiff, and Jim Rogers school Obama, Bush, Bernanke, and Paulson
Snip.
The End.
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.
Yes!
True, lets get the word out.
I’m sure the MSM will jump right on it.
Heh...
BUMP!
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.
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