Posted on 03/17/2009 7:35:41 AM PDT by Notoriously Conservative
Bookmark this page, so when the people you know who are “drinking the Obama Kool-Aid” tell you it was all Bush’s fault, print this and give it to them.
Also it is well documented that President Bush and Senator McCain (and other Republicans) tried numerous times to stop this policy, and each time were stopped by threatened filibusters and other tactics. This policy was directly responsible for hundreds of billions of dollars in losses at Fanny Mae and Freddie Mac, which caused the “house of cards” to fall and confidence to plummet.
From Humanevents:
On November 12, 1999, President Clinton repealed the Glass-Steagall Act, which for 55 years had prevented banks, the nation's lenders, to get into the so-called "investment banking" business (stock brokers). With lots of pressure in Congress by the Democratic members of the New York contingent, the Senate and House caved in and trashed a law which had provided stability in both the banking industry and on Wall Street.
What follows next reads like a third-rate screen play.
Banks jumped into the fray, and, encouraged by the Wall Street Democrats, began buying up and merging with Investment Banks, swapping assets, creating new loan "instruments" and weakening both independent systems.
Also in 1999, Clinton appointed Franklin Delano Raines, a Harvard Law School graduate and his Director of the U.S. Office of Management and Budget (OMB), to become the CEO of the obscure but powerful Fannie Mae giant GSE (Government Sponsored Enterprise), which had been "privatized" and listed on the New York Stock Exchange.
Mr. Raines immediately went to work lobbying Congress for less regulation and more "flexibility" in creating the massive dodgy-loan portfolio of under-qualified home loans to fellow minorities which would continue to grow and was encouraged by Barney Frank, another...
(Excerpt) Read more at notoriouslyconservative.com ...
ok, boss.
bump
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ping
Cannot Post from Bloomberg but here’s a telling piece.
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.Bernanke Outshines Obama Team With Defense of Government Effort
http://www.bloomberg.com/apps/news?pid=20601213&sid=aGpBlzh8xoXY&refer=home
President Barack Obama’s economic team finally found its voice — and it belongs to Federal Reserve Chairman Ben S. Bernanke.
Ping for future reference!
ping
bumping and marking.
Bookmark
The facts are clear. The current economic situation we are in is a result of Dem takeover of Congress in 2006, Freddie and Fannie overstepping their bounds (Dems) and the Community Reinvestment Act (initiated by Carter and given teeth under Clinton, which meant that the government put pressure on banks to make bad loans or loans to people with poor or no credit) This can be traced to Chris Dodd and Barney Frank, the two idiots responsible for financial matters in today’s Senate and Congress. Crooks all.
I still think there was a Dem connected force (probably Soros) who created a liquidity crisis on Sept 15 that lead to TARP and lack of confidence in President Bush and Sen. John McCain to get us out of the problems. The markets still have not regained confidence from this event.
The facts are clear. The current economic situation we are in is a result of Dem takeover of Congress,I wonder if the voters will remember that at election time?
I’ve talked with a number of connected, very credible/successful financial experts who also believe that some entity (perhaps a Soros-lead cabal) helped create the liquidity crisis on September 15 — the ultimate ‘October’ surprise.
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Perhaps..... However I am absolutely convinced that if Bush & the repubs had any balls at all, they could have forcefully pushed through a conservative agenda, including correcting the abuses at Fannie Mae/Freddie Mac/AIG and slam dunked the dimwits in the process. The point is, Repubs & GW Bush were so condescendingly appeasing towards the dimwits, that they NEVER played hardball against dimwits. As much as I hate liberals & demoRATS and Obooombi in particular, one thing I will give the liberal dimwits credit for, is that they will go to any lengths to push through their socialist agenda & plans. If Bush & the repubs had any balls at all, they could have done the same thing!!!
Bookmark - thanks
That’s google marketing for ya. Ha
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Bookmarked
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