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Timeline shows Bush McCain Warning Dems of financial and housing crisis; meltdown - YouTube
Fox News ^ | Sept. 24, 2008 | Fox news

Posted on 09/04/2011 10:24:05 AM PDT by Sons of Union Vets

From Fox News Channel

Wednesday, September 24, 2008

Special Report With Brit Hume

(Excerpt) Read more at youtube.com ...


TOPICS: Extended News; Government; News/Current Events; Politics/Elections
KEYWORDS: 2008; barneyfrank; bush; democrats; economy; fanniemae; freddiemac; greenspan; housingcrisis; liberalfascism; mccain; meltdown; mortgagecrisis; schumer
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This video clearly shows that George Bush warned Congress starting in 2001, that this economic crisis was Coming, if something was not done. But Congress refused to Listen, along with the arrogant Congressman, Barney Frank. This video says it all.. The liberal media reportedly did not want this video on You Tube; it was taken off. This link is of the same video, but is routed through Canada . Everyone in America needs to see this before it is yanked off the Internet again! Let's see how far we can spread it before it's pulled off the Canadian site.
1 posted on 09/04/2011 10:24:12 AM PDT by Sons of Union Vets
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To: Sons of Union Vets

Bush did warn them, but he didn’t make a big enough fuss and go public persistently on this. Fiscally, Bush was profligate and inattentive. Nothing like Obama, but still...


2 posted on 09/04/2011 10:31:46 AM PDT by Pearls Before Swine
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To: Sons of Union Vets

Thanks..I remember it well..and Barney Frank’s defense.

Look at us now!


3 posted on 09/04/2011 10:32:10 AM PDT by MEG33 (God Bless Our Military Men And Women)
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To: Sons of Union Vets
Awesome video. I love the quote from Barney Frank saying if there are problems the government WON'T bail them out.

Barney Frank and Schumer, among others I'm sure, should be in stockades for their roles in protecting Wall Street and creating the perfect storm that hit in 2008.

4 posted on 09/04/2011 10:34:42 AM PDT by newzjunkey (Will racist demagogue Andre Carson be censured by the House?)
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To: Sons of Union Vets

THANKS!!!

I was just arguing with some troll this morning about this very thing


5 posted on 09/04/2011 10:35:07 AM PDT by Mr. K (Physically unable to proofread....)
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To: Pearls Before Swine

Yes as usual the Republicans don’t go in for the kills when it’s obvious what’s happening. They surely had some power then.

Be great if there were some pit bulls to counter-attack the leftist mob.

I remember the video. They were not pushy enough. Barney Frank acted like he was their master and the other Asinine Aholes helped.


6 posted on 09/04/2011 10:41:00 AM PDT by TribalPrincess2U (Rabid democRATS and 0bama the dictator own it all now.)
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To: Pearls Before Swine
Fiscally, Bush was profligate and inattentive.

He was necessarily distracted by the post-9/11 world for years. It's unfortunate that he couldn't find his veto pen and trusted a corrupt Republican Congress a bit too much.

Even still, do you think he'd have been able to articulate and push action on this front when his Treasury Secretary and even Alan Greenspan could not get the Congress moving?

As the video showed McCain got a bill out of committee on a party-line vote and it never even reached the Senate floor. Barney Frank and Schmuck Schumer were like Baghdad Bob saying everything was wonderful and people were needlessly alarmist.

Schumer pushed the community reinvestment and bank modernization acts. He was neck deep with Wall Street.

Neither of these creeps should've survived the financial meltdown and housing crisis and yet Schumer won reelection handily in 2010. Frank's co-authored the economy killing Dodd-Frank regulatory fiasco. It's appalling.

7 posted on 09/04/2011 10:44:32 AM PDT by newzjunkey (Will racist demagogue Andre Carson be censured by the House?)
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To: Mr. K
You are most welcome!!! A patriotic friend sent me the video just this morning as an antidote to the "blame Bush" babble that will probably intensify as we draw closer to the 2012 election.

I sure hope there is a way to preserve this video! We need to keep it in circulation and use it to challenge those revisionists who seem to have "forgotten" about the Democrat-controlled congress Bush had to deal with, and who insist on blaming Bush instead of Obama and his commie - crat confreres for the third world socialist craphole that they would make of these great United States of America.

8 posted on 09/04/2011 10:51:23 AM PDT by Sons of Union Vets (No taxation without representation!)
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To: newzjunkey
Well said.

Corrupt RINO's have indeed been a problem, but as I have previously mentioned, Congress was not always controlled by Republicans while Bush was President.

Bush may not have necessarily been a fiscal conservative, but he was hardly that species of hard core leftist radical that is currently occupying the White House.

Let us also recall the way in which Bush was denied the time he needed to adequately prepare for his presidency by properly vetting and putting his people in place because of the challenges to the election raised by that bloviating pantload Al Gore.

Remember the "hanging chads" fiasco???

9 posted on 09/04/2011 11:05:39 AM PDT by Sons of Union Vets (No taxation without representation!)
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To: Pearls Before Swine
Fiscally, Bush was profligate and inattentive. Nothing like Obama, but still...

When the GOP was in control of Congress, it seemed to do quite well:

GOP control of Congress = declining deficits. Let the Democrats get either chamber, and deficits increase. Get control of both, you get the meltdown that is today.

Note, too, that FY2009 was NOT signed by President Bush - he promised to veto it if Pelosi and Reid sent it to him. And thus they did not pass a budget until February 2009 and President Obama gladly signed it.

10 posted on 09/04/2011 11:08:31 AM PDT by FromTheSidelines ("everything that deceives, also enchants" - Plato)
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To: Sons of Union Vets

While the report is rather compelling, it somehow does not address how bills loosening the credit market passed the Republican House and Senate and was signed into law by President Bush.

And for some reason, it ignores comments made by President Bush in 2002 regarding home ownership.

“One of the barriers to homeownership is the inability to make a downpayment. And if one of the goals is to increase home-ownership, it makes sense to help people pay that downpayment. We believe that the amount of money in our budget, fully approved by Congress, will help 40,000 families every year realize the dream of owning a home.”

-George W. Bush

“And we want to fully implement the Section 8 housing program, homeownership program. The program will provide vouchers that first-time home buyers can use to help pay their mortgage or apply to their downpayment. Many of the partners today, many of the people here today, many of the business leaders here today are creating a market for the mortgages where Section 8 vouchers are a source of the payment, and that’s good. See, it’s an underpinning of capital. It helps move capital to where we want capital to go.”

-George W. Bush

“That’s why I’ve challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America by achieving the goal of 5 1/2 million new minority homeowners. I call it America’s homeownership challenge.”

-George W. Bush

And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, Government-sponsored corporations that help create our mortgage system—I introduced two of the leaders here today; they call those people Fannie Mae and Freddie Mac—as well as the Federal Home Loan Banks will increase their commitment to minority markets by more than $440 billion. I want to thank Leland and Franklin for that commitment.

-George W. Bush

“Freddie Mac will launch 25 initiatives to eliminate homeownership barriers. Under one of these, consumers with poor credit will be able to get a mortgage with an interest rate that automatically goes down after a period of consistent payments.”

-George W. Bush

http://www.presidency.ucsb.edu/ws/index.php?pid=62687#axzz1X0WZPLzQ


11 posted on 09/04/2011 11:09:36 AM PDT by trumandogz
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To: Sons of Union Vets

I sent this video to my Senator, Pat Roberts, during the summer of ‘08, when the economic mess was being blamed on Bush and the Republicans, and heard crickets. In a sense, the Republicans were at fault for not exposing it...they had/have it right on film. wtf


12 posted on 09/04/2011 11:10:25 AM PDT by stickywillie
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To: Mr. K

“First of all, Government-sponsored corporations that help create our mortgage system—I introduced two of the leaders here today; they call those people Fannie Mae and Freddie Mac—as well as the Federal Home Loan Banks will increase their commitment to minority markets by more than $440 billion. I want to thank Leland and Franklin for that commitment.”

George W. Bush

The above quote by George W, Bush does not quite strike me as something that would be said by a fiscal conservative who was opposed to expanding the government subsidized housing market.


13 posted on 09/04/2011 11:15:40 AM PDT by trumandogz
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To: FromTheSidelines

While I generally agree with your conclusions, every President has to deal with what comes up and what has developed over the past few years. If Bush had a third term, or McCain had won in 2008, there would have still been a very large deficit due to the housing/finance induced depression. That took many years to develop into it’s full-blown form—maybe 20 to 25.

Nevertheless, Dem congresses and Dem presidents make things worse. I don’t believe that McCain would have gone for a union/government employee directed Porkulus bill, although there would have been significant recession induced stimulus. And, I believe McCain (or Bush if he could have been in office) wouldn’t have gone crazy with job killing and energy killing over-regulation.


14 posted on 09/04/2011 11:17:08 AM PDT by Pearls Before Swine
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To: FromTheSidelines

While I generally agree with your conclusions, every President has to deal with what comes up and what has developed over the past few years. If Bush had a third term, or McCain had won in 2008, there would have still been a very large deficit due to the housing/finance induced depression. That took many years to develop into it’s full-blown form—maybe 20 to 25.

Nevertheless, Dem congresses and Dem presidents make things worse. I don’t believe that McCain would have gone for a union/government employee directed Porkulus bill, although there would have been significant recession induced stimulus. And, I believe McCain (or Bush if he could have been in office) wouldn’t have gone crazy with job killing and energy killing over-regulation.


15 posted on 09/04/2011 11:17:18 AM PDT by Pearls Before Swine
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To: Pearls Before Swine
Bush was profligate and inattentive

Actually, Bush was attending to our national security...the main job of the CIC.

As for reforming housing...do you really think it could have been done with the Dems saying he was bigoted against minorities at every turn? You have to have members from the other party on board to make a radical change in the economy. Not to mention Nazi Pelosi taking over the purse strings in '06.

16 posted on 09/04/2011 11:19:09 AM PDT by Siena Dreaming
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To: Sons of Union Vets

Yeah, and GOP Senators McCain, Dole, Hagel and Sununu sponsored a bill, to fix matters.

S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005.

At the time the GOP had 51 seats in the Senate.

So Pres. Bush warns, moderate GOP Sen. members put forth a measure; where were the true conservatives I ask?


17 posted on 09/04/2011 11:22:16 AM PDT by truth_seeker
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To: Siena Dreaming

How was Bush attending to national security when he proposed that we spend 440 billion to help minorities buy homes?


18 posted on 09/04/2011 11:24:07 AM PDT by trumandogz
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To: Siena Dreaming

Bush was good on security. But one of his first acts, IIRC, was to pledge something like ten or thirty billion in African related aid; then there was Medicare Part D, which didn’t help Medicare’s financial status. He didn’t use the veto pen at all until 2006!


19 posted on 09/04/2011 11:24:39 AM PDT by Pearls Before Swine
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To: Sons of Union Vets
http://www.youtube.com/watch?v=_MGT_cSi7Rs&feature=player_popout

And don't forget that one - House Committee hearing on the same issue. Democrats lambasting Republicans for suggesting there was anything wrong - one Dem called it a “lynching” and engaging in character assassination against a witness who was raising alarm bells.

20 posted on 09/04/2011 11:26:13 AM PDT by Republican Wildcat
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To: Pearls Before Swine

Bush did not propose spending ten or thirty billion to help minorities buy homes, he proposed 440 billion!


21 posted on 09/04/2011 11:26:44 AM PDT by trumandogz
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To: Pearls Before Swine
When there's a surge of Chinese money coming into Africa, we may want to invest some money there to stem that influence. I have no problem with that.

With a Repub congress, Bush had the deficit down to 160B. It was after Pelosi got in we started to have major problems. Then in Fall of '08 when the markets realized that a socialist President was about to take power the whole thing folded.

22 posted on 09/04/2011 11:29:02 AM PDT by Siena Dreaming
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To: Republican Wildcat

Did the Democrats steal Bush’s Veto Pen?


23 posted on 09/04/2011 11:30:41 AM PDT by trumandogz
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To: trumandogz
How was Bush attending to national security

Uh, I didn't say housing was national security. My point was in rebuttal to the poster that Bush was an inattentive guy. On the contrary, his attention paid to the most important thing...our national security...was top-notch.

24 posted on 09/04/2011 11:32:35 AM PDT by Siena Dreaming
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To: Siena Dreaming

Ok, so you advocated Bush’s proposal that 440 billion be spent to aid minorities to buy homes?


25 posted on 09/04/2011 11:36:06 AM PDT by trumandogz
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To: trumandogz

Who said I did?


26 posted on 09/04/2011 11:38:58 AM PDT by Siena Dreaming
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To: Sons of Union Vets
September 11, 2003 New Agency Proposed to Oversee Freddie Mac and Fannie Mae

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

27 posted on 09/04/2011 11:39:16 AM PDT by 1066AD
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To: Pearls Before Swine

Yes, any GOP President elected in 2008 would have had a problem to face, but I believe the deficit would not have broached $700 billion, and would be back down below $400 billion now, with unemployment down in the 7% range, with GDP growth in the 2-3% range.

The simple reason is that much of our current economic meltdown is because of the actions taken by the President - not doing anything, or doing it to a much smaller scale, would have allowed the economy to recover naturally, instead of the forced-approach the Obama Administration is attempting.


28 posted on 09/04/2011 11:39:46 AM PDT by FromTheSidelines ("everything that deceives, also enchants" - Plato)
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To: truth_seeker
So Pres. Bush warns, moderate GOP Sen. members put forth a measure; where were the true conservatives I ask?

Dealing with the Chris Dodd-led filibuster on housing/Fannie Mae/Freddie Mac reform bills...

29 posted on 09/04/2011 11:41:43 AM PDT by FromTheSidelines ("everything that deceives, also enchants" - Plato)
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To: Republican Wildcat
House hearing, Democrat intellectual giants in action.
30 posted on 09/04/2011 11:43:18 AM PDT by 1066AD
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To: 1066AD

“The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.”

That was far too late as a year earlier the Bush Administration was proposing spending hundreds of billions on minority home ownership.


31 posted on 09/04/2011 11:43:36 AM PDT by trumandogz
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To: Sons of Union Vets

Time line, on what date was his HUD speech promoting the same crap. http://archives.hud.gov/remarks/martinez/speeches/presremarks.cfm


32 posted on 09/04/2011 11:55:50 AM PDT by org.whodat (What does the Republican party stand for////??? absolutely nothing.)
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To: FromTheSidelines
Yes, any GOP President elected in 2008 would have had a problem to face, but I believe the deficit would not have broached $700 billion, and would be back down below $400 billion now

An argument could be made that we might not even have had a collapse in the economy in Fall '08 if a GOP President had been elected.

I'm convinced that a major reason for the crash was the increased regulatory burden the banks saw coming as Obama gained steam. He was promising things like universal healthcare and cap and trade. With a faltering economy this, of course, was enough to cause major investors to sell the market and this produced a domino effect; the major casualty was the housing market because that's where most of the risk-capital was.

When things started to accelerate downward because of the prospect of a socialist taking office, the liberals piled on by blaming Bush. However, I think the real culprit was the significantly higher increase in Gov't spending which was approaching under Obama which, of course, would have to be paid for with higher taxes...big investors pulled out of investments in order to be ready for what was ahead.

I really don't think the '08 crash was inevitable...I believe it really was "Obama's fault".

33 posted on 09/04/2011 11:56:03 AM PDT by Siena Dreaming
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To: trumandogz

Funny how some people wish to scream the rats did it, when you had a republican congress.


34 posted on 09/04/2011 11:58:59 AM PDT by org.whodat (What does the Republican party stand for////??? absolutely nothing.)
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To: org.whodat

“Funny how some people wish to scream the rats did it, when you had a republican congress.”

Apparently, you have not read the part of the Constitution that says that Barney Frank has the sole ability to pass laws even when the Republicans control the White House, and the entire congress.


35 posted on 09/04/2011 12:01:47 PM PDT by trumandogz
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To: Siena Dreaming

You are Dreaming

The American Dream Downpayment Initiative (ADDI) was signed into law by President Bush on December 16, 2003. The American Dream Downpayment Assistance Act authorized up to $200 million annually. Funds were appropriated for fiscal years 2004-2008. ADDI provided funds to all fifty states and to local participating jurisdictions that had a population of at least 150,000 or qualified for an allocation of at least $50,000 under the ADDI formula. ADDI is administered as a part of the HOME Investment Partnerships Program, a formula grant program.

Bush begs nation for bailout for Banks.

http://blogs.wsj.com/washwire/2008/09/24/speech-text-bush-addresses-the-nation-on-bailout/


36 posted on 09/04/2011 12:04:26 PM PDT by KDD (When the government boot is on your neck, it matters not whether it is the right boot or the left.)
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To: Siena Dreaming

http://www.hud.gov/offices/cpd/affordablehousing/programs/home/addi/


37 posted on 09/04/2011 12:05:17 PM PDT by KDD (When the government boot is on your neck, it matters not whether it is the right boot or the left.)
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To: FromTheSidelines

“Dealing with the Chris Dodd-led filibuster on housing/Fannie Mae/Freddie Mac reform bills...”

Hopefully if voters give the GOP a majority in the Senate again, they will make better use of it.

I happen to think the economy is shit today in part because banking ran amock under the not so watchful eye of GOP led congressional oversight committees.

And the only evidence I find of the GOP giving a hoot, turns up moderates, not true conservatives.


38 posted on 09/04/2011 12:15:18 PM PDT by truth_seeker
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To: KDD
That program only funded $10M in '08?

That program actually looks like it would have phased out funding over time. Too bad it didn't happen that way.

39 posted on 09/04/2011 12:16:15 PM PDT by Siena Dreaming
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To: Sons of Union Vets

Did the video show the part where the Republicans held the House, Senate and Presidency from 2003 to 2007 and didn’t care to do anything about it?

What influence did Barney Frank have before 2007?

Shouldn’t conservatives at least value action and accountability over words?


40 posted on 09/04/2011 12:17:06 PM PDT by MontaniSemperLiberi (Moutaineers are Always Free)
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To: MontaniSemperLiberi
What influence did Barney Frank have before 2007?

You honestly don't think Frank had influence before '07?

41 posted on 09/04/2011 12:19:27 PM PDT by Siena Dreaming
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To: Siena Dreaming

Did Barney Frank have to power to sign bills into law?


42 posted on 09/04/2011 12:21:15 PM PDT by trumandogz
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To: FromTheSidelines

I’m sorry, what filibuster was that? Are we making up fictional filibusters just to make ourselves feel better about the party we vote for?


43 posted on 09/04/2011 12:21:15 PM PDT by MontaniSemperLiberi (Moutaineers are Always Free)
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To: trumandogz

Who said he did?


44 posted on 09/04/2011 12:22:04 PM PDT by Siena Dreaming
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To: Siena Dreaming

Between ‘03 and ‘07, no he did not. The only power he had was to flap his lips.


45 posted on 09/04/2011 12:22:33 PM PDT by MontaniSemperLiberi (Moutaineers are Always Free)
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To: newzjunkey

Distracted? Seriously? That’s our defense of Bush? He was so distracted he failed to reign in Fannie and Freddie?


46 posted on 09/04/2011 12:25:01 PM PDT by MontaniSemperLiberi (Moutaineers are Always Free)
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To: FromTheSidelines
Yes, any GOP President elected in 2008 would have had a problem to face, but I believe the deficit would not have broached $700 billion, and would be back down below $400 billion now, with unemployment down in the 7% range, with GDP growth in the 2-3% range.

I agree. Even Bush wouldn't have screwed up the budget this badly, and I've said I thought he was economically disinterested. Obama's crew is aggressively "never letting a crisis go to waste."

47 posted on 09/04/2011 12:26:42 PM PDT by Pearls Before Swine
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To: trumandogz
Bush did not propose spending ten or thirty billion to help minorities buy homes, he proposed 440 billion!

OK, I'm a piker. I was thinking of his compassionate conservative thrust right after election, when he was going to buy tons of AIDs drugs for the African continent. What was the 440 billion initiative?

48 posted on 09/04/2011 12:28:20 PM PDT by Pearls Before Swine
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To: FromTheSidelines
Image and video hosting by TinyPic

Sorry but the financial crash was the Republicans' fault including Bush. They COULD have defunded Freddie and Fannie without the Democrats permission but they chose not to.

FR thread on this graph.

49 posted on 09/04/2011 12:29:16 PM PDT by MontaniSemperLiberi (Moutaineers are Always Free)
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To: Sons of Union Vets
http://www.wnd.com/index.php?fa=PAGE.view&pageId=110131

where it all began -

ACORN/Obama sued the banks and forced them to make the risky loans - and now they're suing the banks because they DID.

It's how Communists work - lie, lie, lie - knowing most people wont’ know the difference...

How tragically true that is

50 posted on 09/04/2011 12:37:56 PM PDT by maine-iac7 (ALWAYS WATCH THE OTHER HAND)
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