Posted on 04/04/2009 4:26:52 PM PDT by FreeKeys
Yeah I know. But at least we can unite against NOTUS and socialism.
Okay, then. We should be talking about Bush because he was eyeballs deep in this mess.
Does the Partnership for Prosperity Agreement (with Mexico) ring any bells?
How about the New Alliance Task Force?
These were both about getting millions of Mexican illegal aliens into the US banking and mortgage market using Fannie and Freddie-backed loans.
While it is true that the Democraps created and implemented these programs, only American citizens were allowed to participate.
Bush's above named programs opened these programs and the entire US banking system to any Mexican illegal alien possessing a Matricula Consular ID card.
Bush didn't force the banks to open their goods and services to illegals. The banks wanted to pursue that market segment and made sure to back the man who would implement it for them.
Here's small peek into what Bush wrought:
In 2004, Wells Fargo reported that they had signed up 400,000 new Matricula Consular accounts and at the time were opening up 22,000 new accounts a month. Keep in mind this is just Wells Fargo. This does not include BofA, Citibank, Chase, WaMu, etc. It also does not take into account that sub-prime lending would not reach its peak until 2005-2006.
The IRS says they've issued over 11 million ITINs since its inception. Mexico says they've issued over 5 million Matricula Consular cards.
If you're going to talk about the mortgage mess, then you absolutely need to be including Bush in the discussion because excluding him leaves out a big chunk of the problem, which he, himself, helped cause.
If you'd like the complete picture, see my FR home page.
You want some really scary news?
The P4P and New Alliance Task Force also opened the US commercial banking and mortgage market to Mexican illegal aliens.
That turd will start stinking really bad this summer.
Hear, hear!
He had a hand in it, too.
Irony....a negro is enslaving my white grandkids.
Question: How have the regulations and practices (except suspension of mark-to-market for a while) that brought about these loans and derivatives been changed so that the situation cannot happen again (i.e., ‘bailouts’ and other money for Fannie/Freddie/banks/investment houses)?
You mean the one Dr Ron Paul tried to help along:
107th H.CON.RES.206 : Recognizing the important relationship between the United States and Mexico.
Sponsor: Rep Paul, Ron [TX-14] (introduced 7/31/2001) Cosponsors (8)
Committees: House International Relations
IN THE HOUSE OF REPRESENTATIVES
July 31, 2001
Mr. PAUL (for himself, Mr. BALLENGER, Mr. KOLBE, Mr. BARTON of Texas, Mr. NETHERCUTT, and Mr. DREIER) submitted the following concurrent resolution; which was referred to the Committee on International Relations
CONCURRENT RESOLUTION
Recognizing the important relationship between the United States and Mexico.
Whereas the United States and Mexico share a special bilateral friendship matched by few other countries in the world;
Whereas the United States and Mexico are partners joined by geography as well as by a series of government-to-government and private relationships which are of critical importance to both countries;
Whereas the United States and Mexico share concern on a wide range of issues, including trade and immigration, environmental quality, economic development, and regional security and stability; and
As hard as you want to try, (and Pres. Bush was not a perfect pres - but a hell of a lot better the Kerry or Gore would have been)you can not really lay this at Bush’s feet. He did try to bring up the the fact that the system was headed for trouble. Several times. Dodd and Frank and the demwits that CONTROLLED congress ignored him. How many bills that they know Bush wanted would they attach items that Bush didn’t want. He had to sign or else the Demwits would not give him what he needed. The Democrats OWN THIS MESS. They did in 2007 and they still do. Now Obama will NOT take TARP money (payments) from the banks. That’s my money and your money he will not except back to pay off these loans. People should be mad as he** about that. Why does he want to keep the debt up there?
They haven’t.
The same party that used the two nationalized banks to buy votes, is still in power.
As long as we have Nationalized banks the Dems will use them to buy votes.
Perhaps next is eased loan qualifications for GM cars.
Transportation is a right after all.
I guess that is what lots of idiot white folks wanted. Go figure.
Read the following article by Christopher Whalen
http://seekingalpha.com/article/129141-aig-before-credit-default-swaps-there-was-reinsurance
Ron, we got into it before and I don’t want to come out like I’m trying to bust your ba!!s.
We’ve made too many excuses for Bush’s failures. In my opinion, Bush did not care as he figured that this would not fall in his lap. He was almost right about that, by the way.
I will not give GWB the benefit of the doubt on this. His efforts were much too little much too late. I believe he was insincere.
The very same one that was at the top of Bush's agenda after being elected.
On February 16, 2001, just 3 weeks after his inauguration, Bush met with Vicente Fox to hammer out the terms of the P4P agreement.
It was signed September 6, 2001.
The P4P poured, and continues to pour hundreds of millions of US tax dollars into Mexico to help them build their 'infrastructure'.
Everyone keeps harping on the CRA. How about this gem?
In June 2004, in an effort to encourage more banks to enter the remittance market and improve access to the U.S. banking system among recent Latin American immigrants, bank regulatory agencies clarified that financial institutions offering low cost international remittance services would receive credit under the Community Reinvestment Act (CRA).
So, the banks wanted to pursue the $926 billion remittance market (Mexican illegal aliens sending money to their family back home in Mexico) and the Bush administration saw to it that they would receive credit under the CRA for doing so.
Your observation concerning the Republicans has distilled the truth of the current situation down to one sentence. I think a lot of people believe what you say about the Republicans but are afraid to break the so called 11th commandment. The same people who are apologists for the Republican party would probably not allow the same deceitful behavior to exist among the people in their personal lives. Fool me once shame on you. Fool me twice shame on me.
A ping for you and yours.
Please pass it along.
Thank you.
“They haven’t.
The same party that used the two nationalized banks to buy votes is still in power.”
Exactly.
Until the regulations and practices are changed to prevent this, what are the legal remedies? Are there any? Can this situation not simply continue as before, absent the crushing ‘need’ for a ‘bailout’ of some kind? When will the next one ‘need’ to exist?
Pointing fingers now looks backward when the gaping hole in front of us remains.
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