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You, say, or agree with the ‘Voice’ that a cabinet secretary, who left office six years before this crisis even started, is the significant reason, the primary mover, the one who is responsible for all this …because he wanted to increase minority home ownership???
Are you saying the rate cutting fed., the predatory lenders, the securities rating agencies, the media cheerleaders, and on and on– are exempt …that little cabinet boy Mario is ‘the root of the problem’???
No way.
You want the look at the root of the problem, I suggest looking here:
…
Most of the economists who were interviewed blamed Alan Greenspan, the chairman of the Federal Reserve from 1987 to 2006, for his unwillingness to clamp down on either the technology stock bubble or the run-up in housing prices.
“The Fed isn’t the whole story, but it’s a big part of it,” said Gerald P. O’Driscoll Jr., who was vice president of the Federal Reserve Bank of Dallas from 1982 to 1994 and is now a senior fellow at the Cato Institute, a libertarian research organization in Washington. “It allowed these absolutely insane bubbles to happen. The lesson is, you can’t let these bubbles continue unabated with no policy making.”
But the economists said others were to blame, too: investors, banks and rating agencies, as well as the current chairman of the Federal Reserve, Ben S. Bernanke, and the Clinton and Bush administrations.
…
As i see it, ‘the root of the problem’ is lax regulation by the Fed., then a number of greedy players from all over manifest themselves due to the lax regulatory atmosphere.
Craig
15 years ago
“As i see it, ‘the root of the problem’ is lax regulation by the Fed” (Doug)
As I see it, the lax of regulation by the Fed is because the Democrats blocked financial reforms that the McCain and GOP proposed in 2005.
They’ll do the same thing with the oil industry; do nothing about it until it’s a crisis, and then nationalize the oil industry as a solution.
Government-run anything is a bad idea.
BevAnn
15 years ago
15 yrs ago Fan & Fred only insured the best-credit, safest loan-to-value-ratios loans and banks got most of those.
Sub Prime was shakey to trashed credit with loan-to-value ratios graduated according to risk (the worse the credit, the more risk). No income qualifying loans were only for those with perfect credit and were rare.
Not having brokered mortgages in that many years, and blithely being out of the loop, thinking I was gambling with a 1 yr arm with a 1% annual cap! (Which, btw, just adjusted DOWN 1% for the next year-yay!)
I am more than appalled at what has been allowed to transpire! The monkeys were left in charge of the bananas.
Until there is accountability in the form of life prison sentances for such abuses it will still be
VEGAS BABY! with our country’s fiscal stability, national security & fiscal independence. Dare we envision the nightmare together of what is to come?
I have never seen it this bad.
Aye Chihuahua
15 years ago
BevAnn,
You nibbled around the edges of one of the major underlying issues.
Anyone want to tackle the reasons behind why sub-prime became such a big thing?
OLDPUPPYMAX
15 years ago
Of course we know the MSM will bury this story for the sake of its Messiah. But will McCain push the issue until our straight-arrow media is forced to pick it up? Of course not. It will be virtually ignored by the McCain campaign, just like drilling, Obamas egregious messing with Iraq troop withdrawal policy and a dozen other issues which would have disqualified any republican candidate. Had republicans hired a candidate with a brain, the election would be over and won.
luva the scissors
15 years ago
the dems blocked it, and mccain won’t bring this to the forefront because wether he knows it or not he is still trying to run a campaign on honor and integrity. i think mccain is unwilling to go that extra step because he doesn’t want to sink to the lows the dems have. they blocked legislation, they basically made the mortgage companies go into ares they didn’t want to risk because they said everyone has a right to a home. its a bunch of crap, and you know pelosi saying not to blame them was the first thing she said. must mean that the dems have a guilty conscience. the started trying to push the blame aside from the start and now we can see the fault is theirs.
Fannie and Freddie have been creations of the Congressional Democrats and the Clinton White House, designed to make mortgages available to more people, and as it turned out, some people who couldn’t afford them. Fannie and Freddie have also been places for big Washington Democrats to go to work in the semi-private sector and pocket millions. The Clinton administration’s White House budget director Franklin Raines ran Fannie and collected $50 million. Jamie Gorelick, Clinton Justice Department official, worked for Fannie and took home $26 million. Big Democrat Jim Johnson, recently on Obama’s VP search committee, has hauled in millions from his Fannie Mae C.E.O. job.
Doug’s just spinning and twisting and grasping at any straw he can to try and derail people’s attention from the Democrats in this matter.
Read the whole Village Voice piece Doug if you think Cuomo is blameless. I never said it was ALL his fault anyway. As my post clearly indicates he had LOTS OF HELP from Democrats in the House and Senate and political hacks who when they weren’t too busy stuffing bags of cash under their mattresses at Fannie Mae did everything they could to block any reform.
You got dirt on your hands Doug!
Dave Noble
15 years ago
Does anyone care to lay out the specifics of how the Democrats succeeded in killing a Bush reform proposal in a Republican-majority Congress? I’m not saying it’s impossible, but I would like to know the actual details.
Serious question. How in the hell did the Democrats block McCain’s Housing reform bill when they never saw it? And it wasn’t even his bill. He co-sponsored it. Whoever posted this did NO research. That bill never saw the light of day because it never made it past a Republican committee. The house never voted on it. The Senate never voted on it. The bill wasn’t even debated. So again, how did Obama or the democrats block it? This information is right on a government website.
wraith: Read more carefully: “John McCain was one of three Republicans in the U.S. Senate to sponsor the bill. “
Where did I suggest it was his bill?
He supported the reform efforts of Republicans in both chambers of the legislature.
I posted the link to the govtrack site in the post. The last action on the bill was this:
Last Action: Jul 28, 2005: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
If you want to go through the weeds of the Senate and find out who knifed this bill, please be my guest and do report back here when you get the answer.
I suggest you do more comprehensive research before you decide to start shearing sheep.
wraith33
15 years ago
Read the title. It says DEMOCRATS blocked the reform. How did they do it? I posted a link to the legislation. The House never voted. The Senate never voted. It wasn’t even DEBATED. If you can’t answer then it’s nothing but tabloid journalism at its finest. I wouldn’t be surprised if you copy and pasted this from another site without demanding a shred of proof…just like sheep would do.
Since you don’t want to go to that link I’ll post the contents here….
Sen. Charles Hagel [R-NE]show cosponsors (3)
Cosponsors [as of 2007-01-08]
Sen. Elizabeth Dole [R-NC]
Sen. John McCain [R-AZ]
Sen. John Sununu [R-NH]
Bill Text: Summary | Full Text
Status:
Occurred: Introduced Jan 26, 2005
Not Yet Occurred: Scheduled for Debate –
Not Yet Occurred: Voted on in Senate –
Not Yet Occurred: Voted on in House –
Not Yet Occurred: Signed by President –
I see “Not Yet Occurred” next to those issues above. Tell me the names of the Democrats that blocked this piece of legislation in a Republican controlled committee and I’ll give you a cookie.
yonason
15 years ago
Back in 2003, when Republicans were pushing for reform, the obstructioinist Democrats denied there was even a problem
”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole. (same article as above)
I don’t have to show in detail how Congress thwarted reform. The fact that there was no reform, and that Dems opposed reform, is all I need to know to tell me who’s at fault.
Now, why don’t you show me where O’Bumpkin of O’Biden reckognized the danger and or tried to do anything about it, because THAT is the issue here – who has what it takes to spot a problem and to take steps to fix it.
Wraith: I posted that link in my original post. Are you blind as well as stupid?
And if you bothered to read the last action you would know what happened in Committee.
As for your specious claim that “The House never voted” on this legislation you’ve compounded your stupidity as I also included the link to the House version of the bill WHICH PASSED!
Why do you think it was being considered in the Senate hmmmm?????
I’m still waiting for your apology or are we to understand you don’t have that much intellectual integrity to admit you were wrong after attacking my intellectual integrity???
With goofballs like you on the lose it’s no wonder McCain and Obama are tied in Pennsylvania. We might even win the state.
I will agree to stay out of the GOP v DNC failure on this bill getting any traction in Congress… it is, afterall, a body filled with many on both sides of the aisle that I think would better serve the US if they were flipping burgers at the local Mickey D’s.
What is notable is that, of the only two floor speeches on this bill, it was two GOP Senators who rose to point out to the addle brained elistists that Fannie/Freddie was an implosion about to happen.
Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.
The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
I urge my colleagues to support swift action on this GSE reform legislation.
And where was Obama? On the campaign trail, spending his donation funds out the yin yang… including those from Fannie/Freddie. And of course, he’s been sitting at the feet of his economic advisors, comprised of the higher echelon of Fannie/Freddie, Countrywide, and Lehman Bros.
More examples of Obama’s great judgment.
Needless to say, if some of you don’t want to consider this a DNC failure because it occurred during a GOP held Congress, that’s fine. However what you have to admit (if you care anything for facts) is that McCain was atop the situation, and Obama ignored it.
Economic issues and this housing market today are part of Obama’s failures. I do so hope he tries to make this a major issue in his campaign. He not only has no standing or credibility, but his already tarnished halo will completely rust away.
wraith33
15 years ago
You’re dumber than a sack of hammers lol.
First of all this link you posted in your original post
WASN’T the bill McCain co-sponsored. And secondly the reason that particular bill didn’t get a vote in the senate was because Bush killed it that very same day because it was WEAK….
Aye: That video may be above wraith’s “pay grade.”
wraith33
15 years ago
There is no intellectual integrity here lol. You’re just dancing around the answer to the obvious. Neither bill died because of Democrats. Those bills died in a Republican controlled congress. McCain’s co-sponsored bill went nowhere and the other was killed by the White house…end of story.
You haven’t the intellectual integrity to acknowledge that fact.
Yet, you insist on telling me that my conclusions in this post are wrong when I have shown ample support for them and you have offered NOTHING to counter them but your snide and ingnorant remarks?
It’s clear from the legislative record that Republicans, including John McCain, have led the way on reforms to Fannie and Freddie. And that Democrat hacks busy looting Fannie and Freddie used every bit of leverage, including party line votes by Democrats, to try and stop them.
Unless you can come up with something more substantial than your nasty, petty, small minded rants I’ll just delete further comments from you.
Mike and Aye… you’re dealing with a single brain celled animal here… The WH statement of policy commented they’d like stronger language, but would look forward to working with Congress on Fannie/Freddie reform.
Only an idiot can read that statement as a veto. Made worse by someone so challenged in civics that he believes a bill that only passes one chamber can be “killed” by the POTUS.
Obviously falls into that “too damn stupid to vote” genre.
I notice that Wraith ran like a seven year old girl when confronted with his obvious misstatements.
As for the single brain cell, you’re right. It sure was fun toying him though. Like a cat with a mouse.
Maybe he’ll watch the Schoolhouse Rock video I linked and accidentally learn something.
Sing it with me:
“I’m just a bill, yes I’m only a bill, and I’m sitting here on Capitol Hill…”
Craig
15 years ago
Wraith33, Fit Fit, Doug and Charlie are all Obama’s supporters… just goes to show you what kind of supporters Obama has. If they are all like these four guys, completely misinformed, America is in big trouble. As a Canadian, I know more than them on US politics. They should be shameful for all the ignorance and misleading that they vehicle here on this blog.
When he said “there is much to be done inside my company” and I concluded that he was still finding ways to loot the company and screw the taxpayers.
Good video find!
yonason
15 years ago
Aye Chy! That’s Beautiful!!! I wonder if McCain could use it in a commercial? Is the RNC aware of that?
They just need to add to it that McCain and Bush tried several times to remedy the problem, like posting videos of them outlining the need for change, then that would make a really sweet package.
Not ONLY does it show that McCain has been on the ball, and O’Fumbler hasn’t, but if Obamas attacks are presented with it, everyone can see what a L I A R that POS is, as well.
hmmmm, not sure how they could work ALL that in, but I’m sure a talented ad person could do it.
Neo
15 years ago
Representative Jim Leach, Republican of Iowa, said Freddie Mac — short for the Federal Home Loan Mortgage Corporation — had borrowed $125 million in the bond markets on Monday at 6.99 percent, an interest rate reflecting the market’s belief that the Treasury had effectively guaranteed repayment.
Freddie Mac, whose charter calls for it to invest primarily in mortgages and mortgage securities, then used the $125 million to buy corporate bonds issued by the Philip Morris Companies with identical 10-year maturities yielding 7.68 percent.
Mr. Leach said that such an investment strategy might be legal, but that it was not appropriate. ”Freddie Mac was established by an act of Congress for a specific purpose: to advance home ownership, not to facilitate tobacco sales,” he said. ”What Freddie Mac’s action amounts to is taxpayer subsidization of corporate arbitrage and, implicitly, the tobacco industry.” — April 11, 1997
Good question Dave. Question for you: When was the last time the Democrats actually HELD a filibuster? You know, the real thing like we see in Jimmy Stewart’s classic “Mr. Smith Goes to Washington?”
These days it’s enough to suggest that you MIGHT filibuster a bill to get it killed and at the same time avoid all accountabilty for actually doing so.
The record here is not clear on the exact path Democrats used to kill the bill. But one thing is: Democrats ARE on record opposing many of the reforms contained in this bill.
Dave Noble
15 years ago
Thanks, Mike,
In that case some Democrats opposed the bill, but it’s a stretch to say they blocked it or that they were directly responsible for it not being passed.
Dave: You’re playing semantic games here. It’s abundantly clear that Democrats blocked these reforms, insisting in the case of Barney Frank that they were not necessary and that there was nothing wrong.
The record is also clear that Republicans stepped forward time and time again to propose legislation for reform. There is not one Democrat co-sponsor to the House and Senate bills linked above.
It’s also clear that the crooks running Fannie Mae were long time Democrat political hacks whose pedigree in the party goes back as far as the Carter Administration in one case.
And it’s also a matter of record that Democrats were the top recipients of campaign cash doled out by Fannie and Freddie with Obama #2 at $126,000.
You can spin all you want but you’ll just get dizzy and fall down.
yonason
15 years ago
Dave Noble
I see you are still defending the indefensable, arguing about form as opposed to substance, and still as wrong as ever, ….must be one of life’s “bench warmers.”
Dave Noble
15 years ago
Yon,
And I see you still substitute insult for insight.
Dave: I added more meat to my documentation that Dems have consisently blocked these reforms in my post above. You might find that info helpful if you really want to get to the truth of the matter.
yonason
15 years ago
“I see you still substitute insult for insight.” — DaveIgNoble
No, Dave, you have it wrong, yet again.
The correct terminology there isn’t “substitute…for” but “supplement…with” .
[And, since you probably still won’t ‘get it’ let me clarify yet further…
…I don’t “Substitute” insult “for” insight, but rather “supplement” insight “with” insult (sparingly, though, as with a spice – I’m a pretty good cook, too).]
NOTE, that my “insightful” (thanks to the content I cite, and a little honest reflection) posts are numerous – eg., #’s 9 and 18, above in this post. Your “insightful posts” are, ….surprise surprise, nowhere to be found.
doug
15 years ago
In the midst of the financial crisis last week, John McCain called for the resignation of Christopher Cox, the head of the Securities and Exchange Commission. But who would the Republican presidential candidate choose to replace him?
New York Attorney General Andrew Cuomo — who is, among other things, a Democrat.
…
(NYT) Senator John McCain’s campaign manager was paid more than $30,000 a month for five years as president of an advocacy group set up by the mortgage giants Fannie Mae and Freddie Mac to defend them against stricter regulations, current and former officials say.
Mr. McCain, the Republican candidate for president, has recently begun campaigning as a critic of the two companies and the lobbying army that helped them evade greater regulation as they began buying riskier mortgages with implicit federal backing. He and his Democratic rival, Senator Barack Obama, have donors and advisers who are tied to the companies.
But last week the McCain campaign stepped up a running battle of guilt by association when it began broadcasting commercials trying to link Mr. Obama directly to the government bailout of the mortgage giants this month by charging that he takes advice from Fannie Mae’s former chief executive, Franklin Raines, an assertion both Mr. Raines and the Obama campaign dispute.
…
Don’t confuse the DemocRats with facts. It tends to get in the way of their revisionist history.
DemocRats are liars.
…have to disagree, again.
You, say, or agree with the ‘Voice’ that a cabinet secretary, who left office six years before this crisis even started, is the significant reason, the primary mover, the one who is responsible for all this …because he wanted to increase minority home ownership???
Are you saying the rate cutting fed., the predatory lenders, the securities rating agencies, the media cheerleaders, and on and on– are exempt …that little cabinet boy Mario is ‘the root of the problem’???
No way.
You want the look at the root of the problem, I suggest looking here:
http://www.nytimes.com/2008/08/06/business/economy/06economists.html?_r=1&sq=economists%20depression&st=cse&oref=slogin&scp=2&pagewanted=print
As i see it, ‘the root of the problem’ is lax regulation by the Fed., then a number of greedy players from all over manifest themselves due to the lax regulatory atmosphere.
“As i see it, ‘the root of the problem’ is lax regulation by the Fed” (Doug)
As I see it, the lax of regulation by the Fed is because the Democrats blocked financial reforms that the McCain and GOP proposed in 2005.
They’ll do the same thing with the oil industry; do nothing about it until it’s a crisis, and then nationalize the oil industry as a solution.
Government-run anything is a bad idea.
15 yrs ago Fan & Fred only insured the best-credit, safest loan-to-value-ratios loans and banks got most of those.
Sub Prime was shakey to trashed credit with loan-to-value ratios graduated according to risk (the worse the credit, the more risk). No income qualifying loans were only for those with perfect credit and were rare.
Not having brokered mortgages in that many years, and blithely being out of the loop, thinking I was gambling with a 1 yr arm with a 1% annual cap! (Which, btw, just adjusted DOWN 1% for the next year-yay!)
I am more than appalled at what has been allowed to transpire! The monkeys were left in charge of the bananas.
Until there is accountability in the form of life prison sentances for such abuses it will still be
VEGAS BABY! with our country’s fiscal stability, national security & fiscal independence. Dare we envision the nightmare together of what is to come?
I have never seen it this bad.
BevAnn,
You nibbled around the edges of one of the major underlying issues.
Anyone want to tackle the reasons behind why sub-prime became such a big thing?
Of course we know the MSM will bury this story for the sake of its Messiah. But will McCain push the issue until our straight-arrow media is forced to pick it up? Of course not. It will be virtually ignored by the McCain campaign, just like drilling, Obamas egregious messing with Iraq troop withdrawal policy and a dozen other issues which would have disqualified any republican candidate. Had republicans hired a candidate with a brain, the election would be over and won.
the dems blocked it, and mccain won’t bring this to the forefront because wether he knows it or not he is still trying to run a campaign on honor and integrity. i think mccain is unwilling to go that extra step because he doesn’t want to sink to the lows the dems have. they blocked legislation, they basically made the mortgage companies go into ares they didn’t want to risk because they said everyone has a right to a home. its a bunch of crap, and you know pelosi saying not to blame them was the first thing she said. must mean that the dems have a guilty conscience. the started trying to push the blame aside from the start and now we can see the fault is theirs.
DEMOCRAPS AND FANNIE/FREDDIE
I don’t read Dougy any more. He’s always wrong.
Doug’s just spinning and twisting and grasping at any straw he can to try and derail people’s attention from the Democrats in this matter.
Read the whole Village Voice piece Doug if you think Cuomo is blameless. I never said it was ALL his fault anyway. As my post clearly indicates he had LOTS OF HELP from Democrats in the House and Senate and political hacks who when they weren’t too busy stuffing bags of cash under their mattresses at Fannie Mae did everything they could to block any reform.
You got dirt on your hands Doug!
Does anyone care to lay out the specifics of how the Democrats succeeded in killing a Bush reform proposal in a Republican-majority Congress? I’m not saying it’s impossible, but I would like to know the actual details.
Ever heard of a filibuster Dave Hussein Noble?
Serious question. How in the hell did the Democrats block McCain’s Housing reform bill when they never saw it? And it wasn’t even his bill. He co-sponsored it. Whoever posted this did NO research. That bill never saw the light of day because it never made it past a Republican committee. The house never voted on it. The Senate never voted on it. The bill wasn’t even debated. So again, how did Obama or the democrats block it? This information is right on a government website.
http://www.govtrack.us/congress/bill.xpd?bill=s109-190
Do you guys actually research this stuff or are you all just sheep?
wraith: Read more carefully: “John McCain was one of three Republicans in the U.S. Senate to sponsor the bill. “
Where did I suggest it was his bill?
He supported the reform efforts of Republicans in both chambers of the legislature.
I posted the link to the govtrack site in the post. The last action on the bill was this:
Last Action: Jul 28, 2005: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
If you want to go through the weeds of the Senate and find out who knifed this bill, please be my guest and do report back here when you get the answer.
I suggest you do more comprehensive research before you decide to start shearing sheep.
Read the title. It says DEMOCRATS blocked the reform. How did they do it? I posted a link to the legislation. The House never voted. The Senate never voted. It wasn’t even DEBATED. If you can’t answer then it’s nothing but tabloid journalism at its finest. I wouldn’t be surprised if you copy and pasted this from another site without demanding a shred of proof…just like sheep would do.
The House never voted?
Really?
Want to do some more research on that one and get back to me?
I’ll be sharpening my sheeping shears as I wait for your apology.
http://www.govtrack.us/congress/bill.xpd?bill=s109-190
Since you don’t want to go to that link I’ll post the contents here….
Sen. Charles Hagel [R-NE]show cosponsors (3)
Cosponsors [as of 2007-01-08]
Sen. Elizabeth Dole [R-NC]
Sen. John McCain [R-AZ]
Sen. John Sununu [R-NH]
Bill Text: Summary | Full Text
Status:
Occurred: Introduced Jan 26, 2005
Not Yet Occurred: Scheduled for Debate –
Not Yet Occurred: Voted on in Senate –
Not Yet Occurred: Voted on in House –
Not Yet Occurred: Signed by President –
I see “Not Yet Occurred” next to those issues above. Tell me the names of the Democrats that blocked this piece of legislation in a Republican controlled committee and I’ll give you a cookie.
Back in 2003, when Republicans were pushing for reform, the obstructioinist Democrats denied there was even a problem
And in 2006, McCain said…
DrBulldog has this on McCain’s response to O’Buko
McCain Calls Obama to Task Over Fannie Freddie
I don’t have to show in detail how Congress thwarted reform. The fact that there was no reform, and that Dems opposed reform, is all I need to know to tell me who’s at fault.
Now, why don’t you show me where O’Bumpkin of O’Biden reckognized the danger and or tried to do anything about it, because THAT is the issue here – who has what it takes to spot a problem and to take steps to fix it.
Wraith: I posted that link in my original post. Are you blind as well as stupid?
And if you bothered to read the last action you would know what happened in Committee.
As for your specious claim that “The House never voted” on this legislation you’ve compounded your stupidity as I also included the link to the House version of the bill WHICH PASSED!
Why do you think it was being considered in the Senate hmmmm?????
I’m still waiting for your apology or are we to understand you don’t have that much intellectual integrity to admit you were wrong after attacking my intellectual integrity???
With goofballs like you on the lose it’s no wonder McCain and Obama are tied in Pennsylvania. We might even win the state.
wraith33,
Just a short word of advice.
It’s always, ALWAYS good to know the answer to the questions before you pose them.
Always.
That prevents the lingering taste of shoe leather on the sides of your tongue.
Mike,
We might just win NY too. The latest polls show Obie ahead by only 6.
I will agree to stay out of the GOP v DNC failure on this bill getting any traction in Congress… it is, afterall, a body filled with many on both sides of the aisle that I think would better serve the US if they were flipping burgers at the local Mickey D’s.
What is notable is that, of the only two floor speeches on this bill, it was two GOP Senators who rose to point out to the addle brained elistists that Fannie/Freddie was an implosion about to happen.
Sen. Charles Hagel first introduced the bill to the floor in Jan 2005 as one of the floor speeches.
In May 2006, Sen John McCain drove the point home, citing imminent danger with his floor speech… evidently falling on deaf ears.
And where was Obama? On the campaign trail, spending his donation funds out the yin yang… including those from Fannie/Freddie. And of course, he’s been sitting at the feet of his economic advisors, comprised of the higher echelon of Fannie/Freddie, Countrywide, and Lehman Bros.
More examples of Obama’s great judgment.
Needless to say, if some of you don’t want to consider this a DNC failure because it occurred during a GOP held Congress, that’s fine. However what you have to admit (if you care anything for facts) is that McCain was atop the situation, and Obama ignored it.
Economic issues and this housing market today are part of Obama’s failures. I do so hope he tries to make this a major issue in his campaign. He not only has no standing or credibility, but his already tarnished halo will completely rust away.
You’re dumber than a sack of hammers lol.
First of all this link you posted in your original post
http://www.govtrack.us/congress/bill.xpd?bill=h109-1461
WASN’T the bill McCain co-sponsored. And secondly the reason that particular bill didn’t get a vote in the senate was because Bush killed it that very same day because it was WEAK….
http://www.whitehouse.gov/omb/legislative/sap/109-1/hr1461sap-h.pdf
Now let me ask you AGAIN. Name me some Democrats that killed the bill that John McCain co-sponsored. I still have your cookie for you.
http://www.govtrack.us/congress/bill.xpd?bill=s109-190
The President doesn’t “kill” legislation unless it reaches his desk.
Are you claiming now that the legislation got to his desk and he vetoed it?
Here is a link that might be helpful to you.
HR1461 “WASN’T the bill McCain co-sponsored.” BECAUSE IT WAS THE HOUSE BILL.
Are you aware that the House and Senate each pass their OWN versions of legislation? McCain co-sponsored S109, the SENATE version.
Your statement that the House never voted on the bill is FALSE.
If you cannot even measure up to a minimum standard of intellectual integrity you have NO RIGHT to challenge the integrity of others.
Aye: That video may be above wraith’s “pay grade.”
There is no intellectual integrity here lol. You’re just dancing around the answer to the obvious. Neither bill died because of Democrats. Those bills died in a Republican controlled congress. McCain’s co-sponsored bill went nowhere and the other was killed by the White house…end of story.
wraith33,
Please demonstrate for me how the White House killed the legislation.
That’s a pretty neat trick.
Show me what Constitutional authority the President used to do it.
Who is dancing here wraith?
I go back to this statement of yours in comment #15 above: “The House never voted.”
You were WRONG about that weren’t you?
http://www.govtrack.us/congress/vote.xpd?vote=h2005-547
You haven’t the intellectual integrity to acknowledge that fact.
Yet, you insist on telling me that my conclusions in this post are wrong when I have shown ample support for them and you have offered NOTHING to counter them but your snide and ingnorant remarks?
It’s clear from the legislative record that Republicans, including John McCain, have led the way on reforms to Fannie and Freddie. And that Democrat hacks busy looting Fannie and Freddie used every bit of leverage, including party line votes by Democrats, to try and stop them.
Unless you can come up with something more substantial than your nasty, petty, small minded rants I’ll just delete further comments from you.
So Wraith… where was your boy Obama when McCain was on the floor, warning of the implosion of Fannie/Freddie?
Who’s on the ball here? And who was out, spending Fannie/Freddie’s money instead of watching the hen house?
Bozo
Mike and Aye… you’re dealing with a single brain celled animal here… The WH statement of policy commented they’d like stronger language, but would look forward to working with Congress on Fannie/Freddie reform.
Only an idiot can read that statement as a veto. Made worse by someone so challenged in civics that he believes a bill that only passes one chamber can be “killed” by the POTUS.
Obviously falls into that “too damn stupid to vote” genre.
Mata and Mike,
I notice that Wraith ran like a seven year old girl when confronted with his obvious misstatements.
As for the single brain cell, you’re right. It sure was fun toying him though. Like a cat with a mouse.
Maybe he’ll watch the Schoolhouse Rock video I linked and accidentally learn something.
Sing it with me:
“I’m just a bill, yes I’m only a bill, and I’m sitting here on Capitol Hill…”
Wraith33, Fit Fit, Doug and Charlie are all Obama’s supporters… just goes to show you what kind of supporters Obama has. If they are all like these four guys, completely misinformed, America is in big trouble. As a Canadian, I know more than them on US politics. They should be shameful for all the ignorance and misleading that they vehicle here on this blog.
Wraith33,
If you’re still lurking around out there licking your wounds, here is a little something for you to chew on.
Devastating!
Damned SPAM filter!Free at last!
Free at last!
Thank God Almighty, I’m free at last!
Wow! Aye Chihuahua, what a bullet proof video! This should keep wraith33 silent for a while… lol
Aye: That guy’s name is MUDD! Literally!
When he said “there is much to be done inside my company” and I concluded that he was still finding ways to loot the company and screw the taxpayers.
Good video find!
Aye Chy! That’s Beautiful!!! I wonder if McCain could use it in a commercial? Is the RNC aware of that?
They just need to add to it that McCain and Bush tried several times to remedy the problem, like posting videos of them outlining the need for change, then that would make a really sweet package.
Not ONLY does it show that McCain has been on the ball, and O’Fumbler hasn’t, but if Obamas attacks are presented with it, everyone can see what a L I A R that POS is, as well.
hmmmm, not sure how they could work ALL that in, but I’m sure a talented ad person could do it.
So where did this story lead ?
Neo: The story didn’t lead anywhere but the scam enabled the Dems who were robbing Fannie Mae to cover their tracks.
Mike,
Yes, I’ve heard of a fillibuster. Is that how the Democrats blocked the
bill?
Good question Dave. Question for you: When was the last time the Democrats actually HELD a filibuster? You know, the real thing like we see in Jimmy Stewart’s classic “Mr. Smith Goes to Washington?”
These days it’s enough to suggest that you MIGHT filibuster a bill to get it killed and at the same time avoid all accountabilty for actually doing so.
The record here is not clear on the exact path Democrats used to kill the bill. But one thing is: Democrats ARE on record opposing many of the reforms contained in this bill.
Thanks, Mike,
In that case some Democrats opposed the bill, but it’s a stretch to say they blocked it or that they were directly responsible for it not being passed.
Dave: You’re playing semantic games here. It’s abundantly clear that Democrats blocked these reforms, insisting in the case of Barney Frank that they were not necessary and that there was nothing wrong.
The record is also clear that Republicans stepped forward time and time again to propose legislation for reform. There is not one Democrat co-sponsor to the House and Senate bills linked above.
It’s also clear that the crooks running Fannie Mae were long time Democrat political hacks whose pedigree in the party goes back as far as the Carter Administration in one case.
And it’s also a matter of record that Democrats were the top recipients of campaign cash doled out by Fannie and Freddie with Obama #2 at $126,000.
You can spin all you want but you’ll just get dizzy and fall down.
Dave Noble
I see you are still defending the indefensable, arguing about form as opposed to substance, and still as wrong as ever, ….must be one of life’s “bench warmers.”
Yon,
And I see you still substitute insult for insight.
Dave: I added more meat to my documentation that Dems have consisently blocked these reforms in my post above. You might find that info helpful if you really want to get to the truth of the matter.
“I see you still substitute insult for insight.” — DaveIgNoble
No, Dave, you have it wrong, yet again.
The correct terminology there isn’t “substitute…for” but “supplement…with” .
[And, since you probably still won’t ‘get it’ let me clarify yet further…
…I don’t “Substitute” insult “for” insight, but rather “supplement” insight “with” insult (sparingly, though, as with a spice – I’m a pretty good cook, too).]
NOTE, that my “insightful” (thanks to the content I cite, and a little honest reflection) posts are numerous – eg., #’s 9 and 18, above in this post. Your “insightful posts” are, ….surprise surprise, nowhere to be found.
http://blogs.wsj.com/washwire/2008/09/21/mccain-calls-for-cuomo-at-sec/?mod=googlenews_wsj
Pretty funny, huh, Mike?
Ironic, huh???
http://www.huffingtonpost.com/2008/09/22/rick-davis-mccains-campai_n_128183.html
I couldn’t access the NYT piece to see if it was him or his firm that got the money.
By comparison, how much did the Obama advisors get?