Allen Drake wrote:
> On Sat, 10 Dec 2011 22:55:18 -0800, Gunner Asch <
gunnera...@gmail.com>
> wrote:
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> >On Sat, 10 Dec 2011 14:37:23 -0800, "Delma T. Ivey"
> ><somewh...@thegreatbeyond.con> wrote:
>
> >>On 12/10/2011 2:16 PM, Gunner Asch wrote:
> >>> On Sat, 10 Dec 2011 10:35:14 -0800, "Delma T. Ivey"
> >>> <somewh...@thegreatbeyond.con> wrote:
>
> >>>> On 12/10/2011 10:30 AM, Gunner Asch wrote:
> >>>>> Accountability:
>
> >>>>> Who is really to blame?
> >>>>> Who is accountable and responsible to the citizens of our Republic for
> >>>>> the financial straits we are in today?
>
> >>>>> Here are two separate articles saying the same thing in different
> >>>>> language; please read them both.
>
> >>>>> [load of shit dumped]
>
> >>>> Federal meddling in the real estate and mortgage markets was always a
> >>>> bipartisan effort. The Republicans are every bit as much to blame as
> >>>> the Democrats.
>
> >>> Prove it.
>
> >>“We can put light where there’s darkness, and hope where there’s
> >>despondency in this country. And part of it is working together as a
> >>nation to encourage folks to own their own home.” — President Bush, Oct.
> >>15, 2002
>
> >>
http://www.nytimes.com/2008/12/21/business/21admin.html?pagewanted=all
>
> >>Also in the same story:
>
> >> He pushed hard to expand home ownership, especially among
> >> minorities, an initiative that dovetailed with his ambition to
> >> expand the Republican tent — and with the business interests of
> >> some of his biggest donors. But his housing policies and hands-off
> >> approach to regulation encouraged lax lending standards.
>
> >> Bush did foresee the danger posed by Fannie Mae and Freddie Mac,
> >> the government-sponsored mortgage finance giants. The president
> >> spent years pushing a recalcitrant Congress to toughen regulation
> >> of the companies,
>
> >You are such a fucktard Dickbreath.....
>
> >
http://hotair.com/archives/2008/09/16/whose-policies-led-to-the-credi...
>
> >The credit crisis and the lack of oversight over government-subsidized
> >lenders like Fannie Mae and Freddie Mac occurred on the watch of George
> >Bush, and many blame his economic team for their lack of oversight in
> >the collapse. Barack Obama has made this point one of his major
> >campaign themes, arguing that John McCain would provide more of the same
> >failures that Bush did. However, what many do not recall is that Bush
> >wanted to tighten oversight with a new regulatory board for Fannie Mae,
> >Freddie Mac, and other government recipients for the express purpose of
> >addressing bad loan practices — and Democrats blocked it.
>
> >The New York Times reported this five years ago:
>
> > The Bush administration today recommended the most significant
> >regulatory overhaul in the housing finance industry since the savings
> >and loan crisis a decade ago.
>
> > Under the plan, disclosed at a Congressional hearing today, a new
> >agency would be created within the Treasury Department to assume
> >supervision of Fannie Mae and Freddie Mac, the government-sponsored
> >companies that are the two largest players in the mortgage lending
> >industry.
>
> > The new agency would have the authority, which now rests with
> >Congress, to set one of the two capital-reserve requirements for the
> >companies. It would exercise authority over any new lines of business.
> >And it would determine whether the two are adequately managing the risks
> >of their ballooning portfolios.
>
> > The plan is an acknowledgment by the administration that oversight
> >of Fannie Mae and Freddie Mac — which together have issued more than
> >$1.5 trillion in outstanding debt — is broken. A report by outside
> >investigators in July concluded that Freddie Mac manipulated its
> >accounting to mislead investors, and critics have said Fannie Mae does
> >not adequately hedge against rising interest rates.
>
> >This should have been a no-brainer, right? With hindsight, we can see
> >that the Bush administration had accurately diagnosed the problem in the
> >lending market and had a plan to address it. Fannie Mae and Freddie Mac
> >reluctantly supported the plan. However, Democrats objected (emphases
> >mine):
>
> > Among the groups denouncing the proposal today were the National
> >Association of Home Builders and Congressional Democrats who fear that
> >tighter regulation of the companies could sharply reduce their
> >commitment to financing low-income and affordable housing.
>
> > ”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.
>
> > ”I don’t see much other than a shell game going on here, moving
> >something from one agency to another and in the process weakening the
> >bargaining power of poorer families and their ability to get affordable
> >housing,” Mr. Watt said.
>
> >Sounds a little like the Democratic denial of problems in Social
> >Security, doesn’t it? Nothing to see here, no crisis on the horizon.
> >Everybody just move along, now. The Democrats had forced lenders to
> >assume more risk at lower interest rates in the 1990s, as IBD points out
> >today, and they didn’t want to countenance an end to their populist
> >policies:
>
> > But it was the Clinton administration, obsessed with
> >multiculturalism, that dictated where mortgage lenders could lend, and
> >originally helped create the market for the high-risk subprime loans now
> >infecting like a retrovirus the balance sheets of many of Wall Street’s
> >most revered institutions.
>
> > Tough new regulations forced lenders into high-risk areas where they
> >had no choice but to lower lending standards to make the loans that
> >sound business practices had previously guarded against making. It was
> >either that or face stiff government penalties.
>
> > The untold story in this whole national crisis is that President
> >Clinton put on steroids the Community Redevelopment Act, a well-intended
> >Carter-era law designed to encourage minority homeownership. And in so
> >doing, he helped create the market for the risky subprime loans that he
> >and Democrats now decry as not only greedy but “predatory.”
>
> > Yes, the market was fueled by greed and overleveraging in the
> >secondary market for subprimes, vis-a-vis mortgaged-backed securities
> >traded on Wall Street. But the seed was planted in the ’90s by Clinton
> >and his social engineers. They were the political catalyst behind this
> >slow-motion financial train wreck.
>
> > And it was the Clinton administration that mismanaged the
> >quasi-governmental agencies that over the decades have come to manage
> >the real estate market in America.
>
> >It was the Bush administration that wanted to rein in the madness in the
> >credit markets, and the Democrats who wanted to extend the Clinton
> >policies that created the crisis we have now. After the fit hit the
> >shan, as Michelle says, these same Democrats want to shift blame back to
> >the administration that wanted to increase oversight and curtail risk in
> >lending practices while reducing patronage at the giant GSEs.
>
> >The Bush administration isn’t blameless in letting this get out of hand,
> >but clearly the origins of the disaster and the efforts to keep bad
> >policies in place fall on the Democrats in this case.
>
> >Update: John Lott points me to a March column he wrote at Fox News
> >explaining the underlying causes of the debacle. Forcing lenders to
> >make questionable loans and blocking tougher regulation of the
> >government-supported entities was a recipe for collapse, and Lott
> >explained it six months before it happened.
>
> You are the one that is dumb. Why didn't the republican controlled
> congress and WH do something when they could? Because they are just as
> stupid as you Gumby.
>
> "It's all Clinton's fault"
>
> Blame the other guys Gumby. You have nothing else but denial anyway.
>
> Wahahahahaha..................
That's the problem with you socialists, your disgusting refusal to
accept accountability for Republican mistakes. At least when we
blame the left for all our our problems and hold you accountable, we
mean it.