Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
In 2005-206, McCain implored Congress to take action with respect to the impending crisis with Fannie Mae and Freddie Mac - he knew already then. The matter died in committee with democrats saying that there IS no problem.
Thanks, Democrats. If this is what we can expect with Obama as president, with him beholden to Pelosi and Reid, good luck, America.
So this interim head of Fanny and Freddy called the CBC the "conscience of the congress"? I don't know if I should laugh or get sick at that statement. It is pretty sad what some people like him will say and do to get $$.
I am not voting for Obama or McCain-but if McCain had any brains he would make sure to use this to his full advantage.
Because the GOP didn't control Fannie/Freddie... there was an attempt to put it under regulation by the GOP but the Dems basically killed it... The Dems loved Fannie/Freddie because it provide loans to people with bad credit or low income (basically loans to people who tend to voted more as Democrat)... We all knew then as we know now, it was a BAD idea... The Dems then turned it around and blamed GOP and "free markets"... then the sheep of the USA bought it, hook, line, and sinker...
The dems killed the deal after pressure from F&F lobbyists.
Quote:
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.
McCain was out in front of this 3 years ago, sounding the warning;
The Fannie and Freddie ease of lending standards started at the end of the Clinton administration. This is a fact and no I am not going to give you links on this, there are to many and you need to find them yourselves. And some of Obama's economic advisors were directly involved in this. So you can believe what you want and continiue to blame Bush for it if it makes you feel better about Obama.
And don't forget, our economics problems today all stem back to housing. So pick who you want if they "Inspire" you but I have to go on facts.
Your diggng your own hole. Dems didn't control Congress until Jan 07. 21 Months ago.
All your links and your stupid bills that didn't get passed are from 5 and 3 years ago when the GOP was in control of everthing.
So what if Dems didn't vote for your bill? Thousands of bills don't make it into law. The Dems offerred up similar bills and/or comprimises that didn't include GOP corporate pork and the GOP voted against them
Do you honestly think people are this stupid to see through your charade?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
