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For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted.
Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
Read the list;
Quote:
More... Not only did democrats not act on these warnings but Barack Obama put one of the major Sub-Prime Slime players on his campaign as finance chairperson.
Unfortunately, this wasn’t the case for the 1,406 people who lost much of their life savings when Superior Bank of Chicago went belly up in 2001 with over $1 billion in insured and uninsured deposits. This collapse came amid harsh criticism of how Superior's owners promoted sub-prime home mortgages. As part of a settlement, the owners paid $100 million and agreed to pay another $335 million over 15 years at no interest.
Penny Pritzer - Obama's Finance co-chair. Nice. Let's not mention Raines and Johnson.
You and I are eye to eye on most issues. But the blame here goes all around.. Liberals, Conservatives, Lenders, Lendees, Investment Banks, the Fed, Bond rating agencies.. everyone had their hands in this mess.
You and I are eye to eye on most issues. But the blame here goes all around.. Liberals, Conservatives, Lenders, Lendees, Investment Banks, the Fed, Bond rating agencies.. everyone had their hands in this mess.
It started though with political correctness.
Of coarse not. It started with deregulating financial institutions, with cutting the budget of regulatory agencies, with appointing 'yes men' to head these agenciec, some with no prior experience to prepare them for such a job, with loading courts with the same sort of madmen.
Most of this can be lain at the feet of Republicans.
Certainly all of it happened at the behest of mega corporations' influence on our government and when we object we are called Communist or some such madness.
The chickens are coming home to roost for Republicanism.
The New York Times has published a separate list looking at contributions from "directors, officers, and lobbyists for Fannie Mae and Freddie Mac" for the 2008 campaign cycle. That list — using figures from the Federal Election Commission — shows McCain receiving $169,000, while Obama received only $16,000.
The pocket lining is on both sides. Funny how you never mention that
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