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So you are unaware that the Senate was a 50/50 split in 2008? You also seem to think the recession happened over night. Like I said, I don't expect to correct your thinking because it seems to me that you actually believe your false information.
it doesn't matter who controlled the Senate if the Democrats wouldn't let bills leave committee to make it to the Senate.
Ah, obama economics. So tell us what it was obama did to bring unemployment down? Oh that's right, he lowered job market participation to record levels. Good work. So the dying patient has good kidney function. Let's celebrate!
The drop in participation does not explain the drop in unemployment.
Quote:
Originally Posted by urbanlife78
I see you don't hold the GOP accountable for the damage they did to the country, and give the GOP credit for doing none or the work to repair the country. Sounds like a true Republican support if you ask me
Quote:
Originally Posted by urbanlife78
Well it looks like we have another person who incorrectly remembers history.
"Well it looks like we have another person who incorrectly remembers history."
Thank you for owning up to your errors!
"Franks Stopped Bush in 03 to regulate Fannie Mae 17 times!"
As I recall history, nancy pekosi was the Speaker of the House at the time.
"Barney Frank on Fannie Mae and Freddie Mac in 2003
Hearing from September 2003 on an administration proposal to alter the regulation of GSEs like Fannie Mae and Freddie Mac. See Congressman Barney Frank's opening statement, which begins at 4:40. It's rather amusing. Here's an excerpt of his opening statement:
I want to begin by saying that I am glad to consider the legislation, but I do not think we are facing any kind of a crisis. That is, in my view, the two government sponsored enterprises we are talking about here, Fannie Mae and Freddie Mac, are not in a crisis. We have recently had an accounting problem with Freddie Mac that has led to people being dismissed, as appears to be appropriate. I do not think at this point there is a problem with a threat to the Treasury."
yes it was, which is why Bush tried OVER A DOZEN TIMES to reign in the banking industry and was laughed at and ridiculed for saying an economic collapse was coming.
Democrats like Barney Frank, stopped banking reforms from ever leaving committees..
Point to the legislation that either Democrats or Republicans were backing to reign in the Mortgage Derivative marketplace.
Quote:
Originally Posted by urbanlife78
I see you don't hold the GOP accountable for the damage they did to the country, and give the GOP credit for doing none or the work to repair the country. Sounds like a true Republican support if you ask me
"Well it looks like we have another person who incorrectly remembers history."
Thank you for owning up to your errors!
"Franks Stopped Bush in 03 to regulate Fannie Mae 17 times!"
As I recall history, nancy pekosi was the Speaker of the House at the time.
"Barney Frank on Fannie Mae and Freddie Mac in 2003
Hearing from September 2003 on an administration proposal to alter the regulation of GSEs like Fannie Mae and Freddie Mac. See Congressman Barney Frank's opening statement, which begins at 4:40. It's rather amusing. Here's an excerpt of his opening statement:
I want to begin by saying that I am glad to consider the legislation, but I do not think we are facing any kind of a crisis. That is, in my view, the two government sponsored enterprises we are talking about here, Fannie Mae and Freddie Mac, are not in a crisis. We have recently had an accounting problem with Freddie Mac that has led to people being dismissed, as appears to be appropriate. I do not think at this point there is a problem with a threat to the Treasury."
The only reason mortgage derivatives were able to be sold like they were, is because they were guaranteed by Fannie/Freddie..
And what did they do to fix it..
Quote:
Originally Posted by Quick Enough
"Barney Frank on Fannie Mae and Freddie Mac in 2003
Hearing from September 2003 on an administration proposal to alter the regulation of GSEs like Fannie Mae and Freddie Mac. See Congressman Barney Frank's opening statement, which begins at 4:40. It's rather amusing. Here's an excerpt of his opening statement:
I want to begin by saying that I am glad to consider the legislation, but I do not think we are facing any kind of a crisis. That is, in my view, the two government sponsored enterprises we are talking about here, Fannie Mae and Freddie Mac, are not in a crisis. We have recently had an accounting problem with Freddie Mac that has led to people being dismissed, as appears to be appropriate. I do not think at this point there is a problem with a threat to the Treasury."
They to no end, made fun of Bush for wanting to increase the ridiculously low 4% equity ratios the banks needed to have on reserves. They argued during senate hearings that since much of it was in mortgages, and backed by Fannie/Freddie, that banks should be able to go down to 0 equity, with 100% of their depositors money loaned out.
When auditors said the lending couldnt be substained and we were in a bubble, they called the auditors irresponsible and claimed they were using "scare" tactics to scare the public..
Seems those auditors were correct, Democrats wrong AGAIN.
It's funny that facts really screw up Dems arguments, they don't need facts, just a religious kind of belief that Bush is the devil and Obama is Allah.
The regulations that were being proposed in 2003 would not have prevented the real estate bubble from collapsing.
yes it would have because people wouldn't have bought crappy mortgages as investments without the governmental guarantees. Ok, it might not have "prevented" it, but it would have mitigated the damages, and decreased the increase in the bubble, making it far more manageable.
The only reason the mortgage securities were given AAA ratings was the governmental guarantees..
No one would have bought them had they been rated at their real values, and if no one would buy them, then the mortgages wouldnt have been issued to people who couldnt afford them.
Quote:
Originally Posted by urbanlife78
I see you don't hold the GOP accountable for the damage they did to the country, and give the GOP credit for doing none or the work to repair the country. Sounds like a true Republican support if you ask me
"Well it looks like we have another person who incorrectly remembers history."
Thank you for owning up to your errors!
"Franks Stopped Bush in 03 to regulate Fannie Mae 17 times!"
As I recall history, nancy pekosi was the Speaker of the House at the time.
"Barney Frank on Fannie Mae and Freddie Mac in 2003
Hearing from September 2003 on an administration proposal to alter the regulation of GSEs like Fannie Mae and Freddie Mac. See Congressman Barney Frank's opening statement, which begins at 4:40. It's rather amusing. Here's an excerpt of his opening statement:
I want to begin by saying that I am glad to consider the legislation, but I do not think we are facing any kind of a crisis. That is, in my view, the two government sponsored enterprises we are talking about here, Fannie Mae and Freddie Mac, are not in a crisis. We have recently had an accounting problem with Freddie Mac that has led to people being dismissed, as appears to be appropriate. I do not think at this point there is a problem with a threat to the Treasury."
Oh Barney Frank was definitely wrong when he made that comment. Though this overhaul Bush tried to do in 2003 was nothing more than trying to change who was in charge of the housing departments and would have taken away government control while still being tied to any short comings they may encounter. What Bush proposed wouldn't have prevented the housing crisis, it would have just shifted the blame.
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