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Who was the majority in Congress in 2003? I'm not sticking up for Frank - he obviously missed the ball on this - but claiming that a statement he made in 2003 is equivalent to blocking attempts at regulating Fannie and Freddie is ludicrous.
Did the Democrats filibuster these votes? If they didn't, then those Republicans who voted nay must take blame as well.
The party was high in gear. Everyone was making money hand over fist.
Regulations were modified to enable the party to grow even larger allowing more people to join which in turn fueled the boom.
No one person could have allowed this to happen..the laws are not set up that way. The majority vote decided. Both sides of the coin are equally guilty of allowing the regulations to be relaxed and/or ignored to keep the good times rolling.
Did the Democrats filibuster these votes? If they didn't, then those Republicans who voted nay must take blame as well.
Absolutely. Though I dont think I've seen anyone say the Repubs shouldnt take blame. On the other hand I have seen plenty of people say it was 100% created and caused by the republicans and refuse to blame anyone else.
Who was the majority in Congress in 2003? I'm not sticking up for Frank - he obviously missed the ball on this - but claiming that a statement he made in 2003 is equivalent to blocking attempts at regulating Fannie and Freddie is ludicrous.
Did the Democrats filibuster these votes? If they didn't, then those Republicans who voted nay must take blame as well.
Absolutely. Nobody is blameless. We need to clean house and start all over again.
Absolutely. Though I dont think I've seen anyone say the Repubs shouldnt take blame. On the other hand I have seen plenty of people say it was 100% created and caused by the republicans and refuse to blame anyone else.
And I've seen people say it was 100% created by Democrats, which on its face is ridiculous because Republicans controlled both houses of Congress at the time.
I still don't know how Frank blocked the legislation. The OP did not explain that at all.
As for the crisis overall, there's no 100% to be assigned anywhere, but Republicans created and then fed the environment that fostered it, and did nothing at all in terms of tightening regulation in light of a rising crescendo of warnings. When the first signs of the crisis began to emerge, it was they also who were too timid in responding, wasting just about a year on unhelpful window-dressing approaches. Democrats could of course have been more outspoken in criticizing these shortcomings, but when you stand back and look at the whole ball of wax, this is a Republican baby through and through.
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