What really make me sad joe, is ("do your remember") who sat in the senate on the committee, and voted for every democratic and republican spending bill that added to this depression? Sen. Barrack Obama D. Ill.
It was the Democrats who protected their friends in charge of Fannie Mae and Freddie Mac, the GSEs that caused the Housing Bubble, which caused the cascades of defaults which lead to this depression.
http://www.youtube.com/watch?v=Z5z9lD4C2Io&annotation_id=annotation_406054&feature=iv
TheMouthPeace — September 30, 2008 — This video is an informative look at the factors that are causing our current financial and economic crisis. It discusses policy changes 13 years ago that unleashed the sub-prime mortgage-backed securities market, which accelerated prices erratically, inviting speculation and loose lending practices which were both condoned and encouraged by existing regulation and carried out by risk-blind executives and Fannie Mae and Freddie Mac.
http://www.youtube.com/watch?v=1RZVw3no2A4&feature=related
TheMouthPeace — October 05, 2008 — An informative look at who fought to prevent the subprime mortgage meltdown with tighter regulations, and who did not.
And it was the Republicans who tried to reign in the excess of Fannie Mae and Freddie Mac;
S. 190: Federal Housing Enterprise Regulatory Reform Act of 2005
109th Congress this is a bill in the U.S. Congress originating in the Senate ("S."). A bill must be passed by both the Senate and House and then be signed by the President before it becomes law.
Bill numbers restart from 1 every two years. Each two-year cycle is called a session of Congress. This bill was created in the 109th Congress, in 2005-2006.
The titles of bills are written by the bill's sponsor and are a part of the legislation itself. GovTrack does not editorialize bill summaries.
2005-2006
Sen. Charles Hagel [R-NE]
Cosponsors:
Elizabeth Dole [R-NC]
John McCain [R-AZ]
John Sununu [R-NH]
( don't see a Democrat in sight)
and the Democrats blocked S-109 in committee with parliamentary procedures, and never allowed it out for a vote, which then allowed it to die at the end of the legislative session.
Yes, joe, it is really sad that the Democrats killed every reform effort by Republicans of Fannie Mae and Freddie Mac, whose irresponsibility caused this Depression it started with the CRA, a Carter and Democrat disaster.
ps: It has now been two years since Obama took office, with full democratic control of the Congress until just recently, and under the Democrats it has just been announced that our Governmental Debt has gone over $13,000,000,000,000+ Billion Dollar, that is $2,300,000,000,000+ dollars more than when Obama and the Democrats took office, now how many years does Obama have to be in office before He is responsible for His own spending and isn't given special dispensation by the adoring liberals from His unconscionable, exorbitant, inappropriate, spending.
A couple of those pesky little details Mr. Buffalo Roam. First, while claiming that Fannie and Freddie were responsible for the economic collapse is popular in your circles (Republican, limbaugh, etc) there is absoultely no basis in fact for that position. And this has been pointed out to you on numerous occasions...but that does not stop you from repeating the mindless mantra. Fannie and Freddie are red herrings used by Republicans to divert attention from their roll in causing the economic crisis of 2007 and 2008 and the on going fiscal/debt crisis.
Let me also remind you of a couple of things. First Fannie and Freddie were independently owned companies with their stock traded on the public stock exchanges. They have been in existence for several decades. And they were orginally government entities intended to create liquidity to banks making real estate loans. The legislation you cite would not have fixed anything because one, Fannie and Freddie were not the problem. And two, because the bill you cite was to further deregulate Fannie and Freddie. And we all see where Republican deregulation and failure to enforce existing law got us, didn't we?
The problem which caused the financial crisis was credit default swaps and unregulated derivitave trading. Fannie and Freddie had nothing to do with credit default swaps and CDOs..
http://www.govtrack.us/congress/bill.xpd?bill=s109-190&tab=summary
And you are getting off subject...avoiding the subject of this thread.
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