Thank you NYTimes for the proof that the Dems may be to blame for Freddie/Fannie

[audtatious]

http://query.nytimes.com/gst/f...alink

Published: September 11, 2003

" The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios."

<snip>

"'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. ""

--------------------------------------------------------

The Dems killed this proposal......

[smockers83]

But how is that possible? Bush is stupid and its his fault the Democrats killed it.

So maybe Bush isn't to blame after all. His office said hey, things are getting a little crazy out there but the Dems showed their ignorance to the economy. I think Bush thought that if they didn't believe it, he would just let them see how wrong they were, because you can't get someone to pass a bill if they don't believe there's an issue at hand.

[AZhitman]

Here's the deal - Bush's plan to rein in Fannie and Freddie TWO YEARS AGO was killed in Congress...

BY DEMOCRATS.

John McCain called for legislation to reform Freddie and Fannie under a DEMOCRAT Governor... it was killed in Commission.

Yet we get to hear Obama the Blowhard (who has NEVER PROPOSED LEGISLATION on this in the past) calling McCain a "new convert" to reform.

Are you kidding me?

The more he talks, the more full of crap he is.

[audtatious]

And per the date on the article above, Bush was ahead of McCain by a couple years as well.

We already know what happened to those who screwed everyone from those companies, they are financial advisers to the Obama campaign.

[S13_love]

http://query.nytimes.com/gst/f...alink

Published: September 11, 2003

" The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios."

<snip>

"'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. ""

--------------------------------------------------------

The Dems killed this proposal......

This was back in 2003.... our economy was doing fine back then, to many this proposal probably seemed unnecessary

[WDRacing]

The ability to see huge flaws in a system is a good thing.

Control was killed by people making profit in a way that has directly placed this Nation into a recession.

[audtatious]

This was back in 2003.... our economy was doing fine back then, to many this proposal probably seemed unnecessary

No, he saw a problem and wanted to work to ensure it would not continue. The article, from the Bush-hating NYTimes no less, shows that he wanted to get a handle on the situation before it went to crap. The Dems killed it. Now, you have everyone blaming Bush for the problem as a whole.

If I tell you your tire is going flat and try to get you to fix it, but you say "aw, it's fine", should you have the right to come back at me and blame me for your accident?

[WDRacing]

Matt...not only are you to blame, but you you should be jailed.

[audtatious]

[mtcookson]

And have a sewage plant named after you...

[Jesda]

I will give President Bush credit for offering a solution, but I find his 2003 proposal to be the wrong approach. The core problem is the government's involvement in housing and South American-style monetary policies.

[audtatious]

It was an approach to what he saw as a problem and Congress as a whole should have looked at it to ensure there was no potential issues in the future before blowing it off. Based on it getting squished, and the comments of the Dems that there were no issues, just show how far out of touch they are. Hell, if someone as dumb as Bush is can see something then how dumb does that make the Dems in charge?

[AZhitman]

...and still, not a single Dem stepped up to intervene.

Where was BO in 2003 when GWB knew the train was running away?

[audtatious]

or 2005 when McCain tried to do something....

[Encryptshun]

We already know what happened to those who screwed everyone from those companies, they are financial advisers to the Obama campaign.

Just for the sake of silencing those who might cry "gross generalization!"...can you provide names of the people you are talking about? (Other than Penny Pritzker, of course, who had nothing to do wtih Fannie and Freddie) Should be easy if you have the info right there and we all know it. Thanks!

[Encryptshun]

And by the way, here is (albeit slightly outdated) the compensation profile for Frank Raines, CEO of Freddie:

http://www.forbes.com/static/e...erson

$11 million clams. Not too shabby.

[audtatious]

Franklin Deleno Raines is one, James Johnson was another until he was investigated for questionable real estate loans.

[Encryptshun]

Franklin Deleno Raines is one, James Johnson was another until he was investigated for questionable real estate loans.

So, Franklin Raines has come out and stated that he's not an advisor to Obama's campaign, though he was asked a few questions by a campaign member back in July, so he doesn't qualify.

And they got rid of James Johnson when evidence surfaced that he might be unethical, so not only does he not qualify, but that's a pretty good reason for why the campaign wants to distance itself from people like that.

I've heard stronger arguments, audtatious. Maybe this is energy better shifted to a point that actually has legs? It's certainly a target-rich environment.

[audtatious]

Per the WashPost there are links to him being called via Obama. I did think there was more substance to it but that may be incorrect. Now, Johnson was working with the Obama campaign. Obama knew his background and brought him on anyway (then again, Obama has other associations with fannie/freddie as well so who knows). Guess It's lucky for Obama that the issue with Johnson popped up and he was let go because it would have been harder for them to distance themselves from him.