nycusa, your link is exactly right.
I'mTrying21Simply clicking to read the post was stupid. As soon as I opened up the link and saw the banner with the buttons, I felt my IQ drop 20%.
Thanks for letting us know that you are incapable of giving fair consideration to anything that conflicts with your opinions, it saves us the time of taking you seriously.
The article you dismiss out of hand cites the New York Times and the congressional record as sources, if you care to disprove the NYT and the Congressional record, give it a go.
Ruck_usThe Republicans had a majority in the Congress for six years and the White House for almost eight.
A majority is really meaningless if the minority party has enough votes to filibuster, which Democrats always have had. And which they did. Bush tried to pass reforms that would have stopped Fannie Mae's pracitces of buying up bad loans, McCain also tried. The Democrats on the housing committee blocked the bills from ever seeing the light of day. Despite Alan Greenspans, and yes, John McCain and Bush's warnings.
Every Republican on the committee voted for the reforms and every Democrat voted against them. Why? Because Fannie Mae was a cash cow for Democrats.
It is no coincidence that the top Democrat on that committee, Chris Dodd, has taken more money from Fannie Mae than anyone. Even more than #2 and #3, Barack and Hillary, the most likely presidential candidates. Obama has taken more from Fannie Mae in 3 short years than McCain has in his entire career.
Ruck_usDuring the Clinton years, Republicans held a Congressional majority during the second term.
First, Republicans held a majority since Clintons first term. They took over congress in 1994. (Remember that next time someone gives Clinton credit for the economy. Republicans were writing the budgets, not him) And secondly, it was Clinton, expanding on Carter's well-intentioned crappy policies, who was forcing lenders to give loans to people who otherwise wouldnt have qualified in the first place. All in the name of minority homeownership.
ActiveAndFitThis has already been Debunked in another forum
No it hasnt. From your own source:
[quote]But the current crisis arose because banks and mortgage companies made risky “subprime” loans to people with poor credit histories
were they making risky subprime loans to people who were likely to not be able to pay them back? Because Fannie Mae and Freddie Mac were buying these loans up like hotcakes, in essence rewarding banks for doing do. And why was Fannie snapping up these loans? Two reasons:
1. Carter and Clinton era requirements to give loans to people who otherwise wouldnt be able to qualify for them, and
2. The Democrat operatives running Fannie, namely Raihns, Johnson, Jamie Gorelick, were giving themselves multi-millions in bonuses for the more of these loans they snapped up.
And again, from your own souce...why
is it that the legislation McCain was pushing wouldnt have worked according to your source? ...[quote]The extent of the problems was not yet fully known, and it’s a leap of faith to suggest that regulators granted expanded power would have noticed a deterioration in Fannie and Freddie’s loan portfolios soon enough
[/quote]So thats your "debunking" right there. In other words your "debunking" is a bunch of bunk itself.
The entire challenge to McCain's efforts to reform Fannie Mae is that it might
not have worked fast enough. Perhaps it wouldnt, but it was an atempt based on warnings from government reports and Alan Greenspan and Democrats blocked it.
You have debunked nothing. Facts are stubborn things.
ActiveAndFitIn the interest of being 'fair and balanced', Obama and Durbin sponsored a bill in 2006 and reintroduced in 2007 that would have put a stop to fraudulent lending. republicans crushed it.
Do you even read the things you post? Obamas legislation wouldnt have done ANYTHING to avert the crisis. Again, from your very own source: [quote]The new legislation, co-sponsored by fellow Illinois Democrat Sen. Richard Durbin, would target anyone who uses false information to secure a property or sell a mortgage product
.[/quote]But no one -- at least no one being taken seriously -- is suggesting that the current crisis has anything to do with people lying to get loans or banks lying to lendees. The problem is created by bad policy -- forcing banks to loan to people who are bad credit risks and rewarding them the more they did so. And millions in credit counseling??? Please! Do be serious.
ActiveAndFitI wouldn't even give McCain that much credit for anything. It was sponsored by Senator Chuck Hagel not that glory grabber McCain who only co-sponsored it
I dont know how familiar you are with basic civics, but any bill requires a co-sponsor to bring it before congress. And, yes, its clear you wont give credit where it is due. That only reflects poorly on you though.
ActiveAndFit and it never even made it to the floor for a vote by the MAJORITY REPUBLICANS at the time
You clearly have a problem with remedial civics. You should know by now that the minority can thwart the majority in any number
of ways, as Democrats did, by filibustering, or as was very popular with the Democrat minority, simply threatening a filibuster, and by parliamentary procedures as well.
The fact remains, despite all your attempts to deny it, Republicans wrote the legislation, republicans sponsored the legislation, Bush pushed similar legislation, and Democrats blocked all of it because they both wanted to keep giving loans to people who couldnt qualify for them, as socialists are wont to do, and because they were using Fannie like a campaign piggy bank.
ActiveAndFitBy the way, Hagel has nothing but praise for Obama in this article ..
Hagel has praise for Obama primarily because, like Obama, he was disasterously wrong on the surge, as they are both disasterously wrong on Iran. You'll note Obama has "repositioned" himself on Iran several times since.
MuslDrewThank, I missed all this good stuff!
I wouldn't thank him for misinforming you.
StyrganBut the economic situation we are currently in was certainly not CAUSED by poor regulation of Fannie Mae. It was caused by greed on Wall Street, poor individual financial choices, and questionable trading obligations.
Actually, Fannie Mae is the central cause of this crisis, coupled with socialist policies/regulation forcing banks to loan to people who are bad credit risks.
here are two very good pieces on the roots of the crisis:http://www.ibdeditorials.com/IBDArticles.aspx?id=307061229501695http://www.ibdeditorials.com/IBDArticles.aspx?id=307061748542374
And this one is a very good overview of Democrats blocking reform, and engaging in cronysim and corruption at Fannie Mae:http://www.ibdeditorials.com/IBDArticles.aspx?id=306978378974502