Bush promoted home ownership despite poor credit

iVillage Member
Registered: 07-11-2006
Bush promoted home ownership despite poor credit
67
Mon, 11-28-2011 - 8:08pm

From that well-known biased source: The business section of the Wall Street Journal

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iVillage Member
Registered: 07-11-2006
Tue, 11-29-2011 - 4:22pm

The video of Gregory Meeks anger during the Fannie Mae accounting investigation had nothing to do with the Money Meltdown. (Well, OK, maybe it was peripheral.) The earliest predictions of the impending meltdown were probably these two, one in 2005 and another in 2006. The Meeks video occured in the Fall or late 2004.

iVillage Member
Registered: 07-11-2006
Tue, 11-29-2011 - 4:40pm

iVillage Member
Registered: 09-30-2011
Tue, 11-29-2011 - 5:12pm

LOL. I don't even know who Lawrence O'Donnell is!

You're better of not knowing...he's the epitomy of the "creepy uncle" you don't let your children go near. ; )

I do know what Rachel Maddow looks like and I think I could identify her voice.

She's very Seinfeld-ish...in her opinions as well.

iVillage Member
Registered: 09-30-2011
Tue, 11-29-2011 - 5:23pm

Michael Steele was the Republican National Committee chairman until recently! I think he is a fairly strong authority when it comes to speaking for Republicans.

If Michael Steels had any authority when it comes to speaking for Republicans he'd still be the head of the RNC instead of a token spokesman on MSNBC.

The rhetoric that Barney Frank had power over the House 2004ish has become a major Republican chant. It is often used to buttress the "Bush tried to regulate but...." rhetoric. The fact that Steele is now saying, oops, we are wrong and Barney is right, IS a very big deal.

Note the date...

http://www.youtube.com/watch?v=_MGT_cSi7Rs

and...

http://www.youtube.com/watch?v=2UZ9l_AxKjA&feature=related

and...

http://www.youtube.com/watch?v=LPSDnGMzIdo&feature=related


Basically, all the story's (such as the two you just posted) will have to be re-written unless someone finds or invents some other "proof" that Bush tried to regulate.

See above.

iVillage Member
Registered: 09-30-2011
Tue, 11-29-2011 - 6:46pm

Obviously, I disagree. The Democrats do not have to "deflect blame" from their alleged role in preventing Bush and the Republicans from legislating strong regulations, because as Steele now admits, that had no power to do it. The Republicans controlled the House.

In 2004, Republicans held 227 seats, Democrats held 205.

iVillage Member
Registered: 09-30-2011
Tue, 11-29-2011 - 6:51pm
McCain’s attempt to fix Fannie Mae, Freddie Mac in 2005

iVillage Member
Registered: 07-11-2006
Tue, 11-29-2011 - 7:55pm

The Democrats were warned time and again about the growing danger with subprime lending and time and again they claimed there was no problem and that Fannie and Freddie were sound investments.

That is not one problem, that is two very different problems. Fannie and Freddie had accounting problems. The Republicans wanted to get ride of Fannie and Freddie. Republicans wanted to use the accounting problems as leverage to get rid of Fannie and Freddie.

The second problem is the subprime lending which the Republicans were very much in favor of.

Even if anything in the links you provided show Republicans discussing Fannie and Freddie with Democrats, it doesn't say anything about the Republican position on subprime lending.

If you can show me something about Republicans wanting to regulate subprime loans, then we have something to debate.

It is my understanding that the Republicans wanted to get rid of Fannie and Freddie because their special standing interfered with other banks ability to compete. Again, if you can show me something that indicates another reason other than 1) accounting issues or 2) the fact that the GSEs interfere with the free market concept for the Republicans to oppose Fannie and Freddie that would be interesting.

iVillage Member
Registered: 07-11-2006
Tue, 11-29-2011 - 8:18pm

Let's back up for a second. It seem that you have provided multiple links some biased and some not to support the idea that Democrats defended Fannie and Freddie and Republicans denounced them

I agree. I have agreed all along. Democrats more that not have consistently been pro-GSE and Republicans have more than not been anti-GSE.

Our opinions diverge when it comes to the financial crisis and its causes.

I do not believe that GSEs or legislation such as the CRA that attempted to change housing laws has much of a role at all in the ultimate meltdown.

For example, this link to the Economist:

Thursday, August 25, 2011 No Evidence That the Government Housing Policy Caused the Crisis


This shouldn't be news -- the idea that the CRA or GSEs caused the crisis

iVillage Member
Registered: 09-30-2011
Wed, 11-30-2011 - 3:29pm

The two are part of the same problem as Fannie and Freddie backed a great number of the subprime loans.

iVillage Member
Registered: 07-11-2006
Wed, 11-30-2011 - 3:39pm

2003‐05: The first effort during Republicans’ 12‐year control of Congress to reform the GSEs came in
2003, when then‐Financial Services Committee Chairman Mike Oxley (R‐OH) worked to pass a bill. That
year, Oxley had scheduled a Financial Services Committee markup of the legislation, but had to cancel
the markup due to White House opposition.

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