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| Tweet Topic Started: Oct 2 2008, 12:44 PM (99 Views) | |
| HoosierLars | Oct 2 2008, 12:44 PM Post #1 |
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We can keep bumping this thread to have a clear reminder of the main cause of this financial mortgage crisis. What caused the crisis: http://www.youtube.com/watch?v=1RZVw3no2A4 Dems in their own words: http://www.youtube.com/watch?v=_MGT_cSi7Rs |
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| md11flyer | Oct 2 2008, 01:07 PM Post #2 |
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Thanks Lars, maybe someone will get it, (but I doubt it). |
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| dreachon | Oct 2 2008, 01:11 PM Post #3 |
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Creative Title Here
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Not sure why we need a new thread on this. I commented on the "dems in their own words thread" and asked a few question which none of you decided to answer. I also linked some article talking about the Fannie and Freddie money to Obama, which also went unanswered. If you guys aren't going to take part in the discussion on the other thread, don't start a new one. |
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| md11flyer | Oct 2 2008, 01:49 PM Post #4 |
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Assistant Coach
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The difference is that McCain since at least 2005 and probably before, has been working to rein in Fannie and Freddie. He has seen this coming for a long time and tried to have action taken. I would agree with you if McCain had lobbied for Freddie and Fannie but he has not. It does not bother you that in only 3 years in the Senate, Obama is surpassed in money taken from F and F by only his buddy Chris Dodd who just happens to be head of the Senate Banking Committee? Dodd has been one of the ones on the hill throwing the biggest stones. Don't forget that the Reps lost the House and Senate at the end of 2006 and since then, the Congress's approval rating is less than Bush's for God's sake. The following was taken from Worldnet Daily and here is the URL. It is a very interesting article. Worldnet Daily "For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac – known as government-sponsored entities or GSEs – and the sheer magnitude of these companies and the role they play in the housing market," McCain said on the floor of the Senate in 2005, speaking in favor of the Federal Housing Enterprise Regulatory Reform Act of 2005. McCain pointed out Fannie Mae's regulator had stated the company's quarterly reports of profit growth over the past few years were "illusions deliberately and systematically created" by the company's senior management, which resulted in a $10.6 billion accounting scandal. The bill passed the House but was never brought up for a vote in the Senate, largely because of Democratic opposition to change in the Fannie Mae and Freddie Mac regulatory structure that remained in place until the Treasury takeover two weeks ago. As evidenced by the failure to pass the Federal Housing Enterprise Regulatory Reform Act of 2005, the Democrats in Congress have repeatedly fought back Republican Party efforts to reform the two mortgage banking giants. Instead, Democrats in Congress have sought to preserve the quasi-governmental status of the mortgage giants, seeing Fannie Mae and Freddie Mac as places to locate former top Democratic Party operatives, where they have earned millions in compensation, despite a continuing series of financial scandals. Enron-like accounting manipulation, for example, boosted earnings to a level at which massive executive bonuses could be paid. |
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| hoosierinhogville | Oct 2 2008, 02:26 PM Post #5 |
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I agree aren't there two threads already in which the topic was pretty fully discussed. We need something crazy to happen tonight so we have something to talk about. Fact is both candidates suck. |
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| HoosierLars | Oct 3 2008, 05:34 PM Post #6 |
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*bump* |
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| HoosierLars | Oct 6 2008, 12:47 PM Post #7 |
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*bump* |
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| HoosierLars | Oct 8 2008, 03:13 PM Post #8 |
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Hey guys, Obama likes to cite "eight years of failed economic policies" and McCain's "record of deregulation" as the blame for our current financial crisis. Do you know why Democrats aren't being viewed as being AT LEAST as culpable as the Republicans? Is it because there is so much hatred of Bush? I would appreciate any substantive links to help make Obama's case. |
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| dreachon | Oct 8 2008, 06:25 PM Post #9 |
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Creative Title Here
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I think you hit the nail on the head. It's easily Bush. He's the President. Kinda like the Quarterback with a shitty defense. Also, I think if Bush REALLY wanted to push for more regulations on Fannie and Freddie he would have been able to get something done. Right? Maybe the issue was that Bush had lost so much support by that time that any plea he made to Congress went ignored. |
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2:34 PM Jul 11