'From Barack Obama to Nancy Pelosi and on down the Democrat ladder can be heard the shrill voices blatantly lying through their teeth blaming George W. Bush for the collapse of Fannie Mae and Freddie Mac. This is simply not true.
In a New York Times article published September 11, 2003, The Times reported that indeed it was Bush who wanted more and tighter regulation. It was Bush who saw the problems in the future and proposed legislation to head off these problems with Democrats fighting against it.'
It was part of the Dem plan to destroy the American economy in order to make way for the New Commie Order.
Remember, Obama has promised us "change," but never defined what kind of change he had in mind.
The deregulation in the handling, packaging, and concealing of risky loans is what caused the problem - not the loans themselves.
Perfectly sound investments are bundled with weak loans and then masked to the point where the sound parts cannot be identified and given value.
Those loopholes came from Republicans.
Nice try, though.
Well, it is sad that the banks couldn't even follow their own protocols...
It's one thing to help low-income folks; quite another to give them loans they can't repay.
You need to educate yourself a little more.
The deregulation was one Phil Gramm (Gramm-Leach-Bliley), better known as foreclosure phil.
I'm not sure linking to an editorial but not the Times article you mention counts as valid source referencing...
Banks are in league with all the leaders of this country. Why not give loans to low income people? They make up 80% of this country. I think the question should be why do banks charge low income people the highest interest rates available when the banks know they don't have the means to pay it back? Maybe pressure should be placed on credit card company's too. What chance does anyone have paying back at 17.99%, 24.9%, 27.99%? What gives credit card company's the OK to fleese people like that??? Our Government does that is supposed to be FOR THE PEOPLE, BY THE PEOPLE, OF THE PEOPLE.
Let me get this straight...
You blame a political party for banks giving out loans to people who were not qualified for them? You want to blame a party for banks literally "hanging themselves?"
I don't care about regulations, banks should be smart enough to realize sound business practices from unsound business practices.
They weren't disciplined enough to stay in business and they should fail. End of story.
Should regulation be proposed moving forward, yes. Should people be called out? Yes.
Should anyone be bailed out? No.
And now a republican is complaining about deregulation after championing it for so long...God this partisan madness has to end.
The libs are at it again. Create a mess than scream long and loud about how the other guy did it. Eventually folks will believe it.
Barney Frank did it
It wasn't Democrats alone that fed the fire. Look at the repeal of Glass Steagall in 1999, pushed through by Greenspan and some of McCain's insiders. This partisan bickering and finger pointing is way past the point of nonsense.
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