Originally posted by llpoolej
And for those who think this is all George Bush, check out these stats
According to a 2003 New york Times article, President Bush tried to get Congress to do something. The following quote from Rep Barney Frank was in the
''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.''
Top Recipients of Fannie Mae and Freddie Mac
Campaign Contributions, 1989-2008
Name Office Party/State Total
1. Dodd, Christopher J S D-CT $133,900
2. Kerry, John S D-MA $111,000
3. Obama, Barack S D-IL $105,849
4. Clinton, Hillary S D-NY $75,550
5. Kanjorski, Paul E H D-PA $65,500
6. Bennett, Robert F S R-UT $61,499
7. Johnson, Tim S D-SD $61,000
8. Conrad, Kent S D-ND $58,991
9. Davis, Tom H R-VA $55,499
10. Bond, Christopher S 'Kit' S R-MO $55,400
11. Bachus, Spencer H R-AL $55,300
12. Shelby, Richard C S R-AL $55,000
13. Emanuel, Rahm H D-IL $51,750
14. Reed, Jack S D-RI $50,750
15. Carper, Tom S D-DE $44,389
16. Frank, Barney H D-MA $40,100
17. Maloney, Carolyn B H D-NY $38,750
18. Bean, Melissa H D-IL $37,249
19. Blunt, Roy H R-MO $36,500
20. Pryce, Deborah H R-OH $34,750
21. Miller, Gary H R-CA $33,000
22. Pelosi, Nancy H D-CA $32,750
23. Reynolds, Tom H R-NY $32,700
24. Hoyer, Steny H H D-MD $30,500
25. Hooley, Darlene H D-OR $28,750
Another article from the same time frame
Though I am not a huge Fan of Bush, people blame things on him that are not his doing. Also not McCain's doing
Thank you, sir, for doing some research and offering at least some of the truth. Comments like "This is the spoils of deregulating the loan market
and flooding the market with cheap credit. Greedy investment houses keen to package products for the like Ameriquest to flog off to virtually anyone.
Not only where the poor and uneducated easy victims......" and most every other one in this thread, show how little unbiased investigating people on
ATS do. Here's the final part that everyone is missing:
In a sane world, the economic collapse caused by mortgage loans SHOULD be the end of Socialism/Marxism in America, but the media and conservatives
won't tell it like it is; I wish someone had the nuts to do it no matter the political cost. As usual, Socialism has failed, because it never can
succeed. This whole mess started by the 2nd worst president in American history: Mr. Peanut, Jimmy Carter. In 1979 Carter signed into law the CRA,
AKA the Community Reinvestment Act. en.wikipedia.org...
This Socialist abomination pretty much idled along until ex-President Pantload put it on steroids, and what is happening is the culmination of those
In 16 short years, the Great Society programs of Pres. Johnson made a crime and drug-infested wasteland of the inner cities. The black and minority
family went by the wayside because oif welfare programs. At that time, using lending practices acquired by centuries of lending (read: fiduciary
responsibility), the banks would "Redline" areas of the cities in which they would not make mortgage loans, mostly because they knew the income
level of people there would most likely default on the loans. The government forced the banking industry to make loans there, or they would face stiff
penalties and fines. Banks who put branches in those neighborhoods would actually receive "credits" from the government. In 1979, instead of the
Dems admitting their errors, Carter signed the CRA into law.
The CRA pretty much idled along until Clinton. At that time more laws were passed that would allow the banks to bundle the bad/borderline loans along
with good loans, and sell them to the larger houses like Lehmans, etc. I've watched the mortgage market work towards this bubble for over 5 years.
Since 2000, Bush Jr. has called for investigations and reforms no less than 17 times, and the Dems wouldn't do it (they'd have to admit the errors
of their ways). Since 2005, McCain has called for reforms 5 times, and the Dems wouldn't do a damn thing. This entire thing is at the feet of the
Democrats, and yet they try to blame Bush.
Since Johnsons Great society program started, American taxpayers have paid over 6 TRILLION dollars to end poverty, and all we have for it is 6
trillion worth of poverty; not including the costs of running the huge bureaucracy in it's distribution.
Obama, the "community organizer" (instigator) now has two of the people from Fannie Mae and Freddy Mac as two of his economic advisors. It's
organizations like ACORN, which Obama worked for, who were both the cause of, and recipients of, those tax dollars, yet he can somehow stand there and
complain that it's the failure of the free market, when it was government involvement of the free market that caused this whole mess. And you want
these people to handle your health care???
Read about Obama and Bidens S 2433, which would put a global tax on America, with the UN in charge of it.
If you're not scared when you're done, then you're mad, or a
liberal. If you think the economic future of America is about to collapse now, wait and see what happens if the Dems get control, and S2433 passes.
[edit on 27-9-2008 by zappafan1]