reply to post by Irish M1ck
You do realize that only Constitutional Amendments, Budget and Reconciliation legislation requires a super-majority in either house, right?
Having the majority is usually enough. The last filibuster occurred in 7/2007, and surprisingly, it was a Democrat led filibuster - when they had the
So 51 is still the majority, and should not have created problems for the passing of much legislation at all.
As to your quote: "Bush continuously said there was no economic crisis, that the economy was fine"
Bush tried to get reforms on Fannie and Freddie 34 times since 2001. SEVENTEEN TIMES in 2008 ALONE
Here's a listing
Even after the accounting scandals of 2003, the Legislative branch of our government REFUSED to reform Frannie and Freddie (and GSE's in general).
Bush at least TRIED, even though he failed.
And yes, the meltdown really began with Frannie and Freddie, from the sub-prime mortgages and the Congressional pressure to issue them, then the
quotas (targets) Congress called for. In 1996, HUD directed the GSE that at least 42% of the mortgages they purchased should have been issued to
borrowers whose household income was below the median in their area. This target was increased to 50% in 2000 and 52% in 2005.
And Frannie and Freddie bought the majority of them. Fannie and Freddie became the largest buyers of what are known as subprime and alt-A mortgages
(the mortgages at the root of this mess) between 2004 and 2007. In 2003, subprime mortgages made up less than eight per cent of all mortgages. By
2006, that had risen to more than 20 per cent. In the third quarter of 2007, subprime ARMs making up only 6.8% of USA mortgages outstanding also
accounted for 43% of the foreclosures which began during that quarter.
This "crisis" has been building for OVER 30 YEARS, since the Carter Administration and the Community Reinvestment Act.
And the really wonderful thing... The "stimulus" does nothing to tackle the CAUSE of the Problem.
In fact, the talking heads in Washington are trying to find a way to RE-INFLATE the Housing Market!!!
If I decide to posts Facts in my thread (I am the OP), deal with it. If my facts are incorrect, feel free to correct me, and I will return the favor.