Comments on: UPDATED: Barack Obama’s Fannie Mae, Freddie Mac Connection http://www.mediacircus.com/2008/09/barack-obamas-fannie-mae-freddie-mac-connection/ Political News, Breaking News, National News and more News than you shake a stick at! Tue, 10 Jan 2012 23:14:29 +0000 hourly 1 http://wordpress.org/?v= By: twofriedrice http://www.mediacircus.com/2008/09/barack-obamas-fannie-mae-freddie-mac-connection/comment-page-1/#comment-46 twofriedrice Fri, 19 Sep 2008 14:56:38 +0000 http://www.mediacircus.com/?p=575#comment-46 The housing bubble, which is undoubtedly the cause of the economic downturn, came about because democrats on capital hill thought every American should be able to live the "American dream," and buy houses which they couldn't afford. They urged the major lenders to to get into sub-prime lending, which they wouldn't have done otherwise because it's terrible risk management. I believe many republicans were also in on this, so at best it's quite bipartisan. You can blame a lot on Bush, including the terrible budgeting since that's an executive job, but the economy, not so much. Not unless you're a tool of Nancy Pelosi and Reid. I know it's popular around here to blame everything on Bush, but get the facts. Be enlightened. The housing bubble, which is undoubtedly the cause of the economic downturn, came about because democrats on capital hill thought every American should be able to live the “American dream,” and buy houses which they couldn’t afford. They urged the major lenders to to get into sub-prime lending, which they wouldn’t have done otherwise because it’s terrible risk management. I believe many republicans were also in on this, so at best it’s quite bipartisan.

You can blame a lot on Bush, including the terrible budgeting since that’s an executive job, but the economy, not so much. Not unless you’re a tool of Nancy Pelosi and Reid. I know it’s popular around here to blame everything on Bush, but get the facts. Be enlightened.

]]> By: stoolPigeon http://www.mediacircus.com/2008/09/barack-obamas-fannie-mae-freddie-mac-connection/comment-page-1/#comment-45 stoolPigeon Fri, 19 Sep 2008 14:55:52 +0000 http://www.mediacircus.com/?p=575#comment-45 Read this <a href="http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63&sec=&spon=&pagewanted=print" rel="nofollow">2003 NY Times article</a> about Republican efforts to increase regulation of Fannie Mae and Freddie Mac. There is plenty of blame to go around. Here's a little snippet from the article: Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing. ''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.'' Representative Melvin L. Watt, Democrat of North Carolina, agreed. ''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said. I'm not a proponent of either party - and so I think it makes it easier to see that they are both grossly incompetent for the most part. Read this 2003 NY Times article about Republican efforts to increase regulation of Fannie Mae and Freddie Mac. There is plenty of blame to go around. Here’s a little snippet from the article:
Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

”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.”

Representative Melvin L. Watt, Democrat of North Carolina, agreed.

”I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Mr. Watt said.

I’m not a proponent of either party – and so I think it makes it easier to see that they are both grossly incompetent for the most part.

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