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Look, who gives a shit who was to blame in the past. What we did learn from the entire mortage scandal that resulted in so much chaos in Wall Street and massive bail outs is DON'T DO IT AGAIN.
If a person cannot afford a house, all the tricks in the world used to get them into it will not help them make the payments. It is that simple.
I'd take the Bush years over the Obama years........less debt, lower unemployment, more freedom, more prosperity in general...especially for the middle class.
And i didn't vote for either of them........
Quote:
Originally Posted by Yssup Rider
Which Bush are you talking about? Both of them did WONDERS for the economy!
The Democrats blocking 2003-2004 reforms that would have reigned in Fannie and Freddie, and lessened the destructive sub prime lending bomb, have nothing to do with greed and everything to do with Progressive dogma.
The Democrats blocking 2003-2004 reforms that would have reigned in Fannie and Freddie, and lessened the destructive sub prime lending bomb, have nothing to do with greed and everything to do with Progressive dogma.
I have made this argument a thousand times with the knuckleheads.
They accept no responsibility. Some even try and blame Jimmy Carter!
All it shows is how they do not have a clue as to the big picture. It was a combo of both parties. In a way you can make an argument that that is how markets works. Especially manipulated ones! And before you dumbass right wing loons start on me...all markets are manipulated.
For a few days the GOP controlled the Senate with VP Dick Cheney's ability to decide ties but Jim Jeffords jumped the GOP with sweet promises in his ears and control went back to the democrats. Control stayed with the democrats (The Senate is a part of the Congress. The House is the other part.) So the dems did control Congress (meaning that the GOP could not pass anything through the Senate including reform) in the years mentioned and the dems controlled the Senate throughout the Bush administration.
In 2005 John McCain, with George Bush, wanted an audit and additional oversite of Fannie and Freddie. It got bottled up in committee in the Senate and the stage was set for 2008. Almost kind of looks like it was done on purpose for the 2008 elections.
Dig a little deeper. Legislation WAS proposed, but now that Senators don't have to physically stand up to filibuster, it is a whole lot easier for the minority party to obstruct legislation. The bill never got the 60 votes needed to pass a cloture motion to bring the bill to a vote. It wasn't Republicans holding the legislation hostage, Dems did that.
It wasn't Republicans who shouted down inquiries into the mismanagement of Freddie and Fannie, Dems did that.
