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Private sector loans, not Fannie or Freddie, triggered the economic crisis

Discussion in 'Business & Economics' started by Popeye, Oct 12, 2008.

  1. Popeye

    Popeye Active Member

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    We've seen the Pubs, now that they're backed into a corner, attempt to hang the current crisis on Fannie Mae, Freddie Mac and the Democrats. Well, as they say...there are two sides to every story.

    http://www.mcclatchydc.com/251/story/53802.html
     
  2. top gun

    top gun New Member

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    Yeah Popeye I pointed the same fact out earlier in another thread (not as complete and document I must say).:)

    But I presented the fact that only a tiny percentage of the Fannie/Freddie loans were low income situations.

    But you know when you're a "one trick pony" you have to do the same thing over & over. The Republicans got away with this for years... taking their own weakness and before they could get branded by it project it over to their opponent.

    You know as with the actual fighting overseas in theater Purple Heart and Bronze Star recipient John Kerry not an honorable warrior... the show up when he wanted drug test evading Texas Air National Guard George Bush... General Patton!:D

    Just two problems with that now. First... everyone is hip to it now. Secondly... the McCain campaign moves at the lightning speed of a three legged sloth.

    That's makes it very hard to get out of the way of your own shortcomings. But from their standpoint at least they tried I suppose.
     
  3. Mr. Carpenter

    Mr. Carpenter New Member

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    And once again the libs are still trying to blame the gun, rather than the person that HELD the gun. The sub-primes, ARM's, and all the rest of them that Fannie and Freddie bought were due SOLELY to DEMOCRATS in Congrss, as well as DEMOCRAT Presidents, starting with LBJ, then Carter, and finally with Clinton, lowering the standards under which Fannie and Freddie bought them in the first place. You can try to deny it all you want to, but compelling these institutions to loan money (writing mortgages) to people who they KNEW had no way of paying them back, and then compelling Fannie and Freddie to buy them is a major cause of the current situation.

    Thanks Dems, you've TOTALLY SCREWED THE COUNTRY, YET AGAIN!
     
  4. Trajk Logik

    Trajk Logik New Member

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    The big bank bailout would not have been needed if it wasn't for the Democrats opposing the reform Bush proposed in 2003 and the bill McCain cosponsored in 2005. It was called the "The Federal Housing Enterprise Regulatory Reform Act of 2005" Look it up. And it was the lobbyists from those groups that pushed for the Democrat controlled Congress to pass the legislation to allow this mess. The President proposed an overhaul in 2003 that the Dems blocked and ridiculed. That proposal would have helped us avoid this mess. After the Dems blocked the proposal, their lobbyist friends poured money into their campaign accounts, Obama being one of the largest receipients.
     
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