700 Billion Buy out plan defeated.....

[Mesa]

I don't disagree that if a business can't make it they can't make it. The only thing I worry about here is there are a lot of people's houses and lives involved here. I find myself torn here because I want to see the rich ^^^^^^^s burn but at the same time don't want to see someone who doesn't deserve it suffer.

People that probably shouldn't have qualified for a loan to begin with, until Clinton mandated banks to qualify low-income families for high-risk loans.

 

[Mesa]

Well, you can look no further than the white house who wanted this bill. The Dem's wanted more regulation and support for the average folks.



I call that smart politics. However, this bill was being pushed by Bush and McCain as well as others from the right. So IMO they're all on the same boat and everyone of them should be eating a big piece of this pie.

133 Republicans voted against it. Why didn't they vote for it? If this bill was so damn good and was the right thing to do?


CAUSE THEY WANTED TO TOSS THE DEM'S UNDER THE BUS REX!!!

So you can stop passing the blame and know what the hell you're talking about.

You need to get some updates. Bush supported this bill. McCain didn't.

How can the Republicans throw the democrats under the bus when deomcrats have the majoirty in congress?

That's the thing, this bill "wasn't so good".

 

[The Josh]

People that probably shouldn't have qualified for a loan to begin with, until Clinton mandated banks to qualify low-income families for high-risk loans.

I'm sure there where plenty of people who shouldn't have gotten loans that got them. However, I don't think doing something to help low-income folks get homes is a bad thing.

 

[Mesa]

I wouldn't say Rex gets it. Thats stretching the truth to the breaking point.

They have the majority. BFD! That doesn't mean if this bill was so great it couldn't have gotten passed. If its as bad as I think it is then we should be glad it didn't.

I'm gonna lay blame at the feet of the Republicans cause they had a majority long enough to help us from getting here.

Josh, please read this:


https://www.newsmax.com/kessler/gse_financial_timeline/2008/09/22/133234.html

2007

July: Two Bear Stearns hedge funds invested in mortgage securities collapse.

August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." (President George W. Bush, Press Conference, The White House, 8/9/07)

December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying, "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon." (President George W. Bush, Discusses Housing, The White House, 12/6/07)

2008
March: President Bush calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages." (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)

April: President Bush urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes." (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)

May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.

"Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans." (President George W. Bush, Radio Address, 5/3/08)

"[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator." (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)

"Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans." (President George W. Bush, Radio Address, 5/31/08)

June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac." (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)

https://www.ireport.com/docs/DOC-93581

September 11, 2003

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac - which together have issued more than $1.5 trillion in outstanding debt - is broken.

A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.

FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005

The United States Senate

May 25, 2006

Sen. John McCain [R-AZ]: Mr. President, this week Fannie Mae's regulator reported that the company's quarterly reports of profit growth over the past few years were "illusions deliberately and systematically created" by the company's senior management, which resulted in a $10.6 billion accounting scandal.

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac-known as Government-sponsored entities or GSEs-and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

McCain said 'I urge my colleagues to support swift action on this GSE reform legislation.'
Alas, thanks to the Democrat Party and the special interests of the left, both of these attempts to reform the banking system were still born.

 

[Fubeca]

I'm gonna lay blame at the feet of the Republicans cause they had a majority long enough to help us from getting here.

You can spread the balme all over! From Greenspan to Clinton to Bush to McCain to Obama, it doesn't matter! That is the reason we don't want the gov running $700 Billion worth of companies out there! THEY SUCK AT IT! DMV anyone!?

 

[Vader AL]

People that probably shouldn't have qualified for a loan to begin with, until Clinton mandated banks to qualify low-income families for high-risk loans.

yeah that's a big part of it and the other night Obama sounded just like Clinton with all his social programs with no answer on how to pay for it.

 

[The Josh]

You need to get some updates. Bush supported this bill. McCain didn't.

How can the Republicans throw the democrats under the bus when deomcrats have the majoirty in congress?

That's the thing, this bill "wasn't so good".

McCain was all for it as of the other day. You mean he flip flopped?

They can do it by not voting and lettings the Dem's pass it. Then saying we didn't want this crappy thing to pass. Please tell me this little shake and bake move didn't fool you.

 

[Fubeca]

BTW McCain kinda supported the bail out...As well as Obama...

https://www.foxbusiness.com/story/wrapup--mccain-obama-tentatively-support-bailout-plan-812023325/ I'm just sayin'

 

[Mesa]

I'm sure there where plenty of people who shouldn't have gotten loans that got them. However, I don't think doing something to help low-income folks get homes is a bad thing.

Apparently it is, because that's who ultimately defaulted and can't pay back loans, and now banks extended on credit.

I wish everyone was rich and could afford a mansion, but we know that isn't the case. and this is what happens when you overextend yourself on a phenominal level.

It probably didn't help that unscrupulous lenders were making it easier for them to apply and qualify. And also didn't help that gov't made it a requirement to grant risky loans to low income individuals. And didn't help much that McCains request for oversight of Fannie May and Freddi Mac got rejected. And some oversight of wallstreet that was reduced during Reagans term may have helped too.

 

[Vader AL]

i believe they both had to vote for it because the other would have twisted it to their advantage so i don't subtract any points or add points to either for voting for it.

 

[Fubeca]

McCain was all for it as of the other day. You mean he flip flopped?

They can do it by not voting and lettings the Dem's pass it. Then saying we didn't want this crappy thing to pass. Please tell me this little shake and bake move didn't fool you.

It all goes back to the idea of well it would actually be good for the economy for the the bail out to pass...but doesn't mean you have to like it! There are many things thrown in with the $700 Billion that didn't pass the smell test! It would have been hard to vote against it...

 

[Fubeca]

i believe they both had to vote for it because the other would have twisted it to their advantage so i don't subtract any points or add points to either for voting for it.

Amen, Flip Flopping?...YEP! They ALL DO IT!!!!!!!!!!! Even Ron Paul, lol!

 

[Spartan Rex]

Well, you can look no further than the white house who wanted this bill. The Dem's wanted more regulation and support for the average folks.



I call that smart politics. However, this bill was being pushed by Bush and McCain as well as others from the right. So IMO they're all on the same boat and everyone of them should be eating a big piece of this pie.

133 Republicans voted against it. Why didn't they vote for it? If this bill was so damn good and was the right thing to do?


CAUSE THEY WANTED TO TOSS THE DEM'S UNDER THE BUS REX!!!

So you can stop passing the blame and know what the hell you're talking about.

Pelosi crafted the Bill.
She'd be throwing herself under her own bus.
Some Republicans blew it I can admit that openly.
But wheres the accountability for the majority party who failed to lead and
not give in to hard left elements, she couldn't even suppress partisan digs out of her own mouth before the vote. She's a friggin idiot who couldnt put politics aside for a day to get her bill passed. Is that smart leadership?

 

[Mesa]

McCain was all for it as of the other day. You mean he flip flopped?

They can do it by not voting and lettings the Dem's pass it. Then saying we didn't want this crappy thing to pass. Please tell me this little shake and bake move didn't fool you.

BTW McCain kinda supported the bail out...As well as Obama...

https://www.foxbusiness.com/story/wrapup--mccain-obama-tentatively-support-bailout-plan-812023325/ I'm just sayin'

That's not what I was led to believe when I hear that fat troll Barney Frank Elmer Fudd wannabe blaming McCain when he did suspend his campaign prior to debate to work on the bill. He was supporting the alternative version being worked by house republicans... I thought.

 

[Mesa]

It all goes back to the idea of well it would actually be good for the economy for the the bail out to pass...but doesn't mean you have to like it! There are many things thrown in with the $700 Billion that didn't pass the smell test! It would have been hard to vote against it...

yeah, like dems adding ACORN as pork into the original plan. How unethical is it that even in a time of crisis like we are that they have the nerve to try and add earmarks to a bill meant to rescue us.

 

[Brent72]

Barney Frank(or Elmer Fudd as Mesa correctly dubbed him), Chris Dodd and Bill Clinton are the main reasons we are in this cluster***k of a mess we're facing right now. Anyone who doesn't know the details needs to do a little research and find out how we got here before they go shooting their mouths off.

 

[The Josh]

yeah that's a big part of it and the other night Obama sounded just like Clinton with all his social programs with no answer on how to pay for it.

He's mentioned how on some but others its stuff he wants to do if the money is there. I have no problems with social programs. Helping people is the right thing to do and no matter what there will be people taking advantage of it be it rich or poor.

Apparently it is, because that's who ultimately defaulted and can't pay back loans, and now banks extended on credit.

Loans may not have been the best option but we should as a society do what we can to help those who can't help themslevse. Again, there will be those that take advantage but it works for both ends.

I'm not going to sit here and say it all lays at the feet of the Republicans. The other side gets its fair share but the Right was in power for a very very long time and in power enough to do these things.

 

[The Josh]

Pelosi crafted the Bill.
She'd be throwing herself under her own bus.
Some Republicans blew it I can admit that openly.
But wheres the accountability for the majority party who failed to lead and
not give in to hard left elements, she couldn't even suppress partisan digs out of her own mouth before the vote. She's a friggin idiot who couldnt put politics aside for a day to get her bill passed. Is that smart leadership?

Pelosi is an idiot. I can say that without any kind of an issue.

 

[Fubeca]

That's not what I was led to believe when I hear that fat troll Barney Frank Elmer Fudd wannabe blaming McCain when he did suspend his campaign prior to debate to work on the bill. He was supporting the alternative version being worked by house republicans... I thought.

YUP! :emperor

 

[Fubeca]

yeah, like dems adding ACORN as pork into the original plan. How unethical is it that even in a time of crisis like we are that they have the nerve to try and add earmarks to a bill meant to rescue us.

Don't get me started on ACORN! :emperor