850 Billion Dollar Stimulus Package

Discussion in 'Free Speech Alley' started by PURPLE TIGER, Dec 17, 2008.

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  1. houtiger

    houtiger Founding Member

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    Please explain this statement, since the repubs controlled both the house, the senate and also the white house. They did not need anything more than a majority to pass legislation controlling Fannie Mae, AND THEY HAD THE MAJORITY! So how is this not on the republicans??? Frank was in the minority, so how could he stymie the republican move to tighten back up on Fannie/Freddie?
     
    houtiger, Mar 10, 2009
    #191
  2. red55

    red55 curmudgeon Staff Member

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    Big financial entities were not the problem, sub-prime mortgages were the problem. The FSMA Act was not responsible for that.

    The quest for an all-encompassing "ownership society" led to the policies that have created the crisis. From dramatically low interest rates to ignoring the warnings about predatory lending to quashing state regulations that would have helped prevent such massive Wall Street investment in subprime loans, Bush and his allies built an economy on a house of cards that was bound to collapse.

    "Home ownership is at an all-time high now in America. That’s fantastic news. Isn’t it wonderful to have somebody for the first time be able to say: welcome to my home; I’m glad you’re here at my piece of property." -- Geroge Bush, 2004​

    Of course, what the current crisis (rooted in subprime mortgages) proves is that promoting home ownership without regulatory safeguards is inherently risky. As economist Paul Krugman explained, “Borrowing to buy a home is like buying stocks on margin: if the market value of the house falls, the buyer can easily lose his or her entire stake.” And that’s just what happened.
     
    red55, Mar 11, 2009
    #192
  3. SabanFan

    SabanFan The voice of reason

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    But, when Frank was in the majority he assured everyone that all is well and there is no crisis when he knew damn well that was not the case.. Trying to absolve democrats from any fault in the current mess is laughable.
     
    SabanFan, Mar 11, 2009
    #193
  4. red55

    red55 curmudgeon Staff Member

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    Where does the Buck stop? Not on Barney Frank's desk.
     
    red55, Mar 11, 2009
    #194
  5. houtiger

    houtiger Founding Member

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    I am not trying to absolve the dems of all blame. There is plenty of blame to go around. The repubs were correct to attempt to rein in Fannie in 2003, I have said it before.

    DRC put it on Barney Frank, and I disagree. In 2003 when the vote was taken that actually could have done some good, the repubs had the majority on both houses of congress and they did not need any dem votes to control Fannie. They didn't get it done in 2003. So, how is that on Barney Frank? In 2003, it was on the repubs for failing to get it done when they had the majority in the house, senate, and the white house.
     
    houtiger, Mar 11, 2009
    #195
  6. SabanFan

    SabanFan The voice of reason

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    That would be your boy* Barack's desk.

    *Figure of speech in a commonly used expression. Not intended to demean or offend.
     
    SabanFan, Mar 11, 2009
    #196
  7. houtiger

    houtiger Founding Member

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    I understood! :grin:
     
    houtiger, Mar 11, 2009
    #197
  8. red55

    red55 curmudgeon Staff Member

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    But in 2008, it would have been on your hero*, Dubya's desk.

    *Figure of speech in a commonly used cynical expression. Not intended to imply heroism.
     
    red55, Mar 11, 2009
    #198
  9. mctiger

    mctiger RIP, and thanks for the music Staff Member

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    Well, here's FOX News reporting that Dubya sounded repeated warnings in 2001 and '03.

    http://www.youtube.com/watch?v=cMnSp4qEXNM
     
    mctiger, Mar 11, 2009
    #199
  10. SabanFan

    SabanFan The voice of reason

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    This is 2009. There is only one buck.
     
    SabanFan, Mar 11, 2009
    #200
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