Euwe, Euwe, Euwe; Let's Review:
The Bush Administration called for Fannie Mae and Freddie Mac reforms repeatedly, all to fall upon deaf ears by the Democrats.
"Bush Called For Reform of Fannie Mae & Freddie Mac 17 Times in 2008 Alone... Dems Ignored Warnings"
http://gatewaypundit.blogspot.com/2008/09/bush-called-for-reform-of-fannie-mae.html
In 2003, the Bush Administration was encouraging and pushing the Congress to reform Fannie Mae and Freddie Mac, all which fell upon deaf ears by the Democrats, the Democrats fought change to Freddie and Fannie vociferously:
http://hotair.com/archives/2008/09/16/whose-policies-led-to-the-credit-crisis/
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Here is a video from 2004, which shows Congressman Barney Frank, (D. Mass) Congresswoman Maxine Waters, (D. Cal.); Congressman Lacey Clay, (D. Mo.); Congressman Arthur Davis (D. Ala), Congressman Gregory Meeks, (D. N.Y.) as well as other Democrats vehemently denying that there were any problem with Fannie Mae or Freddie Mac in 2004. That Senator Obama's presidential campaign economic advisor, and former Fannie Mae CEO Franklin Raines was doing, "An outstanding job"; and that the regulators were the ones that were creating the problem:
http://www.youtube.com/watch?v=_MGT_cSi7Rs
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Here is the statement that Congressman Davis, (the same Congressman Davis who is strongly defending Freddie Mac and Fannie Mae in the above video) released to Sean Hannity yesterday, September 30, 2008:
"Like a lot of my Democratic colleagues I was too slow to appreciate the recklessness of Fannie and Freddie. I defended their efforts to encourage affordable homeownership when in retrospect I should have heeded the concerns raised by their regulator in 2004. Frankly, I wish my Democratic colleagues would admit when it comes to Fannie and Freddie, we were wrong. By the way, I wish my Republican colleagues would admit that they missed the early warning signs, that Wall Street deregulation was overheating the securities market and promoting dangerously lax lending practices. When it comes to the debacle in our capital markets, there is much blame to go around for both sides."
http://www.foxnews.com/story/0,2933,431209,00.html
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Have you figured it out yet? Are you having a hard time accepting and/or understanding what transpired? Lets move on:
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Although Congressman Davis's statement still acknowledges my point, and should make every American stand up and take note, Congressman Davis's statement goes on, in a partisan attempt to blame Republicans for not tightening the regulatory scheme.
If the Republicans can be blamed, it should be for not sounding the alarm bells loud enough, over the fraud pepetrated by the Democrat Party's socialist Agenda!
It was in fact the Clinton Administration and Robert Rubin who were pushing for the deregulation.
Former Goldman Sachs partner Robert Rubin, who was President Clinton's Treasury Secretary, in a 1995 speech and testimony to Congress, Rubin advocated the Bill modifications to the Community Reinvestment Act, and professed the Clinton Administration's intent to repeal the Glass-Steagall Act:
"The banking industry is fundamentally different from what it was two decades ago, let alone in 1933….[T]he industry has been transformed into a global business of facilitating capital formation through diverse new products, services and markets. U.S. banks generally engage in a broader range of securities activities abroad than is permitted domestically… Even domestically, the separation of investment banking and commercial banking envisioned by Glass-Steagall has eroded significantly."
http://www.theminorityreportblog.com/story/pilgrim/2008/09/19/the_players_in_paving_the_way_to_the_wall_st_meltdown
By the mid 1990s, the Clinton Administration had in fact adopted a "quota system" , and unabashedly favored expansion of, and the empowered use of the "Community Reinvestment Act", believing that a governmental response to economic problems in inner cities is generally more effective than a market solution.
Eugene Ludwig, President Clinton's Comptroller of the Currency and head of the Office of the Comptroller and Currency, was a strong proponent of expanding the reach of Community Reinvestment Act. Ludwig said in his confirmation hearing that his first priority as Comptroller would be to eliminate
"discrimination from our financial system, root and branch."
Ludwig told bankers,
"If you seize this issue as an opportunity, you will reap the benefits in the form of new business and heightened respect from the press, the Congress, and your communities." (See the CATO Institute, a non-partisan Libertarian Think-Tank, link provided below)
With regard to the Community Reinvestment Act, Clinton Administration Attorney General Janet Reno said,
"No loan is exempt, no bank is immune. For those who thumb their nose at us, I promise vigorous enforcement."
http://209.85.165.104/search?q=cache:90IT4MK9474J:www.cato.org/pubs/regulation/regv17n4/vmck4-94.pdf+Community+Reinvestment+Act&hl=en&ct=clnk&cd=4&gl=us
Finally, there is really no dispute. Former President Clinton said on September 26, 2008:
"I think the responsibility that the Democrats have, may rest more in resisting any efforts by Republicans in the Congress, or by me when I was president, to put some standards and tighten up a little on Fannie Mae and Freddie Mac."
http://hosted.ap.org/dynamic/stories/M/MELTDOWN_ADS?SITE=DCUSN&SECTION=POLITICS&TEMPLATE=DEFAULT
There is no argument here. Our Nation was sold out by a socialist agenda and greed by the Democrat Party.....
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