Sanity
Posts: 22039
Joined: 6/14/2006 From: Nampa, Idaho USA Status: offline
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Who can deny that Obamas debt is unpatriotic By Obamas own estimation going back means staying on the present course And really, what got us here was Carters, and Clintons, and Barny Franks magic free housing scheme Im sure youve heard of it quote:
Democrats Were Wrong on Fannie Mae and Freddie Mac Seventeen. That's how many times, according to this White House statement (hat tip Gateway Pundit), that the Bush administration has called for tighter regulation of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. Congress has cooperated only once. In spring 2007, as House Financial Services Committee Chairman Barney Frank likes to point out, the House did pass a bill in response. The Senate did not act until 2008; Senate Banking Committee Chairman Christopher Dodd spent most of 2007 camped out in Iowa running for president. The legislation passed by Congress in 2008 enabled Treasury Secretary Henry Paulson to put Fannie and Freddie into federal conservatorship this summer when they failed. But it didn't prevent them from spewing a huge amount of toxic waste, in the form of subprime and Alt-A mortgages, into our financial institutions from 2004 to 2007. As Stephen Spruiell points out in The Corner on National Review Online, Fannie and Freddie spewed out $1 trillion worth (face value) of subprime mortgages between 2005 and 2007. That's a whole lot of toxic waste. For more detail, consult the items referred to in my previous blogpost on this subject (most of the comments seem to have been disputes about the plot line of the movie It's a Wonderful Life, which I should think could be settled by consulting a reference work). <snip> Much if not all of that could have been prevented by a bill cosponsored by John McCain and supported by all the Republicans and opposed by all the Democrats in the Senate Banking Committee in 2005. That bill, which the Democrats stopped from passing, would have prohibited the GSEs from speculating on the mortgage-based securities they packaged. The GSEs' mission allegedly justifying their quasi-governmental status was to package or securitize such mortgages, but the lion's share of their profits—which determined top executives' bonuses—came from speculation. http://www.usnews.com/blogs/barone/2008/10/06/democrats-were-wrong-on-fannie-mae-and-freddie-mac.html And if youre waiting for a plan to address the deficit crisis from Obama, or even for any budget at all, go ahead and hold your breath. Be my guest... quote:
ORIGINAL: Musicmystery By a change, going back to what got us here--MORE military spending, MORE tax cuts, Bush on Steroids policies. Insane Indeed.
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Inside Every Liberal Is A Totalitarian Screaming To Get Out
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