Quotes of the day (Well, 2003)

“These two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis…the more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”  Representative Barney Frank (Democrat, MA)

 

”I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Representative Mel Watt (Democrat, NC)

Did you know that in 2003 President Bush proposed more oversight on Fannie and Freddie?  Did you know that the above quotes are from what the Liberals thought of his proposal?  What a joke.  I mean, these same Democrats last week said “Blame?  Who?  Us?  No way. this is ALL the fault of President Bush.”  Facts don’t lie and the above quotes say it all.  Back in the 90’s, under Clinton, these same Liberals pushed for looser lender guidelines and all but threatened Lenders if they didn’t start lending more.  

 

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20 Responses to “Quotes of the day (Well, 2003)”

  1. anonymous Says:

    you’re absolutely right.

    if lenders weren’t forced to lend to people who they found to be bad risks, i doubt the current crisis would be anywhere near what it is now. if you lend billions of dollars to people who you know can’t repay you, of course you’ll go under–and those people will lose their homes.

    why is this so difficult for people to understand? maybe just the politicians who pushed for more lenient lender guidelines should have to bail out the companies.

    this is pretty much repeating what you just said, but…ugh!

  2. Roland Says:

    Oh, I don’t leave Lenders out. There are many to blame here. Yes, the politicans leaned on Lenders but then Lenders took it a step further. Then you throw in the Borrowers who lied, commited fraud and such. There is a lot of blame to go around however, the President tried to reign some of this in, and was met with resistance from the Democrats. As we all know and have seen, the Democrats LOVE a bad economy.

  3. Invisible Hand Says:

    Democrats LOVE a bad economy just like conservatives LOVE abortion.

    Please provide a PRIMARY source of WHERE government REQUIRED lenders to lend to risky people. And don’t bullshit me with quotes and secondary commentary. Please a piece of legislation… quote me the text of where the government REQUIRED the financial industry to make the loans.

  4. anonymous Says:

    http://clinton6.nara.gov/1993/12/1993-12-08-briefing-by-bentsen-and-rubin.text.html

    http://www.city-journal.org/html/10_1_the_trillion_dollar.html

    i almost never agree with roland on political issues but he’s right here, unfortunately. (i do not think all liberals love a bad economy. i don’t think anyone sane wants a bad economy. i think the comment is unnecessarily stereotypical. but on this topic, he’s right.)

    and for further reading:

    http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63&sec=&spon=&pagewanted=print

    http://en.wikipedia.org/wiki/Community_Reinvestment_Act

    i hope the spam filter doesn’t eat this.

  5. anonymous Says:

    darn it. i typed a whole stupid list of links and it disappeared. probably eaten by the spam filter. my own fault. just go here and look at the sources. wiki itself is not necessarily reliable source, but it’s a great place for references.

    anyway, i almost never agree with roland on politics, but i have to say i do here.

    http://en.wikipedia.org/wiki/Community_Reinvestment_Act

  6. anonymous Says:

    i posted a comment with several links. eaten. i posted a comment with one link. eaten. i give up.

    i never agree with roland on politics. this time, roland is right. google community reinvestment act.

    if this doesn’t post, i quit. :p

  7. Invisible Hand Says:

    CRA has been around for 31 years… it has nothing to do with the problem, as we’re talking about two totally different groups of people. Also, CRA only applies to BANKS. The majority of lending institutions are not subject to the CRA because they are not classified as banks.

    http://www.traigerlaw.com/publications/traiger_hinckley_llp_cra_foreclosure_study_1-7-08.pdf

  8. Roland Says:

    Can you show me where I used the word “required”?

  9. Roland Says:

    On the Dems loving a bad economy:
    Gephardt: “told senior Democrats that the party could pick up as many as 40 House seats if the continuously unfolding corporate scandals can be kept on the political radar screen until November.”

  10. Invisible Hand Says:

    And if the Republichristians like yourself can keep abortion and gays on the radar you might steal another election. Republicans are no longer a fiscally responsible party. Just look at Komrade Bush Paulson’s initial treasury bailout… Iraq war anybody?

    So you admit no one in government is forcing the hand of the lenders. Problem solved, end of discussion.

  11. Invisible Hand Says:

    Oh, 1st anonymous used “forced” and you didn’t say anything to negate that when you replied to him, but instead built upon his argument. Sounds like a tacit approval.

  12. Roland Says:

    Boy, talk about sterotypes!! Republicchristians. lol. Oh, and I LOVE your “steal election” comment. Sigh! If only you could prove that it just might be news. lol.

    Oh, I can show you where the Lenders were leaned on by Govco..just as soon as you show me the proof of where the GOP “stole” elections.

  13. Invisible Hand Says:

    Your friend justin uses that all the time. By steal, I mean you’ve mislead another electorate away from the real issues facing this country, not referring to fraud. But if I were a Democrat, I guess I’d bitch about Gore and 2000. Now please, nuance your “leaned” or “forced” or whatever it is you call it.

  14. Roland Says:

    Oh! Oh! It’s “steal” and not steal. Oh, ok. I get it.

    Well, by leaned I really meant “leaned”.

  15. Invisible Hand Says:

    yeah, so where’s your proof? Is there anything that speaks to you, or are you always this smug?

    Glad you have the answers to fix everything… now go run for president and fix everything.

  16. Roland Says:

    lol. Sure. Here is one story and this actually goes back to when it all started. Later on, in the 90’s, the Justice Department more and more “cracked down” on Lenders.

    http://query.nytimes.com/gst/fullpage.html?res=9504E7D61039F935A1575BC0A962958260

  17. anonymous Says:

    yes invisible hand, the community reinvestment act was a long time ago. and the clinton administration enacted changes for it. that was not a long time ago and it was a liberal administration.

    on the other hand, roland, it’s absolutely absurd for you to complain that someone else is using stereotypes. you use them in darn near every single entry.

    besides your gephardt comment doesn’t prove anything. mccain’s guy once said it would help them if we had another terrorist attack on american soil. it doesn’t mean he wants it to happen. i think very little of mccain lately (i used to like him an awful lot but he’s changed quite a bit), but i don’t think he wants another attack. i would probably get a lot closer to my daughter if her husband started beating her and she came to live with me, but i would NEVER want that to actually happen.

  18. Roland Says:

    Never said I was a huge McCain fan. Or huge Bush fan. I have ripped on both at times on my blog. In fact, when you get down to it, remember after 2004 when Bush said he had all this political capital and was going to use it? Well…we are still waiting George!

  19. anonymous Says:

    i didn’t mean to imply that you were a huge fan of either. i was just using an example of something that someone said that could be misconstrued. i’m sorry if i was unclear.

    and as for waiting for bush for this…don’t expect too much. he’s been a lot of things, but fiscally conservative ain’t one of them.

  20. Roland Says:

    agreed!

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