In 2003, "The Bush administration recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis" but, Democrats opposed the overhaul. ''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.'' -- Barney Frank (D - 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'' -- Melvin L. Watt (D - NC) SOURCE: New Agency Proposed to Oversee Freddie Mac and Fannie Mae http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63&sec=&spon=&pagewanted=print
Elections - 29 Answers
Random Answers, Critics, Comments, Opinions :
1
as you type your rubbish, my numbers dipped 2 points further.
2
Give it up, it's not in their genes. We know, history proves it unless they rewrite it. Love the new McCain ad with the words coming out of then President Clinton. Priceless!
3
McCain is the deregulation king! He said so himself. That 'ole maverick.
4
They won't, the answer to this mess is deregulation of the mortgage companies.
5
Didn't Barney Frank pocket millions and millions on the backs of these over inflated mortgages? No, the mess is the fact that banks and loan officers were forced to make subprime loans, people who could not afford to pay for a house now could through "creative" financin and the fact that people could not save. The mortgage crisis was the catalyst for the systematic failures we are witnessing today.
6
will the gop take responsibilty for destroying the economy by working exclusively on behalf of oil companies for the last 8 yrs.
7
Don't worry! once they are in office, they'll fix all the mess the Republicans caused. OBAMA 08
8
Never will, it is their sole responsibility and Barney Frank should be hanged in public.
9
When they actually cause a mortgage crisis. Wasn't the Republican party in charge of the house in 2003? So who really defeated the bill?
10
the funny this is that could come straight off obama's website and the koolaid drinkers would still say it was the republicans fault
11
2003 Washington was Controlled by Republicans so you want to point a finger at who guess there weren't many Republicans on the old Bush Band wagon now was there.and the others to Blame are the Morons that took the loans sub prime and arms buying houses you could not afford.then you got Bush Mr im on it like every crisis he gets that dumb look like he just got hit with the stupid stick.not that it happened on his Watch
12
Republicans were in charge of Congress in 2003. Good try though.
13
Never, they have never taken responsibility in their life. I think its funny that people try and blame the republicans considering that they are the minority in congress.
14
There is no such word as "responsibility" in NewSpeak. Time to reread "1984" before the Fahrenheit 451 squad comes in January to burn your library. (I believe the word was replaced entirely by the word, "Obey." It's a shorter word, and it replaces the antiquated notion of personal responsibility, a cumbersome problem too hard for us to understand.) C'ya in re-education camp.
15
They won't take responsibility. Just look at the founders of this whole mess: Barney Frank (doesn't admit he was apart of it), Chris Dodd (doesn't admit he was apart of it), That Black Guy (doesn't admit he was apart of it). So do you think any other liberal will admit their party had anything to do with it? Infact, I think they won't, and will blame republicans, and have for that matter. The logic of liberals does not put any responsibility on their shoulders, so they don't expect any, but when they do something, that does take responsibility, they will claim none of it. It's a very sheltered reality they live in, and every day more, they are more spoiled in their understanding of not taking responsibility. Even though they are all the more willing to take responsibility for something they did that was good, but when they do something that was bad, they totally shove the idea of being responsible in republicans face as if it were their fault.
16
Since when have Democrats in Congress taken responsibility for anything? This is why divided government sucks balls.
17
I actually saw one take credit for his mistake on tv yesterday but he is the only one i just hope the American people have seen this it is not in the media. The democrats have pushed this bailout bill thru like it was there favorite son's college fund. Why? Because the democrats are knee deep in Fannie Mae and Freddie Mac. Both of these funds are huge contributors to the democrats because of all the money flowing into them. The republicans spoke all day long in 2005 to regulate both of these funds but the democrats argued that these funds were rock solid and safe. I know I am preaching to the choir but if you speak to one of your friends maybe we can actually elect a true conservative in the white house. I feel Bush was one of the worst spenders we have ever seen and he angers me but we do not need another Bush in the White House and that is Obama. He will spend twice what Bush spent. At a time when the economy is falling we cannot afford to have Obama go in there and spend more money. Where the hell does he think he is going to get the money?
18
They never will. Who's forcing them to?! Obama's had two former Fannie Mac CEO's as advisers, he used ACORN to help influence banks to issue subprime loans, he had his buddies at Fannie Mac buying up any BS loan the banks could be pressured into issuing by ACORN. Obama's probably more culpable in this whole mess than anyone in gov't, and the Feds as a whole are responsible to a great degree in this mess. You won't hear this in the mainstream media though, and that coward McCain doesn't help matters. I was going to vote McCain as a vote against Obama, but I will now put aside my few differences with the platform and vote Libertarian. This whole bail-out situation makes me literally sick at my stomach. "For the first time in my adult life, I am" REALLY DAMNED DISSAPPOINTED "in my country!"
19
I think there's plenty of blame to go around, on both sides of the aisle. Yes republicans suggested a major overhaul, but they should have pushed harder. And on the democrat side, well, just look at how Obama cleaned up on Freddie and Fannie (second most campaign contributions, after Dodd). It's an ugly mess, and the sooner we clean it up, the better.
20
Good point... how many left wingers do you think will read facts and process them? I hope America wakes up! It's time to remove almost all of the current polititians in congress to make a point! Look at how much crud they tried to pass with that bailout plan... SICKENING.
21
I saw this coming 5 years ago because of the crooks that worked in the mortgage business. The problem we are in is because there was no regulation of the mortgage brokers and they screwed over the people. This is the fault of the Republicans. But when the financial markets became shaky, I think that someone with something to gain pulled the rug out and that is why we are seeing this now. Interesting that it is happening just in time to benefit Obama.
22
dont worry bro, change is coming to town. obama/biden
23
Wow - that's quite a rewriting of history. Li'l Bush was put in the White House to do just this - steal the largest amount of money in human history - $700,000,000,000! It's an old republican scam - McCain got his share of the easy S&L $$$MONEY$$$ when he was part of the Keating 5. Reagan set up the S&L Scandal in the early 1980's - Li'l Bushy set up this "sub prime" bank collapse in 2003. It was all part of republican lie called the "Ownership Society". Republicans have been pulling this scam for years now. How do you think Rich Folks get to be Rich Folks? But blame it on the Democrats if you can - it's the Karl Rove Way!
24
You need to do a little research for the blame game ,first Clinton left billions ,and the Dem have been in control for only 2 of the past 8 years ,this crap happened because no one was watching the people on wall street, no one can blame Dems or Rep,for this ,and if they do they are paying too much attention to the ratings getting media and not their own ears .
25
In 2003 the Republicans controlled both house of congress and the presidency, and Barney Frank was in the minority and one of 400 + members in the house. Had the democrats be in power the responsibility would have been theirs, but they were not. Most of the problem we now face happened in the mortgage markets that were not regulated by the government, and the Bush administration made no move to regulate them Why is it the Republican think teenage unwed mothers should take responsibility for their actions but will not take responsibility for their own. Barney wouldn't let me do it ranks with the dog ate my homework as an excuse
26
No one wants to take responsibility. We as a people, not a bickering party based country need to DEMAND more accountability from our leaders regardless of what party they are in. Even if you don't like the result of who is responsible, it would be good to be informed do that the next time crooks run for office you do not mistakenly cast your ballot for them.
27
Hmm... Okay the article mentions two congressmen wanting to write legislation. The quesion is what legislation did they write? Are they typical Republicans... point things out, but don't follow through? Also, many Republicans have been pointing to Clinton as the cause of this problem back in 1998 when he signed the Gramm-Leach-Bliley Act. The ironic thing about that piece of legislation was the bill was sponsored by 3 Republican Gramm, Leach and Bliley. If you look at the roll call, you will see that McCain voted Yes on the bill. However, another interesting thing is those crazy, liberal Democrats from California: Boxer and Feinstein both voted NO on the bill. Looks like those two liberal Democrats were correct for voting NO on the bill. McCain voted Yes. Why don't Republicans just admit their responsibility?
28
In 2003 The republicans were in power as far as the president, the senate and the house. Until the dems gained control back in 2006 GW didn't veto a thing except stem cell research. You need to stop watching Fox news. Do you ever wonder why Fox news is the only network that is telling you the truth? All the other media are liars and are liberal. Do you ever read foreign news where almost every country in the world tells the same lies? You keep watching Fox now and maybe the disney channel for all your facts. Stand your ground and what ever you do don't let anyone confuse you with the true facts
29
Three names...Barney Franks, Chris Dodd, Franklin Rains....all underhanded con artists and Democrats. They and their conies will take responsibility about the tenth of never. To take responsibility for this mess, and what led to it, could lead to jail time for them and their friends.
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