Congressional Democrats Bankrupted the Nation

"In April 2001, before the events of 9/11 and just after entering the White House, President Bush began signaling warnings to members of congress that both Fannie and Freddie were headed into deep treacherous waters which could cause “strong repercussions in financial markets.”

In early 2003, the Bush White House upgraded its warnings to “a systemic risk that could extend well beyond just the housing markets.”

On September 10, 2003, Bush Treasury Secretary John Snow testified in congress that something had to be done to confront the growing storm at Fannie and Freddie. Democrat Barney Frank, now Chairman of the House Financial Services Committee, reacted by saying “Fannie Mae and Freddie Mac are NOT in a crisis...” completely rejecting Bush administration calls for reform.

Frank went on to say that Fannie and Freddie should do even more to get low-income families into homes. “The more people, in my opinion, exaggerate the threat of safety and soundness, the more people conjure up the possibility of more serious financial losses to the treasury, which I do not see, I think we see entities that are fundamentally sound financially, and withstand some of the disaster scenarios, and even if there were a problem, the federal government doesn’t bail them out, but the more pressure there is there, then the less, I think we see, in affordable housing.” Said Democrat Frank

Congressional Democrats then killed the 2003 bill put forth by Republicans, intended to head off financial crisis."

http://canadafreepress.com/index.php/article/7992

 

And to think there are idiots who voted more of these political morons into office.

 

Worse than that. Too bad we don't have a code of ethics to remove them from office. Something simple like hey, "Now look what you've done can you please leave"

 

Misdeeds only count when you are a republican.

3/4 of obamas cabinet picks are tax cheats, the democrats are the party of institutionalized corruption and ignorance.

However, the msm is corrupt and the left so ignorant nobody cares.

 

jon wensing said:3/4 of obamas cabinet picks are tax cheats, the democrats are the party of institutionalized corruption and ignorance.

Have you a reference for that? Thanks

 

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I counted three. Did you jerks even pass arithmetic?

 

McCain should have made an issue of this.

 

Republicans were in full control of the executive branch, the legislative branch, and most of the Supreme Court and the justice system for 6 years.

...and they want to blame the dems for what happened when they were in full power.

Classic...

 

How could the Democrats kill off a 2003 bill when the GOP MAJORITY ran the Senate, you idiot???

This probably comes as a surprise to you, but Republican Chuck Hagel (Nebraska) introduced legislation via the Senate Banking Committee to strengthen and reform Federal oversight of Fannie, Freddie, and the FHLB way back in 2003.

His legislation was called the Federal Housing Enterprise Regulatory Reform Act.

http://www.swnebr.net/newspaper/cgi...rsion.pl?157683

Unfortunately, the Bill never came up for a vote in the Senate because there was not enough support by the GOP -run Senate.

Why no support from the GOP MAJORITY run Senate?

Because Freddie Mac secretly paid a REPUBLICAN consulting firm called "DCI" $2 million to spend an entire year to kill legislation that would have regulated the GSE's.

Hagel and 25 other Republican's pleaded with Senate Majority Leader, Bill Frist ( Tennessee ) to allow a vote, but Frist didn't see enough support for the vote and the measure died at the end of the 109th Congress.

http://www.journalstar.com/articles...b0996916427.txt

Interestingly enough, by the time that McCain signed onto Hagel's legislation as a co-sponsonor, the "DCI" effort to sabotage such legislation had already gone on for 9 months.

But leave it to jficquette to claim that the Democrats who were a minority killed off the 2003 bill to reform Freddie and Fannie.

Congratulations!
You have now shown yourself
to have zero brain cells.