<Fannie Mae and Freddie Mac were a minor problem<
Exactly.. When provided with "overwhelming evidence" that it was the Democrats that blocked the Bush White House's concerns about the GSE's, and their desire in tightening regulation on their secondary market loan oversight, with Mater Flip-Flop himself Bareny Frank (can we call him a Liar) claiming he was always against the Bush and Clinton Administration lax overview of the GSE's..
Didn't like those links I provided... Did you?
And just like clockwork and Oh! so predictable YOU now attempt to change the subject..
"Fannie Mae and Freddie Mac were a minor problem in a huge economic disaster."
LINK PLEASE?
Here is what Fannie Mae says about themselves.
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In 1970, Congress created Freddie Mac with a few important goals in mind:
Make sure that financial institutions have mortgage money to lendMake it easier for consumers to afford a decent house or apartmentStabilize residential mortgage markets in times of financial crisisTo fulfill this mission, Freddie Mac conducts business in the U.S. secondary mortgage market – meaning we do not originate loans – and works with a national network of mortgage lending customers. We have three business lines: a Single Family Credit Guarantee business for home loans; a Multifamily business for apartment financing; and an investment portfolio.
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A minor problem?? Really..
Here is an excerpt for a NY Times Article.
nytimes.com
Fannie Mae and Freddie Mac are so big — they own or guarantee roughly half of the nation’s $12 trillion mortgage market — that the thought that they might falter once seemed unimaginable. But now a trickle of worries about the companies, which has been slowly building for years, has suddenly become a torrent.
Virtually every home mortgage lender, from giants like Citigroup to the smallest local banks, relies on Fannie Mae and Freddie Mac to grease the wheels of the mortgage market. Virtually every Wall Street bank does business with them. And investors around the world own $5.2 trillion of the debt securities backed by the companies.
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Roughly Half... 6 Trillion Dollars.. Ah! That's a minor problem..
Have you always had this propensity to "just make stuff up" in an attempt to win an argument?
Let's see where Mr. Tejek takes us now.. On to another new subject no doubt.
< That's what the Bush administration and the Rs in Congress failed to monitor. And that's why the house of cards fell apart in 2007-2008.<
LOL!! So the Administration and the R's as you call them, monitored and attempted, but could not get the "D's" in Congress to legislate tougher oversight to reel in and regulate Government Sponsored Entities (GSE's) like Freddie Mac and Fanie Mae whose oversight is the direct responsibility of Congress. Which these two entities provided funding to the Banks that encompassed roughly HALF of the 12 Trillion in US Mortgage market. Which you characterize as a "minor problem".. But, now providing the Democrats which BLOCKED the Bush Administrations and the Republicans growing concerns over the financial dealings of the GSE's, and their desire to create tougher regulations over the GSE's, which the Democrats were too worried about their upcoming Congressional vacation to deal with.
Now instead, you want to blame Bush and the R's for not proposing to the same Congressional Democrats that the US should legislate tougher oversight on the public banking sector? A banking sector which relies on these GSE to "grease the wheels of the mortgage market" to purchase the banks loans in the secondary market. If there was a smaller more critical "secondary market" via the GSE's, then there would far fewer outlets for the Banks to sell these "toxic loans" to. If the Banks can't find buyers of "toxic loans" then they don't make them..
<Bush was the worst president in 100 years.<
Which Bush you talking about? If you are talking about George W, then I would probably agree with you. Although Carter was pretty bad.
Like I said.. I didn't vote for the guy.. I voted for Gore and Kerry.. Voted for Obama on the first go around.. Let's just say.. I became "disillusioned" by the corruption in the Administration and became a detractor of Obama long before it became fashionable. N ow, you have all these Johnny come lately like Michael Moore.
Like I say.. I always try to stay ahead of the masses, like those Pitchfork manufactures stocks, and my dual citizenship.
You see.. I don't tie myself to any mainstream ideology, either Right of Left. Many people will defend their ideology, and their political patriarchs no matter how bad their personal credibility suffers. They defend the indefensible, and will use lies, and deceit, along with the loss of their greatest asset of all, their personal integrity, to defend their political patriarchs.
My, personal integrity and credibility are not for sale at any price, sorry to see you have sold out yours for the sake of an argument.
What will your excuse be this time? You can't comprehend what was written? Youza instead of Wowza?
And so it goes,
PCSTEL |
