To: peter michaelson who wrote (2544 ) 12/30/2016 10:11:11 AM From: John Vosilla Read Replies (1) | Respond to Who really caused the housing crisis? I report you decideTimeline shows Bush, McCain warning Dems of financial and housing crisis; meltdownyoutube.com some excellent counterpoint and rebuttal comments: NAP 10 months ago You are not a very bright Canadian if you point to Fox News for facts or fair and balanced reporting. Fox News has a long proud tradition of supporting the Republican brand while keeping it's viewers mislead, misinformed, angry and paranoid of the opposing party. This video is just one example. The 2008 Financial crisis was fueled by the thousands of Subprime mortgage lenders and "Shadow banking" who were not required to follow Federal rules, regulation or safeguards. There numbers grew from 2002 - 2006 to represent over 60% of housing sales in the US. Also, the lax oversight and regulation that generally go hand in hand with Republican rule. The Fannie-Mae and Freddie-Mac legislation passed in the House of Representatives, despite what this video imply's, but was never brought up for a vote in the Republican controlled Senate. It would have made no difference in any case because Fannie Mae and Freddie Mac did not, as a practice, deal in Subprime Mortgages which was the problem. Most any economist worth his salt will tell you that. Both party's have had their hand in the root causes of the financial crisis, but only one party was in total charge of the Presidency and both houses of congress while the abuses were taking place. Its the same party that was blaming and attacking Iraq for 9/11 while Iran was advancing it's Nuclear program, and the same party that made torture a matter of US policy. You can do better than this Canada.? ginger matich 1 year ago Yeah. Oops. As you know, the Republicans controlled the House, the Senate, and the Presidency, until January 2007. Their continued disregard for policing Wall St was the primary factor in the housing meltdown. As you know, Fannie Mae and Freddie Mac were LATECOMERS to the party, and participated AFTER the incestuous relationship between mortgage "graders" and Wall St took over. Please know your history BEFORE you fall prey to this bullshit. Otherwise, your opinions would be based on MISINFORMATION, and you'd be playing right into their hands. No one wants to be manipulated like that. . . . .do they?? Jim McCleary 7 months ago +ginger matich Incorrect and somewhat irrelevant... minority parties in Congress do have ability to block legislation unless the majority is filibuster proof, which occurred at no time during the Bush admin. The climate for Wall Street mischief was created under tightening of the CRA as well as repeal of Glass Steagall - under Clinton. Senate Dems blocked resulting oversight of Fannie and Freddie, during the Bush admin, while Democrat leaders were getting huge contributions from the same... like Barney Frank... it's all out there, google search it. There could've been more done under Bush but the conditions were created by the Clinton admin. Even Clinton himself acknowledged Democrats blocked Republican attempts at regulation. Ex: Federal Housing Enterprise Regulatory Reform Act of 2005 (S. 190) (bill introduced by Chuck Schumer). And get this... they blocked it because they opposed capping Fannie and Freddie's portfolios (exposure to risk). That was a big oops indeed. Pretty much how it went down was while Clinton was strengthening the CRA pressuring banks to issue bad loans, and people like Barack Obama was working with ACORN threatening lending institutions with lawsuits if they didn't make them... the banks said, what the hell and wrote the bad paper, because the fed would bail them out anyway
