And they wanted change!!!!
This video clearly shows that George Bush warned
Congress starting in 2001, that this economic crisis was
coming, if something was not done. But Congress refused to
listen, along with the arrogant Congressman, Barney Frank.
This video says it all.
George Bush warned Congress and the American people no fewer than 21 times about the dangers posed by Fannie and Freddie Mac. It was even mentioned once in a State of the Union address. Congressional Democrats called Bush a racist because of these warnings!
ReplyDeleteI totally agree that all played a role and there is blame to go around. However, why wasn't something done in the first six years of Bush when he had almost complete control? He was in charge for eight years before it happened. I guess I'm sick of the people that like to remove the majority of blame from Bush on who's watch it happened
ReplyDeleteBarney Frank played a major part in the crisis, which began with the community reinvestment act under Carter, and greatly expanded under Clinton. Freddie Mac & Fannie Mae were created by the government to relieve banks of the loans they made to people who had no down payment & insufficient income, in order to comply with the CRA. Chris Dodd, who received the largest amount of contributions from Freddie & Fannie (second place- Obama), as head of the banking committee refused calls for greater oversight.(McCain and Bush are two, undoubtedly among many, who attempted to confront the issue, and were brushed aside, after 2006 when the Democrats gained control in Congress) Add to all this the greed on Wall Street, exceptionally low interest rates, and the mantra that everyone deserved to own a home whether they could afford it or not, and there’s a recipe for disaster. Should Bush have been more forceful toward regulation? Of course. So should Clinton, and the Congress.
ReplyDeleteI think we all agree that Bush should have done more but I do not agree that he deserves the majority of the blame. I think we need to recognize that 9/11 changed everything for him. The war on terror became the administrations central focus and many issues did not get the attention they needed. The left and its media cohorts were beating up Bush on the Iraq War that was going badly. We needed to win the war and to get into a bruising fight with the Democrats over the scandalous behavior of Fannie Mae and Freddie Mac ( yes I said scandalous) would have been a serious distraction the administration could not afford. Now we have an administration that is trying to solve at once all our problems (a few that are real and others that exist only in the minds of Democrats on the far left.) The video didn’t say it all but what it did say and show is irrefutable. Barney Frank and Chris Dodd have not been given their fair share of the blame. They exemplify the desperate need for congressional term limits.
ReplyDeleteExcellent reply Dick. I'm sure you are right about the distractions. Fixing the blame is not easy and Dodd and Frank are at the forefront of that terrible policy. However, someone that has the power to start a war on his own would surely have the power to head off this fiasco we see today. Maybe I spent too much time in the navy where the Capitan of the ship has the responsibility, power and prestige, but also takes the blame when things go wrong.
ReplyDeleteAmen to term limits and no special retirement and health care packages that are not available to those they chose to represent.
ReplyDeleteI could not agree more!
ReplyDeleteThe Clinton, Dodd, Frank, Raines, Gorelick, Waters, Obama (read ACORN) hypocrasy is so thick on this, you could cut it with a knife.