LOL @ Democrats:

[IntruderLS1]

Okay, after you get your laughs all settled because of the news service presenting the story, would anybody care to do a little homework and show me if any of this is untrue?

How has Barny Frank not been dragged out of office kicking and screaming yet? :24:

YouTube - Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown

 

[Codrus]

YouTube - "Banking Queen" - a Live Performance by Barney Frank

 

[MoonOwl]

How has Barny Frank not been dragged out of office kicking and screaming yet? :24:

That could apply to almost all politicians on both sides of the aisle. There are only about 6 worth keeping. Sadly, I won't hold my breath.

 

[Codrus]

6 ??, your being generous

 

[MoonOwl]

6 ??, your being generous

True. There are only 4 that I know of, but I was giving them all the benefit of the doubt. One for each side of the aisle.

 

[IntruderLS1]

Does this mean there is consensus that the story has it right?

 

[Tim]

Does this mean there is consensus that the story has it right?

Does this mean that you believe that the economic crisis we have today is a result of the GSEs (Fannie and Freddie) not being properly regulated? That if McCain and others were able to properly regulate these GSEs then we would be in a much better position today?

If this is the point you are trying to make, then you have me at a loss Scott. I always took you for someone that liked to get his facts right.
When this mess broke and everyone was looking for the answers, the reasons for the economic meltdown, it was extremely hard to find any good information. Both the Left and the Right were blaming each other yet neither side had any good information to base these accusations on. To get to the truth you needed to search completely outside the partisan bubble, you needed to go to the economists and it isn't easy to find credible ones that aren't beholden to one side or the other. But as time goes on more detailed information is sliding under the radar never making it to the mainstream media. And if you pay attention to this and keep up with it, you will see that the GSEs really didn't have much to do if anything with the financial mess we are in now.

But here's the thing: Fannie and Freddie had nothing to do with the explosion of high-risk lending a few years ago, an explosion that dwarfed the S.& L. fiasco. In fact, Fannie and Freddie, after growing rapidly in the 1990s, largely faded from the scene during the height of the housing bubble.
Partly that's because regulators, responding to accounting scandals at the companies, placed temporary restraints on both Fannie and Freddie that curtailed their lending just as housing prices were really taking off. Also, they didn't do any subprime lending, because they can't: the definition of a subprime loan is precisely a loan that doesn't meet the requirement, imposed by law, that Fannie and Freddie buy only mortgages issued to borrowers who made substantial down payments and carefully documented their income.
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source...

I'm not here trying to defend the GSEs, but you need to know the facts, because god knows I have been scouring every source of information I can find to get through the partisan bullshit to get to the facts. Because I don't care if this is a democrat or republican problem, I want to know how it all happened.



Holding the GSEs out as the only scapegoat in this mess is not only intellectual dishonesty, it's partisan bullshit.