Subject: How the Dems did it.



There is a whole lot of finger pointing going on in the world of politics this week. For those who just enjoy history or want to understand how or why we got to this point in financial chaos:

1938: Roosevelt got through a Democratically controlled Congress Fannie Mae.

1970: Freddie Mac was created by Democrats in Congress 57-43 Senate and 234-192 House.

1977: the Community Reinvestment Act was passed by the Democratic Congress (61-39 Senate and 292-143 House) and signed into law by Jimmy Carter. It encouraged banks and mortgage lenders to loan money for housing to people who would not otherwise qualify (with Freddie and Fannie backing same by taking the paper).

1995: President Clinton signed the executive order mandating lenders expand their lending for mortgages to sub-prime borrowers (that means people who would not qualify under any criteria in a sane world). Failure to do so would result in the lending institution not having access to federal funds or the quasi governmental Fannie and Freddie.

1999: Republican Senator Phil Gramm pushed through Congress deregulation laws (Gramm-Leach-Bliley Act) removing Depression era laws separating banking, insurance and brokerage activities. (a really stupid move) The vote in the Senate was 98-1-1. McCain was the one who did not vote, another republican was the lone no vote. Biden and Harry Reid, who are now saying it's all Bush's fault, voted for the bill. Even Obama this week places the blamed on Gramm, but fails to mention that his running mate voted for it, and Clinton signed it into law.

2003: President Bush tried to get congress to amend Fannie Mae and Freddie Mac rules to disallow loans to people who would not qualify under normal lending institution rules for making loans. In other words, rescind the Clinton Executive order which had by now become the rules of Freddie Mac and Fannie Mae. The Democrats in the Senate (48) used the threat of filibuster to kill the bill (got to have that magic 60 in the Senate to stop a filibuster).

2006: Greenspan testified before congress that Fannie Mae and Freddie Mac were both a house of cards and needed a lot more oversight and controls in case this country found itself in a recession in the future. That duty falls to the U.S. Senate Committee on Banking, Housing and Urban Affairs. Democrat Chris Dodd is Chairman. He wasn't thrilled with Greenspan's advice, because he was the number one campaign money receiver from Fannie and Freddie over the years. Obama was number 2, and he raked in his amount in just the past two years.

Every single piece of legislation the Republicans have put up to regulate the financial industry since 2000 has been killed in the Senate by Democrats.

95% of the homeowners are paying their monthly mortgage payments. It's those 5% that are facing foreclosure that will cost the taxpayers a trillion or so if the bailout goes through.
The nice thing about "History" is that it is based on verifiable facts.

I knew it! I knew there was more to you than dirty pictures and nasty comments. BRAVO !!! It looks like you and I are on the same page on this one Axil. You need to share this commentary with others who may not know the detailed history that you bring to light here. (Put this on You Tube.) WELL DONE...:)

I'm glad you appreciate it, but I didn't write it. My dad sent it to me (he's a good guy) so I just CTRL+C'd then CTRL+V'd it here for these liberals in denial to choke on.

And..Mr Obama's financial and economic advisor is..Franklin D. Raines ousted head of Fannie Mae

I'm gettin' down into the nitty-gritty of making a decision, so this is another interesting read for me. Thanks.

Suntan: You've not made a decision yet and you think the crap above is an "interesting read"? I hope by interesting you don't mean credible. If that's the case, you can find plenty of biased and baseless information on Fox News, they'll help you make a decision real quick.

Cloxboy: Right..I'm undecided. I like and respect things about them both. I dislike things about them both. I'm digging now and I like it like that. I'm on no one's bandwagon until I close that curtain. I watch Fox News..you bet...and you can bet again that I watch the other spin on CNN and lots of it. I read as much and watch as much as I can stomach and I gather information and examine it. There is some formation in this that I haven't seen before. The 95% of homeowners paying their mortgage and the 5% who are not.....is something I have heard...I believe on CNN...or maybe it was one of the debates and , now, I'm a homeowner struggling on my teacher salary, and so , you better believe that grabs my attention. I'm looking for lots of information, and I try to weed trough biased and baseless....and I don't make a decision real quick.