Andy
Well-Known Member
- Joined
- Jan 6, 2008
- Messages
- 3,497
The Democrats roll in the meltdown was far far less than the Republicans. There's always some blurring of the lines in politics so the Democrats of course could have complained more. But you have to look at the circumstances at the time. Bush & the Republicans had EVERYTHING locked up vote wise. There is such a thing as just letting a group implode. That's what finally happened.
Unproven myth thus far. You haven't submitted any proof the democrats did anything except complain.
I stand on two basic differences with you on this subject and it's not on... were there any Democrats that ever spoke highly of Fannie and Freddie, because of course there were. Right along with many Republicans.
Name them. I can name the democrats that both supported Fannie and Freddie, and protected them from regulators when they were cooking the books.
A) A mere 12% of all that bad paper was for low income mortgages. So to say that was the main problem is simply a lie.
I don't even see what this has to do with the topic at hand. A sub-prime loan does not specifically require low income. The income level itself isn't actually a very minor part. It has to do with reliability to repay, amount of debt already owed, and other factors.
Moreover, I have not heard that low-income was the main problem. The main problem was giving loans to people who couldn't pay. If I earn $30K/yr, and yet owe $60K, I can't pay another loan. Yet there are those that were offered loans because HUD, via the CRA, through the GSEs of Fannie and Freddie pushed for it.
B) The Republican deregulation machine hurt America and took away many different types of needed safeguards and they did this to help their friends and contributors in big business.
You have not been able to show the safe guards that are relevant to this topic, that were disabled. Specific bills or regulations, and the dates they happened would be nice.
I have, and will be more than happy to repeat the information on the regulations CLINTON signed, and the democrats supported, that are relevant.
C) When you spend almost your whole time in office building up $12 BILLION DOLLAR PER MONTH deficits on Nation Building... it eventually catches up with you.
The farm bill alone has spent more. Why are you worried about the tiny expense over there, and ignoring the massive 1.8 TRILLION Obama plans to spend in ONE YEAR?
Secondly... we can work together. Our country needs us to right now. We're in a whole lot of trouble that's been built up over the last few years. Let's try to get some good things done and see if that doesn't help.
Cool. Let's work together to stop Obama from blowing $150 Billion a month on already failed government programs. How about it?