Obama blames "structural" flaw of Congress

[LordBrownTrout]

No this has been the opinion of the left for quite sometime. Again Obama isn't totally wrong here.

Grow up.

The northeast is a democrat congregation and they have elected democrats in the senate and the house. Basically, O is upset that he can't ram legislation through.

Welcome to every president ever....did you know water is also wet?

I had no idea. Thanks for the tip.

 

[The T]

Of course this is par for the course for O, pontificating on absurd postulations that have no basis in reality.

What to expect from a man that had everything handed to him on a platter and never worked in the real world? Hung out with subversive Communists? Had parents/grandparents that where Commies?

 

[The T]

The northeast is a democrat congregation and they have elected democrats in the senate and the house. Basically, O is upset that he can't ram legislation through.

Welcome to every president ever....did you know water is also wet?

I had no idea. Thanks for the tip.

 

[blackhawk]

So no one informed Obama before he ran for President that if elected he would not get everything he wanted and would actually have to work with Congress?

 

[Plasmaball]

The northeast is a democrat congregation and they have elected democrats in the senate and the house. Basically, O is upset that he can't ram legislation through.

Welcome to every president ever....did you know water is also wet?

I had no idea. Thanks for the tip.

Im here to help...

 

[Chris]

I prefer the Declaration of Independence to the Constitution.

"We hold these truths to be self evident, that all men are created equal."

Everyone's vote should count equally.

A vote in Alaska should not be 40 times more powerful in the U.S. Senate than a vote in California.

8 swing states should not decide every presidential election.

Abolish the electoral college, abolish the U.S. Senate, and make the House districts geographic instead of gerrymandered.

 

[LordBrownTrout]

I prefer the Declaration of Independence to the Constitution.

"We hold these truths to be self evident, that all men are created equal."

Everyone's vote should count equally.

A vote in Alaska should not be 40 times more powerful in the U.S. Senate than a vote in California.

8 swing states should not decide every presidential election.

Abolish the electoral college, abolish the U.S. Senate, and make the House districts geographic instead of gerrymandered.

Say what? You're always yearning and weeping for scandinavian utopias.

 

[percysunshine]

Obama blames "structural" flaw of Congress

"Houston. This is Santa Claus. We have a problem. The rain deer called the SPCA, and the elves formed a union of little people. How can I deliver the gifts if Federal Express never returns my calls? "

 

[Chris]

I prefer the Declaration of Independence to the Constitution.

"We hold these truths to be self evident, that all men are created equal."

Everyone's vote should count equally.

A vote in Alaska should not be 40 times more powerful in the U.S. Senate than a vote in California.

8 swing states should not decide every presidential election.

Abolish the electoral college, abolish the U.S. Senate, and make the House districts geographic instead of gerrymandered.

Say what? You're always yearning and weeping for scandinavian utopias.

Personal insults are not convincing arguments.

It's pretty obvious that some countries are run better than ours.

Why?

Our system is flawed.

 

[Chris]

So no one informed Obama before he ran for President that if elected he would not get everything he wanted and would actually have to work with Congress?

First George W. Bush's SEC let Wall Street run a derivatives based Ponzi scheme that destroyed the world economy in 2008.

Then Republicans on the Supreme Court voted to allow unlimited secret campaign contributions in the Citizens United decision.

Then Republicans in Congress voted against infrastructure spending that would have lowered unemployment.

Then Republicans in the House shut down the government and threatened the country with default.

Why would anyone vote for a party that hates government and continually tries to damage our country?

 

[LordBrownTrout]

I prefer the Declaration of Independence to the Constitution.

"We hold these truths to be self evident, that all men are created equal."

Everyone's vote should count equally.

A vote in Alaska should not be 40 times more powerful in the U.S. Senate than a vote in California.

8 swing states should not decide every presidential election.

Abolish the electoral college, abolish the U.S. Senate, and make the House districts geographic instead of gerrymandered.

Say what? You're always yearning and weeping for scandinavian utopias.

Personal insults are not convincing arguments.

It's pretty obvious that some countries are run better than ours.

Why?

Our system is flawed.

That wasn't and insult, just an observation from your many loving posts on denmark and sweden. The reason its not being run in an efficient manner is because of the worthless politicians that we elect to safeguard it.

 

[Chris]

Say what? You're always yearning and weeping for scandinavian utopias.

Personal insults are not convincing arguments.

It's pretty obvious that some countries are run better than ours.

Why?

Our system is flawed.

That wasn't and insult, just an observation from your many loving posts on denmark and sweden. The reason its not being run in an efficient manner is because of the worthless politicians that we elect to safeguard it.

No, it's because the system if flawed.

Canada does not allow any corporate campaign contributions. As a result they have universal healthcare, gay marriage, sensible gun laws, and a well regulated banking system. In fact since 1790 the United States has had 16 banking system failures, Canada has had 0.

Now Republicans on the Supreme Court have voted to allow unlimited secret campaign contributions. This basically means legalized secret bribes.

Are the Canadians smarter than us? Yes.

 

[depotoo]

So no one informed Obama before he ran for President that if elected he would not get everything he wanted and would actually have to work with Congress?

First George W. Bush's SEC let Wall Street run a derivatives based Ponzi scheme that destroyed the world economy in 2008.

Then Republicans on the Supreme Court voted to allow unlimited secret campaign contributions in the Citizens United decision.

Then Republicans in Congress voted against infrastructure spending that would have lowered unemployment.

Then Republicans in the House shut down the government and threatened the country with default.

Why would anyone vote for a party that hates government and continually tries to damage our country?

You are seriously one blind dude. Stimulus spending ring a bell? $787 billion dollars worth? Those shovel ready infrastructure jobs?
Fannie, freddie?

 

[depotoo]

Over the past six years, the President and his Administration have not only warned of the systemic consequences of failure to reform GSEs but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.* In fact, it was Congress that flatly rejected President Bush's call more than five years ago to reform the GSEs.* Over the years, the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems with the GSEs.2001April:*The Administration's*FY02 budget*declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."* (2002 Budget Analytic Perspectives, pg. 142)2002May: The Office of Management and Budget (OMB)*calls for the disclosure and corporate governance principles contained in the President's 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac.* (OMB Prompt Letter to OFHEO, 5/29/02)2003February: The Office of Federal Housing Enterprise Oversight (OFHEO)*releases a report explaining that unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market.*September: Then-Treasury Secretary John Snow*testifies before the House Financial Services Committee to recommend that Congress enact "legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises" and set prudent and appropriate minimum capital adequacy requirements.September: Then-House Financial Services Committee Ranking Member Barney Frank (D-MA)*strongly disagrees with the Administration's assessment, saying "these two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis … The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."* (Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae,"*The New York Times, 9/11/03)**October: Senator Thomas Carper (D-DE)*refuses to acknowledge any necessity for GSE reforms, saying "if it ain't broke, don't fix it." *(Sen. Carper, Hearing of Senate Committee on Banking, Housing, and Urban Affairs, 10/16/03)November: Then-Council of the Economic Advisers (CEA) Chairman Greg Mankiwexplains that any "legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk."* To reduce the potential for systemic instability, the regulator would have "broad authority to set both risk-based and minimum capital standards" and "receivership powers necessary to wind down the affairs of a troubled GSE."* (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)2004February: The President's FY05 Budget*again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital and calls for creation of a new, world-class regulator:* "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore … should be replaced with a new strengthened regulator."* (2005 Budget Analytic Perspectives, pg. 83)February: Then-CEA Chairman Mankiw*cautions Congress to "not take [the financial market's] strength for granted."* Again, the call from the Administration was to reduce this risk by "ensuring that the housing GSEs are overseen by an effective regulator."* (N. Gregory Mankiw, Op-Ed, "Keeping Fannie And Freddie's House In Order,"*Financial Times, 2/24/04)April: Rep. Frank*ignores the warnings, accusing the Administration of creating an "artificial issue."* At a speech to the Mortgage Bankers Association conference, Rep. Frank said "people tend to pay their mortgages. *I don't think we are in any remote danger here. *This focus on receivership, I think, is intended to create fears that aren't there."* ("Frank: GSE Failure A Phony Issue,"*American Banker, 4/21/04)June: Then-Treasury Deputy Secretary Samuel Bodman*spotlights the risk posed by the GSEs and calls for reform, saying "We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system.* Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs:* Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System."**(Samuel Bodman,*House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)2005April: Then-Secretary Snow*repeats his call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America … Half-measures will only exacerbate the risks to our financial system."* (Secretary John W. Snow, "Testimony Before The U.S. House Financial Services Committee," 4/13/05)July: Then-Minority Leader Harry Reid*rejects legislation reforming GSEs, "while I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process." ("Dems Rip New Fannie Mae Regulatory Measure,"*United Press International, 7/28/05)2007August: President Bush*emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. *Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." *(President George W. Bush, Press Conference, the White House, 8/9/07)August: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd*ignores the President's warnings and calls on him to "immediately reconsider his ill-advised" position.* (Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze Is Rejected, As Critics Complain Of Opportunism,"*The New York Times, 8/11/07)December: President Bush*again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. *So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. *The GSE reform bill passed by the House earlier this year is a good start. *But the Senate has not acted. *And the United States Senate needs to pass this legislation soon." *(President George W. Bush, Discusses Housing, the White House, 12/6/07)2008February: Assistant Treasury Secretary David Nason*reiterates the urgency of reforms, saying "A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully."* (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)March: President Bush*calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. *They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages."* (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)April: President Bush*urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac. *[There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes."* (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)May: President Bush*issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.*"Americans are concerned about making their mortgage payments and keeping their homes. *Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow state housing agencies to issue tax-free bonds to refinance sub-prime loans."* (President George W. Bush, Radio Address, 5/3/08)"[T]he government ought to be helping creditworthy people stay in their homes. *And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. *That reform will come with a strong, independent regulator."* (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)"Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans."* (President George W. Bush, Radio Address, 5/31/08)June:*As foreclosure rates continued to rise in the first quarter,*the President*once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac."* (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)July:*Congress heeds the President's call for action and passes reform legislation for Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.September:*Democrats in Congress forget their previous objections to GSE reforms, as*Senator Dodd*questions "why weren't we doing more, why did we wait almost a year before there were any significant steps taken to try to deal with this problem? … I have a lot of questions about where was the administration over the last eight years." *(Dawn Kopecki, "Fannie Mae, Freddie 'House Of Cards' Prompts Takeover,"Bloomberg, 9/9/08)

[ame=http://youtube.com/watch?v=BzCG80Wz4mg]Democrats Blocking Fannie Mae and Freddie Mac Reform - YouTube[/ame]
just one reminder for ya, and there are more where that came from.

 

[blackhawk]

So no one informed Obama before he ran for President that if elected he would not get everything he wanted and would actually have to work with Congress?

First George W. Bush's SEC let Wall Street run a derivatives based Ponzi scheme that destroyed the world economy in 2008.

Then Republicans on the Supreme Court voted to allow unlimited secret campaign contributions in the Citizens United decision.

Then Republicans in Congress voted against infrastructure spending that would have lowered unemployment.

Then Republicans in the House shut down the government and threatened the country with default.

Why would anyone vote for a party that hates government and continually tries to damage our country?

You need some new material zippy this is all old, stale, and boring far left talking points get back to us if you ever come up with something original.

 

[LordBrownTrout]

Personal insults are not convincing arguments.

It's pretty obvious that some countries are run better than ours.

Why?

Our system is flawed.

That wasn't and insult, just an observation from your many loving posts on denmark and sweden. The reason its not being run in an efficient manner is because of the worthless politicians that we elect to safeguard it.

No, it's because the system if flawed.

Canada does not allow any corporate campaign contributions. As a result they have universal healthcare, gay marriage, sensible gun laws, and a well regulated banking system. In fact since 1790 the United States has had 16 banking system failures, Canada has had 0.

Now Republicans on the Supreme Court have voted to allow unlimited secret campaign contributions. This basically means legalized secret bribes.

Are the Canadians smarter than us? Yes.

The canadian healthcare system? I know you're serious. That's the hilarious part. We have gun laws, many of which infringe on the second. Our serious banking problems have occurred from the fed tinkering around and creating bubbles that produce unintended consequences. You're wrong. The politicians have continually screwed this country. If they were to follow the constitution we wouldn't be in the shape that we're in.

 

[AvgGuyIA]

Over the past six years, the President and his Administration have not only warned of the systemic consequences of failure to reform GSEs but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.* In fact, it was Congress that flatly rejected President Bush's call more than five years ago to reform the GSEs.* Over the years, the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems with the GSEs.2001April:*The Administration's*FY02 budget*declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."* (2002 Budget Analytic Perspectives, pg. 142)2002May: The Office of Management and Budget (OMB)*calls for the disclosure and corporate governance principles contained in the President's 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac.* (OMB Prompt Letter to OFHEO, 5/29/02)2003February: The Office of Federal Housing Enterprise Oversight (OFHEO)*releases a report explaining that unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market.*September: Then-Treasury Secretary John Snow*testifies before the House Financial Services Committee to recommend that Congress enact "legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises" and set prudent and appropriate minimum capital adequacy requirements.September: Then-House Financial Services Committee Ranking Member Barney Frank (D-MA)*strongly disagrees with the Administration's assessment, saying "these two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis … The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."* (Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae,"*The New York Times, 9/11/03)**October: Senator Thomas Carper (D-DE)*refuses to acknowledge any necessity for GSE reforms, saying "if it ain't broke, don't fix it." *(Sen. Carper, Hearing of Senate Committee on Banking, Housing, and Urban Affairs, 10/16/03)November: Then-Council of the Economic Advisers (CEA) Chairman Greg Mankiwexplains that any "legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk."* To reduce the potential for systemic instability, the regulator would have "broad authority to set both risk-based and minimum capital standards" and "receivership powers necessary to wind down the affairs of a troubled GSE."* (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)2004February: The President's FY05 Budget*again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital and calls for creation of a new, world-class regulator:* "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore … should be replaced with a new strengthened regulator."* (2005 Budget Analytic Perspectives, pg. 83)February: Then-CEA Chairman Mankiw*cautions Congress to "not take [the financial market's] strength for granted."* Again, the call from the Administration was to reduce this risk by "ensuring that the housing GSEs are overseen by an effective regulator."* (N. Gregory Mankiw, Op-Ed, "Keeping Fannie And Freddie's House In Order,"*Financial Times, 2/24/04)April: Rep. Frank*ignores the warnings, accusing the Administration of creating an "artificial issue."* At a speech to the Mortgage Bankers Association conference, Rep. Frank said "people tend to pay their mortgages. *I don't think we are in any remote danger here. *This focus on receivership, I think, is intended to create fears that aren't there."* ("Frank: GSE Failure A Phony Issue,"*American Banker, 4/21/04)June: Then-Treasury Deputy Secretary Samuel Bodman*spotlights the risk posed by the GSEs and calls for reform, saying "We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system.* Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs:* Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System."**(Samuel Bodman,*House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)2005April: Then-Secretary Snow*repeats his call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America … Half-measures will only exacerbate the risks to our financial system."* (Secretary John W. Snow, "Testimony Before The U.S. House Financial Services Committee," 4/13/05)July: Then-Minority Leader Harry Reid*rejects legislation reforming GSEs, "while I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process." ("Dems Rip New Fannie Mae Regulatory Measure,"*United Press International, 7/28/05)2007August: President Bush*emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. *Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." *(President George W. Bush, Press Conference, the White House, 8/9/07)August: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd*ignores the President's warnings and calls on him to "immediately reconsider his ill-advised" position.* (Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze Is Rejected, As Critics Complain Of Opportunism,"*The New York Times, 8/11/07)December: President Bush*again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. *So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. *The GSE reform bill passed by the House earlier this year is a good start. *But the Senate has not acted. *And the United States Senate needs to pass this legislation soon." *(President George W. Bush, Discusses Housing, the White House, 12/6/07)2008February: Assistant Treasury Secretary David Nason*reiterates the urgency of reforms, saying "A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully."* (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)March: President Bush*calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. *They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages."* (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)April: President Bush*urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac. *[There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes."* (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)May: President Bush*issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.*"Americans are concerned about making their mortgage payments and keeping their homes. *Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow state housing agencies to issue tax-free bonds to refinance sub-prime loans."* (President George W. Bush, Radio Address, 5/3/08)"[T]he government ought to be helping creditworthy people stay in their homes. *And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. *That reform will come with a strong, independent regulator."* (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)"Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans."* (President George W. Bush, Radio Address, 5/31/08)June:*As foreclosure rates continued to rise in the first quarter,*the President*once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac."* (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)July:*Congress heeds the President's call for action and passes reform legislation for Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.September:*Democrats in Congress forget their previous objections to GSE reforms, as*Senator Dodd*questions "why weren't we doing more, why did we wait almost a year before there were any significant steps taken to try to deal with this problem? … I have a lot of questions about where was the administration over the last eight years." *(Dawn Kopecki, "Fannie Mae, Freddie 'House Of Cards' Prompts Takeover,"Bloomberg, 9/9/08)

Democrats Blocking Fannie Mae and Freddie Mac Reform - YouTube
just one reminder for ya, and there are more where that came from.

Paragraphs?

 

[depotoo]

Over the past six years, the President and his Administration have not only warned of the systemic consequences of failure to reform GSEs but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.* In fact, it was Congress that flatly rejected President Bush's call more than five years ago to reform the GSEs.* Over the years, the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems with the GSEs.2001April:*The Administration's*FY02 budget*declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."* (2002 Budget Analytic Perspectives, pg. 142)2002May: The Office of Management and Budget (OMB)*calls for the disclosure and corporate governance principles contained in the President's 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac.* (OMB Prompt Letter to OFHEO, 5/29/02)2003February: The Office of Federal Housing Enterprise Oversight (OFHEO)*releases a report explaining that unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market.*September: Then-Treasury Secretary John Snow*testifies before the House Financial Services Committee to recommend that Congress enact "legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises" and set prudent and appropriate minimum capital adequacy requirements.September: Then-House Financial Services Committee Ranking Member Barney Frank (D-MA)*strongly disagrees with the Administration's assessment, saying "these two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis … The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."* (Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae,"*The New York Times, 9/11/03)**October: Senator Thomas Carper (D-DE)*refuses to acknowledge any necessity for GSE reforms, saying "if it ain't broke, don't fix it." *(Sen. Carper, Hearing of Senate Committee on Banking, Housing, and Urban Affairs, 10/16/03)November: Then-Council of the Economic Advisers (CEA) Chairman Greg Mankiwexplains that any "legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk."* To reduce the potential for systemic instability, the regulator would have "broad authority to set both risk-based and minimum capital standards" and "receivership powers necessary to wind down the affairs of a troubled GSE."* (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)2004February: The President's FY05 Budget*again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital and calls for creation of a new, world-class regulator:* "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore … should be replaced with a new strengthened regulator."* (2005 Budget Analytic Perspectives, pg. 83)February: Then-CEA Chairman Mankiw*cautions Congress to "not take [the financial market's] strength for granted."* Again, the call from the Administration was to reduce this risk by "ensuring that the housing GSEs are overseen by an effective regulator."* (N. Gregory Mankiw, Op-Ed, "Keeping Fannie And Freddie's House In Order,"*Financial Times, 2/24/04)April: Rep. Frank*ignores the warnings, accusing the Administration of creating an "artificial issue."* At a speech to the Mortgage Bankers Association conference, Rep. Frank said "people tend to pay their mortgages. *I don't think we are in any remote danger here. *This focus on receivership, I think, is intended to create fears that aren't there."* ("Frank: GSE Failure A Phony Issue,"*American Banker, 4/21/04)June: Then-Treasury Deputy Secretary Samuel Bodman*spotlights the risk posed by the GSEs and calls for reform, saying "We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system.* Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs:* Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System."**(Samuel Bodman,*House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)2005April: Then-Secretary Snow*repeats his call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America … Half-measures will only exacerbate the risks to our financial system."* (Secretary John W. Snow, "Testimony Before The U.S. House Financial Services Committee," 4/13/05)July: Then-Minority Leader Harry Reid*rejects legislation reforming GSEs, "while I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process." ("Dems Rip New Fannie Mae Regulatory Measure,"*United Press International, 7/28/05)2007August: President Bush*emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. *Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." *(President George W. Bush, Press Conference, the White House, 8/9/07)August: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd*ignores the President's warnings and calls on him to "immediately reconsider his ill-advised" position.* (Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze Is Rejected, As Critics Complain Of Opportunism,"*The New York Times, 8/11/07)December: President Bush*again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. *So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. *The GSE reform bill passed by the House earlier this year is a good start. *But the Senate has not acted. *And the United States Senate needs to pass this legislation soon." *(President George W. Bush, Discusses Housing, the White House, 12/6/07)2008February: Assistant Treasury Secretary David Nason*reiterates the urgency of reforms, saying "A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully."* (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)March: President Bush*calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. *They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages."* (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)April: President Bush*urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac. *[There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes."* (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)May: President Bush*issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.*"Americans are concerned about making their mortgage payments and keeping their homes. *Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow state housing agencies to issue tax-free bonds to refinance sub-prime loans."* (President George W. Bush, Radio Address, 5/3/08)"[T]he government ought to be helping creditworthy people stay in their homes. *And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. *That reform will come with a strong, independent regulator."* (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)"Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans."* (President George W. Bush, Radio Address, 5/31/08)June:*As foreclosure rates continued to rise in the first quarter,*the President*once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac."* (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)July:*Congress heeds the President's call for action and passes reform legislation for Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.September:*Democrats in Congress forget their previous objections to GSE reforms, as*Senator Dodd*questions "why weren't we doing more, why did we wait almost a year before there were any significant steps taken to try to deal with this problem? … I have a lot of questions about where was the administration over the last eight years." *(Dawn Kopecki, "Fannie Mae, Freddie 'House Of Cards' Prompts Takeover,"Bloomberg, 9/9/08)

Democrats Blocking Fannie Mae and Freddie Mac Reform - YouTube
just one reminder for ya, and there are more where that came from.

Paragraphs?

Unfortunately it lost its formatting.

 

[norwegen]

Equal representation of the states was one of the innovations of the US Constitution, modeled after Connecticut's constitution. That along with a higher age requirement and longer terms for senators would allow the Senate “to proceed with more coolness, with more system, and with more wisdom than the popular branch” (James Madison).

Passion rules popular government while reason rules constitutional government, which is the reason that the people were not allowed to participate in the selection of senators. But enter the Progressive Era and a punctuated divestment of the United States and its constitutional principles.

 

[jon_berzerk]

Equal representation of the states was one of the innovations of the US Constitution, modeled after Connecticut's constitution. That along with a higher age requirement and longer terms for senators would allow the Senate “to proceed with more coolness, with more system, and with more wisdom than the popular branch” (James Madison).

Passion rules popular government while reason rules constitutional government, which is the reason that the people were not allowed to participate in the selection of senators. But enter the Progressive Era and a punctuated divestment of the United States from its constitutional principles.

people were not allowed to participate in the selection of senators

they were to the extent that they voted for those in the state seats that

then voted to elect the senators to represent the state

we should get back on that track posthaste