What did either the democrats or republicans do to prevent the housing bubble?

[Truthmatters]

SEC Votes for Final Rules Defining How Banks Can Be Securities Brokers

Eight Years After Passage of the Gramm-Leach-Bliley Act, Key Provisions Will Now Be Implemented

FOR IMMEDIATE RELEASE
2007-190

Washington, D.C., Sept. 19, 2007 - Ending eight years of stalled negotiations and impasse, the Commission today voted to adopt, jointly with the Board of Governors of the Federal Reserve System (Board), new rules that will finally implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999. The Board will consider these final rules at its Sept. 24, 2007 meeting. The Commission and the Board consulted with and sought the concurrence of the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision.




read this and then understand that the BUSH team could have avoided this mess by simply implementing the entire bill including these protections.


INSTEAD Bush and team worked for YEARS to hold back these rules so the banks could do what they wanted to do.

they did


we got fucked

 

[Truthmatters]

zeke,

explain to all of us WHY the bush team worked to keep the broker rules from being implemented for 8 long years?


those were the very years this mess took place in.

WHY did they do that?

 

[edthecynic]

Let's remember that collapse started with Freddie Mac and Fannie Mae and the heads of the committed supposed to be overseeing them were Democrats Chris Dodd and Barney Frank this absolve Bush and the Republicans it just shows both blew it.

There is plenty of blame to go around, but when you have the money machine (the government) backing up al the bad loans, well what did anyone expect?

It was far left thinking (everyone deserves a home loan) that got us into the crisis.

..snip...

The meltdown was the consequence of a combination of the easy money and low interest rates engineered by the Federal Reserve and the easy housing engineered by a variety of government agencies and policies. Those agencies include the Department of Housing and Urban Development (HUD) and two nominally private “government-sponsored enterprises” (GSEs), Fannie Mae and Freddie Mac. The agencies — along with laws such as the Community Reinvestment Act (passed in the 1970s, then fortified in the Clinton years), which required banks to make loans to people with poor and nonexistent credit histories — made widespread homeownership a national goal. This all led to a home-buying frenzy and an explosion of subprime and other non-prime mortgages, which banks and GSEs bundled into dubious securities and peddled to investors worldwide. Hovering in the background was the knowledge that the federal government would bail out troubled “too-big-to-fail” financial corporations, including Fannie and Freddie.

Clinton?s Legacy: The Financial and Housing Meltdown - Reason.com

I love how the Right blames Clinton and Carter long after they are out of office but say you can't blame Bush for anything he did while in office from the very instant he left office, no from the instant the Dems won the election in 2006 before they even took office in 2007, but Clinton is to blame even during the time the GOP controlled Congress during Clinton's term.

To get a CRA loan you had to be QUALIFIED. Bush's Dec 2003 American Dream Downpayment Initiative (ADDI) is what changed the rules to allow no downpayment loans to people with bad credit for more than the house was worth and who were at least 20% below the standard for the neighborhood. It was Bush's ADDI that made loans available to unqualified buyers, not the CRA!!!! The CRA made loans available to QUALIFIED minorities, but to the racist Right, no minority is ever qualified for a loan, so therefore their claim that the CRA made loans to unqualified borrowers.

 

[Truthmatters]

Bush made SURE the banks had no broker rules for 8 years

 

[Truthmatters]

zeke will now run away

 

[zeke]

zeke,

explain to all of us WHY the bush team worked to keep the broker rules from being implemented for 8 long years?


those were the very years this mess took place in.

WHY did they do that?

Because the objective of the Republican party was to repeal the Glass Steagal Act of 1933.

Repubs made repeated efforts over the years to repeal this important piece of legislation.

And with Bill Clintons "help" they finally did it.


As to WHY Bush did nothing. He is/was a Republican. He wasn't gonna rain on their parade.

 

[zeke]

zeke will now run away

WTF you talking about?

 

[Care4all]

Bush Called For Reform of Fannie Mae & Freddie Mac 17 Times in 2008 Alone? Dems Ignored Warnings | The Gateway Pundit

FYI
The REPUBLICANS were lobbied and PAID OFF by Freddie Mac to NOT PASS Hagel's bill to reform Freddie mac and Fannie mae....

This is WHY bush did not get any reform done that he called for MeBelle....

This is not to say that there were no attempts to enact legislation that would have put some restrictions on how recklessly the GSEs would have been able to act. There were politicians who did try to act in the best interest of their constituents, but they were suppressed through many tactics used by lobbyists employed by both Fannie Mae and Freddie Mac.


For example, one freshly exposed lobbying scandal showed that, in 2005, Freddie Mac secretly paid a Republican consulting firm about $2 million to put an end to potential legislation that would have regulated Fannie Mae. The legislation, put forth by a Republican Senator, Chuck Hagel, would have overhauled the regulatory system currently in place.13 At the time, most Republican senators supported the bill. Unknown to Hagel and the senators who supported his plan, DCI, the consulting firm, was undermining his efforts by targeting and convincing various Republican senators to drop support for Hagel’s bill. In the end, there was not enough Republican support to warrant even bringing it to the floor for a vote, since Democrats were all against the bill due to the divisive politics that plagued, and continue to plague, Washington

Rampant Corruption Plagues Washington: Why Fannie and Freddie Are Not Completely to Blame for the Credit Crisis » Writing Program » Boston University

 

[Truthmatters]

zeke,

explain to all of us WHY the bush team worked to keep the broker rules from being implemented for 8 long years?


those were the very years this mess took place in.

WHY did they do that?

Because the objective of the Republican party was to repeal the Glass Steagal Act of 1933.

Repubs made repeated efforts over the years to repeal this important piece of legislation.

And with Bill Clintons "help" they finally did it.


As to WHY Bush did nothing. He is/was a Republican. He wasn't gonna rain on their parade.

So you claim that Clinton KNEW ahead of time when they nogociated the broker rules in the GLBact that the Bush admin would refuse to fully implement it?


GO GET YOUR PROOF

 

[blackhawk]

Let's remember that collapse started with Freddie Mac and Fannie Mae and the heads of the committed supposed to be overseeing them were Democrats Chris Dodd and Barney Frank this absolve Bush and the Republicans it just shows both blew it.

The MAJORITY Party controls the HEADS of the committees, Dodd and Frank were ranking Dems on the committee headed by the GOP. None of the "reform" bills got out of committee controlled by the GOP when all it would have taken was a Party line vote. The GOP killed all reform in committee while TALKING about reform, a typical GOP tactic, say one thing and do the opposite.

In a interview on CNBC six months before the Freddie and Fannie collapse Barney Frank claimed that both were on solid financial ground going foreword that's not exactly sounding a warning alarm as I said both sides of blame on this.

 

[martybegan]

zeke will now run away

WTF you talking about?

Ugh, Welcome to dealing with Truthasshole. Get some asprin ready.

 

[zeke]

zeke,

explain to all of us WHY the bush team worked to keep the broker rules from being implemented for 8 long years?


those were the very years this mess took place in.

WHY did they do that?

Because the objective of the Republican party was to repeal the Glass Steagal Act of 1933.

Repubs made repeated efforts over the years to repeal this important piece of legislation.

And with Bill Clintons "help" they finally did it.


As to WHY Bush did nothing. He is/was a Republican. He wasn't gonna rain on their parade.

So you claim that Clinton KNEW ahead of time when they nogociated the broker rules in the GLBact that the Bush admin would refuse to fully implement it?


GO GET YOUR PROOF

Proof of what? That Clinton signed the legislation mentioned? That's easy. Try using Google. He definitely signed that legislation into law.

Did Bush KNOW he wasn't going to fully implement all provisions in the law. I have no fucking idea. And neither do you.

But I will say that Bush figured out he wasn't gonna do anything to jeopardize the fact that his big supporters in the banking and investment houses were making a KILLING.

You all have no idea how much money was being made during this period.

But what was the running away comment all about?

 

[Truthmatters]

I gave you a question.

QUIT dishonestly pretending you don't understand the question

 

[Kosh]

Because the objective of the Republican party was to repeal the Glass Steagal Act of 1933.

Repubs made repeated efforts over the years to repeal this important piece of legislation.

And with Bill Clintons "help" they finally did it.


As to WHY Bush did nothing. He is/was a Republican. He wasn't gonna rain on their parade.

So you claim that Clinton KNEW ahead of time when they nogociated the broker rules in the GLBact that the Bush admin would refuse to fully implement it?


GO GET YOUR PROOF

Proof of what? That Clinton signed the legislation mentioned? That's easy. Try using Google. He definitely signed that legislation into law.

Did Bush KNOW he wasn't going to fully implement all provisions in the law. I have no fucking idea. And neither do you.

But I will say that Bush figured out he wasn't gonna do anything to jeopardize the fact that his big supporters in the banking and investment houses were making a KILLING.

You all have no idea how much money was being made during this period.

But what was the running away comment all about?

That has the stench of the far left Obama drone in it.

 

[Truthmatters]

you claim that Clinton KNEW ahead of time when they negociated the broker rules in the GLBact that the Bush admin would refuse to fully implement it?


GO GET YOUR PROOF


you claim Clinton knew bush would refuse to implement the protections Clinton negociated into the GLBact.

That is the ONLY way to get to the shit you claimed.

PROVE IT WITH FACTS

 

[Truthmatters]

WHY did the Bush team hold back the broker rules in GLB act for 8 long years?


so the banks would NOT have to comply with the LAWS the government passed

 

[zeke]

By God marty, you finally said something I agree with.

Truthmatters not a bit with this dumb bitch.

How the hell could anyone provide an answer to a question that makes no sense.

And how the hell would I know what Bill Clinton knew or thought he knew about what George Bush would do with the legislation he (Clinton) signed.

Just the idea that this is an answerable question makes you truthmatters, look like a fool.

Don't have much time for stupidity this AM. Can you try and do better?

 

[Truthmatters]

SEC Votes for Final Rules Defining How Banks Can Be Securities Brokers

Eight Years After Passage of the Gramm-Leach-Bliley Act, Key Provisions Will Now Be Implemented

FOR IMMEDIATE RELEASE
2007-190

Washington, D.C., Sept. 19, 2007 - Ending eight years of stalled negotiations and impasse, the Commission today voted to adopt, jointly with the Board of Governors of the Federal Reserve System (Board), new rules that will finally implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999. The Board will consider these final rules at its Sept. 24, 2007 meeting. The Commission and the Board consulted with and sought the concurrence of the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision.




read this and then understand that the BUSH team could have avoided this mess by simply implementing the entire bill including these protections.


INSTEAD Bush and team worked for YEARS to hold back these rules so the banks could do what they wanted to do.

they did


we got fucked

why did your right wing republicans do this?

 

[zeke]

you claim that Clinton KNEW ahead of time when they negociated the broker rules in the GLBact that the Bush admin would refuse to fully implement it?


GO GET YOUR PROOF


you claim Clinton knew bush would refuse to implement the protections Clinton negociated into the GLBact.

That is the ONLY way to get to the shit you claimed.

PROVE IT WITH FACTS

Guess what truthy, YOU are a fucking liar. Post up my comment showing I said what you claimed I said.

Or shut the fuck up.

 

[martybegan]

By God marty, you finally said something I agree with.

Truthmatters not a bit with this dumb bitch.

How the hell could anyone provide an answer to a question that makes no sense.

And how the hell would I know what Bill Clinton knew or thought he knew about what George Bush would do with the legislation he (Clinton) signed.

Just the idea that this is an answerable question makes you truthmatters, look like a fool.

Don't have much time for stupidity this AM. Can you try and do better?

I keep forgetting TM's been off the board for a while, and some people are not familiar with her particular flavor of stupidity.