How is this recession Dems' fault?

~~If you argue that CRA (Community Reinvestment Act)

FACT: 50% of subprime loans were made by mortgage service companies not subject comprehensive federal supervision and another 30% were made by affiliates of banks.

@@If you argue that Bush said to protect Fannie and Freddie but Dems didn't listen:

FACT: Dems did listen and Republican Richard Baker's 2005 Federal Housing Finance Reform Act which would help regulate Fannie and Freddie: PASSED by House but NOT PASSED by a Republican-controlled senate:

##If you argue that McCain said something in 2006:

FACT: two years ago McCain was speaking of the INTERNAL ACCOUNTING scandals in Fannie Mae and Freddie Mac, NOT the loose lending practices. And McCain told a New Hampshire paper in late 2007 "I'd like to tell that I did anticipate it, but I have to give you straight talk, I did not."

$$If you argue that Barney Frank didn't do anything:

FACT: Barney did as he pushed his 2007 Federal Housing Finance Reform Act which would help regulate Fannie and Freddie: PASSED by House but NOT PASSED by a Republican-controlled senate:

If you argue that Dodd/Obama/Hilary took money out of Fannie and Freddie:

FACT: McCain's $169,000 from Fannie AND Freddie directors and officers and lobbyist compare to Obama's $16,000 (EVEN you put individuals from Fannie AND Freddie for Obama: $105,849…Obama still has less than McCain):

Aquiles Suarez=, listed as an economic adviser to the McCain campaign in a July 2007 McCain press release, was formerly the director of government and industry relations for Fannie Mae. The Senate Lobbying Database says Suarez oversaw the lending giant's $47,510,000 lobbying campaign from 2003 to 2006

In addition, Politico reports that at least 20 McCain fundraisers have lobbied for Fannie Mae and Freddie Mac, pocketing at least $12.3 million over the last nine years.

13 Answers

  • Anonymous
    1 decade ago
    Favorite Answer

    it's no ones fault but how they handle it will be their fault. raising taxes is not the way to handle it. tax CUTS increase revenues.

    Source(s): Barry is LOUSY!
  • 1 decade ago

    Put what ever spin you want on the argument. But, in the end, Dems were responsible for the overseeing of the Freddie Mac/Fanny Mae situations. Did little to avoid the current situation we are in as their campaign donations for lobbying support were too tempting for Dems appointed to the task of oversight.

    Several attempts by Republicans to alter course of what they saw coming, were slapped down by the Democrats.

    Obama has received $120,349 in political donations from employees of Freddie Mac and Fannie Mae; McCain $21,550.... ??? I guess its all where you get your information.

    No matter what type of spin, context, or justification, one just cant avoid seeing that Democrats were in charge at the time.

    Source(s): Multiple news sources, history, common sence.
  • 1 decade ago

    Google CRA. Sorry, but all your ranted dem actions happened only within the last two years. The seeds for this disaster were sown long before that.

  • Anonymous
    1 decade ago

    here this will answer yur question:

    Explosive Video, Fannie Mae CEO calling Obama and the Dems the "Family" and "Conscience" of Fannie Mae

    Youtube thumbnail

    Burning Down The House: What Caused Our Economic Crisis? V2

    Youtube thumbnail

    AND, who pushed for the minimum wage increase? dems did!

    To help teenagers? No, unions pushed for it because many contracts were tied to it (min wage times a factor of x) they could get a raise without renegotiating the contract. That kicked off a rise in unemployement begining in August..

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  • Anonymous
    1 decade ago

    3 years ago (D) Barney Frank said nothing was wrong with Fannie Mae, Maxine Waters (D) said nothing was wrong as well, Chris Dodd received tons of Lobby money from Fannie Mae, and now they want to blameshift!

    This is your Dem Unions at work. Unions are using undue influence through the Union media, Union writers (of newspapers & magazines), Union Hollywood, Union Musicians to promote Obama and criticize Republicans.

    Clinton deregulated wall street- This was done through the Financial Services Modernization Act of 1999

    Unions want to "unionize" the Gov't. In Russia, Unions in Gov't is Communism!

    40 Techniques of the Illuminati

    The labor Union Godfathers have planned long and hard, covering all their bases, and devised ingenious ways to conquer us. Be on guard.

    Source(s): Source(s): Burning down the house 45 Declared Goals Of The Communist Takeover Of America Communist Manifesto Coming True In America
  • 1 decade ago

    Is there really a question here or a rant, that being said it's both parties fault.

  • Anonymous
    1 decade ago

    The best summation of what really happened that I have seen yet.

    The other big lie is that they were "forcing" companies to make loans - the talks were about STOPPING mortgage companies from making loans to unqualified buyers - which was called predatory lending. The mortgage companies refused!!!

    Source(s): And now they want our freakin money!!!!
  • Ua
    Lv 5
    1 decade ago

    FACT: Higher taxes means less money in peoples' pockets... Government regulation and intervention kills initiative, hurting small business... inflation, unemployment increase, and the economy gets worse.

    FACT: Bush and McCain aren't responsible for everything bad under the sun.

  • Anonymous
    1 decade ago

    Don't present facts to wingnut Republicans. Their heads will explode.

  • grob
    Lv 7
    1 decade ago

    I agree with you but this is kinda ranty.

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