The MELTDOWN

Sun, 10/05/2008 - 11:53am
By: boo boo

There is no doubt the Government (Dem's and reps) share in the complicity of the meltdown of our economy.
Below is the best explanation of the meltdown process I've seen with the blessings of both parties.
I think heads should roll, but who's?

Meltdown

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Submitted by Full Time Observer on Sun, 10/05/2008 - 3:59pm.

"Although (Barney) Frank now blames Republicans for the failure of Fannie and Freddie, he spent years blocking GOP lawmakers from imposing tougher regulations on the mortgage giants. In 1991, the year Moses was hired by Fannie, the Boston Globe reported that Frank pushed the agency to loosen regulations on mortgages for two- and three-family homes, even though they were defaulting at twice and five times the rate of single homes, respectively.

Three years later, President Clinton’s Department of Housing and Urban Development tried to impose a new regulation on Fannie, but was thwarted by Frank. Clinton now blames such Democrats for planting the seeds of today’s economic crisis.

"I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was president, to put some standards and tighten up a little on Fannie Mae and Freddie Mac," Clinton said recently."

carbonunit52's picture
Submitted by carbonunit52 on Sun, 10/05/2008 - 2:00pm.

This article gives a good insight on enabling this mess.

Agency's '04 Rule Let Banks Pile Up New Debt

"I can't wait until tomorrow, because I get more lovable every day."


Submitted by boo boo on Sun, 10/05/2008 - 4:03pm.

Carbonunit52, I have come to the conclusion that no one has a lick of sense anymore. For the SEC to let these investment banks police themselves is/was completely idiotic. In the video on the web site they have the nerve to laugh about letting the investment banks do this and cross their fingers and hope it works. With people in Charge who think like this, who needs enemy's. OMG, what a mess..

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