I decided how I was going to vote at the end of the conventions, and now I just wish we could cast our vote and get the thing over with.
For the last couple of days I have been listening to the Dhimicrats gloat over how bad the economy is and how we can't afford 4 more years of the policies that got us into this shit.
They just forget to mention the facts behind the collapse of Bear Sterns and the collapse and bailout of Fannie Mae, Freddie Mac, and AIG.
What was the Bush policy on Fannie and Freddie? (From the NY Times Sept. 11, 2003)
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac — which together have issued more than $1.5 trillion in outstanding debt — is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.
Whoa!!! We can't have that! Imagine the nerve of trying to rein in a runaway train 5 years before it hits the wall. Surely the Dhimicrats foresaw the problem also.
Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.
”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
”I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Mr. Watt said.
Either they really didn't see it coming, or they were just using their usual playbook and giving "free" money to people to win the next election. Whichever it was, can we afford four years of a continuation of this type of planning and policy?
It goes back way further, back to our old buddy Clinton. (from IBD)
But it was the Clinton administration, obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street’s most revered institutions.
Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making. It was either that or face stiff government penalties.
The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but “predatory.”
Yes, the market was fueled by greed and overleveraging in the secondary market for subprimes, vis-a-vis mortgaged-backed securities traded on Wall Street. But the seed was planted in the ’90s by Clinton and his social engineers. They were the political catalyst behind this slow-motion financial train wreck.
And it was the Clinton administration that mismanaged the quasi-governmental agencies that over the decades have come to manage the real estate market in America.
The Demorats set it up in the '90's and when Bush tried to correct it, they told Bush he was racist, denying affordable housing to the poor and minorities. Now that their homes are foreclosed and their credit is fubar, I bet they'd really thank their protectors on the left side of the aisle, not to mention how trilled I am to pay part of the mortgage they never should have had in the first place.
When they raise my taxes to pay this fiasco off, there is a good chance I may not be able to meet my obligations, so the situation won't be getting better. It'll most likely get worse being we're already committed to the bailouts.
On top of this, WTF is the gov't doing pledging to cover housing for a month for the people of Texas that were displaced by the hurricane? Since I was born, I've heard the rest of the U.S. bitch at me about if I live in an earthquake zone and get hit, I deserve the grief. We get a quake that does damage about every 10 years. You asshats that live in hurricane and tornado country get nailed how many time EVERY year? And then go right back into the same place and rebuild, but don't worry, we'll bail you out again next year.
World...Hell...Hand basket. I think it's already been assembled.
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