Quote:
Originally Posted by Sea Demon
Wow. This thread is pure comedy. We certainly have a number of Hugo Chavez wanna-be's here. In speaking about the financial mess, I notice that people who rail against "Big" capitalism and "Big" business tend to forget government's role in Fannie and Freddie. Take a look here and note the date:
http://www.nytimes.com/1999/09/30/bu...e-lending.html
For the few of you who support OWS, I'll post a very important part for you:
Fannie is called a GSE ... a Government Sponsored Entity. Both Fannie Mae and Freddie Mac were doing all they could to back up the banks and lending institutions who were making these subprime, almost worthless loans. No lender is going to make a loan that they feel is a mistake unless there is someone out there to back them up. The entities backing them up were Fannie and Freddie. Who in government was giving them directives to do this stuff? And the Bush administration proposed to alter the regulation of GSE's like Fannie and Freddie, and the Democrats fought those efforts. Look what Barney Frank (Democrat) had to say about it:
http://www.taxfoundation.org/blog/show/23617.html
I hate to bring this guy up as well, but John McCain tried in 2005 to enact a bill that would bring some oversight to Fannie and Freddie.
http://hotair.com/archives/2008/09/1...e-mac-in-2005/
This causes disbelief in liberals, but that bill was stopped cold by a Democrat solid party line vote. But here we have leftist dolts blaming the free market for our current problems. And completely ignoring the governments role in enabling the bad mortgages and blocking reform. All these "revisions" of history, including Mookie's revisionists at the Washington Post, can't deny the role played here, the impacts, and the snowball effect across other sectors of the economy. Well, unless they themselves have an agenda to push. |
Yes, the entire GLOBAL housing bubble was all due to Fannie and Freddie.
Not to mention private labels securitized more subprime loans than Fannie or Freddie ever held in their investment portfolios (as they could only securitize
conforming loans) but you wouldn't know anything about that because you have your facts so wrong that it's pointless to even begin to explain to you how the process actually worked. You're closed off to fact and data, and that's your loss.