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Democrats were WARNED of Financial crisis and did NOTHING

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Uploaded on Sep 25, 2008

The bush adminstration in 4/2001 raised red flags, the 2002 budget requests declares Fannie Mae and Freddie Mac
"Potential problem.. and can cause strong repercussions in the financial markets"

In 2003 the White House upgraded the warning to a systemic risk that could spread beyond the housing sector.
John Snow Treasury Secretary called for Regulations & Supervision of GSE's.
Barney Frank (D-MA) denied there was any problem " Fannie Mac & Freddie Mare are not in Crisis"
Encouraging the government to do more to get low income families into homes, Ultimately blocking the regulation.

Allan Greenspan , 2/17/2005 spoke about the dangers of Fannie Mae & Freddie Mac "enabling these institutions to
increase in size -and they will once the crisis in their judgement passes-we are placing the total financial system of
the future at a substantial risk

Charles Schumer (D-NY) 4/6/2005 ..."I think Fannie & Freddie have done an incredibly good job, and are an intristic
part of making america the best housed people in the world....if you look over the last 20 or whatever yrs. Theyve
done a very, very good job.

McCain (R-AZ) 5/25/2006 For years I have been concerned about the regulatory structure that governs Fannie Mae & Freddie Mac...
and there sheer magnitude of these companies and the role they play in the housing market...the GSE's need to be reformed without delay."
That bill ( FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT) made it out of the senate banking committee with a party line vote all the democrats voted against it.
Senator Obama did not weigh in on the bill

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