Democrats were WARNED of Financial crisis and did NOTHING

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

• Category

  News & Politics

[Observer2The]

Elite Rich are the Democrats - all of their policies are designed to keep the poor poor or make them poorer, likewise trap the middle class (what we have left of it) from any upward mobility, and keep the rich rich and protect them from having any other rich people pop up - they don't care if the pie gets smaller, just as long as they are the only ones with the pie. The Democrats are working to codify an oligarchy.

[Observer2The]

The first one is correct (which F&F and the policies they helped drive would have absolutely been a huge part of), the other two are completely nonsensical.

[Observer2The]

No, they reported FACTS - as in what actually happened. The Democrats are clearly to blame, which any person with any real knowledge on this is aware of. Fannie Mae and Freddie Mac are GSEs - Government Sponsored Enterprises - not capitalist ventures. The clips are here for all to see - and you can easily also find the raw clips from C-SPAN with the Democrats doing the same thing vs. Bush admin officials and Republican congressmen.

[treboryevrah]

I remember watching this when it happened. Franks wrongly believes the business of banks is loaning money, when in fact it's getting paid back;)

[Kevo F]

Are you talking about bias or accuracy? Two different things. I didn't say either is more or less accurate, but both are extremely BIAS. MSNBC is definitely more bias, and yes, I watch both to see what both have to say (not that I like either). Both inject opinion, and the Fox opinion shows (Hannity etc) are just that - Opinion based on the news, just like the MSNBC opinion shows (Hardball etc) are. If you are too stupid to figure out that it is opinion and not fact, then that is your problem.

[jp t]

oh, so you watch all of them? grade them in terms of accuracy and factual reporting? no? well, there are agencies who do. and they have ALL unanimously given fox a failing grade. the main problem is that they throw analysis (aka, their opinion) into their newscasts without informing anyone that that is what it is. that is indicative of severe bias, almost entirely towards the rethuglican party. look it up, or quit talking about what you clearly dont know.

[Kevo F]

Riiiiiiiiiight, like MSNBC isn't just as bad or worse... At least Fox has Democrats come on most of the time to give the other side of the story.

[jp t]

i watch it in the morning, when im getting ready. this is a red state. more people than not believe that BS. and no i dont gobble anything, you asshole. there are no sites that are free of bias, because we are humans, not droids. we all have biases. its just that faux is the worst of all of them. and if you want links, its called google. type in 'fox news bias' and go to town. wiki has some good links from there, im not gonna hold your hand, moron.

[epicfail552]

What is a credible news source then?

Do you actually watch FOX news? Or do you simply gobble up shit that spews from your media source? You and every other unintelligible American say that FOX warps facts, please by all means link me to a credible source of media with 0 bias. Oh wait, you cant. At least they aren't as bias as MSNBC or ABC.