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Clinton says Democrats resisted reforms of Fannie Freddie 
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Joined: Wed Dec 26, 2007 6:43 am
Posts: 68
Post Clinton says Democrats resisted reforms of Fannie Freddie
This is at Digital Journal

Chris Cuomo, ABC News: A little surprising for you to hear the Democrats saying, "This came out of nowhere, this is all about the Republicans. We had nothing to do with this." Nancy Pelosi saying it. She signed the '99 Gramm Bill. She knew what was going on with the SEC. They're all sophisticated people. Is that playing politics in this situation?

Bill Clinton: Well, maybe everybody does that a little bit. I think the responsibility 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.

It is no surprise that Clinton would give his opinion on the economic crisis facing us today, even to the point of telling people not to read to much into John McCain's suggestion about postponing the first of the presidential debates on Friday, saying "We know he didn't do it because he's afraid because Sen. McCain wanted more debates," he continued on to say "You can put it off a few days the problem is it's hard to reschedule those things. I presume he did that in good faith since I know he wanted -- I remember he asked for more debates to go all around the country and so I don't think we ought to overly parse that."

His comments about McCain and the debates might not have been overly surprising, but what has caught many people's attention is how Clinton is placing much, not all, of the blame for the financial crisis on Democrats, especially this close to the presidential election.

Fri Sep 26, 2008 9:41 am

Joined: Wed Dec 26, 2007 6:43 am
Posts: 68
NewsBusters has this

ANGLE: And so shaky mortgages spread throughout the system. But in 2005, the Senate Banking Committee, then chaired by Republican Richard Shelby, tried to rein in the two organizations by passing some strong new regulations.

WALLISON: Which would have prevented Fannie and Freddie from acquiring this bad -- these bad mortgages. It actually gave a new regulator for Fannie and Freddie the kinds of powers that a bank regulator had.

ANGLE: All the Republicans voted for it. All the Democrats, including the current chairman, Senator Chris Dodd, voted against it, and that was after Fed Chairman Alan Greenspan had issued a stark warning to senators that Fannie and Freddie were playing with fire. Greenspan said without stronger regulations, "We increase the possibility of insolvency and crisis. Without restrictions on the size of Fannie Mae and Freddie Mac, we put at risk our ability to preserve safe and sound financial markets in the United States."


Fri Sep 26, 2008 9:52 am

Joined: Fri Nov 29, 2002 12:48 am
Posts: 309
The Dems are trying to load up the "emergency" bill with pork earmarks, as usual. That's what's holding the whole thing up. It's not bad enough that they will use a trillion dollars of our money to fix their own mess. They want to earmark 20% of the future profits to go to ACORN, that community organizing group that's had half its members convicted of voter fraud. It's a left-wing group and B Obama used to be the lawyer for them.

These congressional creeps are almost as bad as our county officials.

Sat Sep 27, 2008 8:20 am

Joined: Thu Oct 05, 2006 4:09 pm
Posts: 136
It seems they have taken out the payoff for ACORN corruption. And the dems are hopping mad that McCain is getting credit for helping bring everybody to the table. The Republicans in the House weren't "engaged" because it was such a hit on the taxpayers that the dems were putting together. So he either helped them all or scared them all into getting a better deal togehter. Now the dems are racing around to all the cameras they can find saying "McCain did nothing! McCain did nothing!"

It's obvious who came in off the campaign trail to help with the crisis in meltdown. Obama obviously knew he couldn't do anything but make things worse, which he did.

So they've pulled the reins on multi-million payouts to CEO's who ran these things into the ground and the taxpayers will get returns on their investment instead of just bailing everything out and getting nothing. Barney Frank's boyfriend, who worked for one of the fannie/freddie outfits, probably won't be happy. But Barney tried to block all attempts by Repubs and Greenspan to clean those up before disaster hit. Chris Dodd (D) also fought like mad to keep the F&F going unchecked. But they all try to blame it on Bush. Bush tried to get a new regulation system years ago, but the dems and some others were making too much money from them.

You have to wonder why the house dems didn't just pass something because they have a majority anyway. Truth is they didn't want the whole bailout blamed on them if things went bad. This bailout is so unpopular it probably would have lost them many elections if they forced through their own Christmas tree type bill they were going for.

Should have let them do it and show what they are really made of.

Sun Sep 28, 2008 9:26 am

Joined: Sun Dec 08, 2002 9:07 pm
Posts: 359
Location: Park County
The CEO millions for these ones that caused this crisis will probably go forward and they'll get their obscene payoffs. It's the future of those kinds of payments that they'll change in this bill, I think. The future people who get golden parachute millions will not be a tax deduction for the company so it will cost them more to pay out. But that won't stop them, it just sounds good to some taxpayers. They're not really doing much for us except that they did throw ACORN out of the mix and restrict any returns on this deal will go against national debt.

By the way, if you want to know what a "Community Organizer" does, think Al Sharpton. That's his job. They rally people to protest, organize marches, and sign up voters to support Democrats.

This isn't a great deal for taxpayers and there's still objection in the House among fiscal conservatives. The Democrats don't want to pass it by themselves because they don't want to be responsible for it. So it must not be anything to be really proud of.

Mon Sep 29, 2008 7:09 am
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