Tuesday, February 10, 2009
Don't Let Anyone Tell You This is Bush's Recession!
2001: Bush warned that Fannie & Freddie were a "potential problem" and that their practices could cause "strong repercussions in financial markets."
2003: White House warned Fannie & Freddie was a systemic risk that would spread beyond the housing sector. Bush was pushing Congress for a new federal agency to oversee Fannie & Freddie.
Who opposed it? Well, who else but Barney Frank saying that "Fannie and Freddie weren't in a crisis." he also said people were trying to "conjure up" problems that he "just didn't see" with "financially secure" institutions like Fannie and Freddie.
And, (get this) "even IF THERE WAS A PROBLEM, the FEDERAL GOVERNMENT T DOESN'T BAIL THEM OUT!!!!"
2005: Alan Greenspan said that Fannie & Freddie placed our entire financial institution at risk. But once again Fannie & Freddie had defenders from the Left. Chuck Shumer praised Fannie & Freddie's accomplishments.
In 2006 Senator John McCain sponsored legislation to oversee these lenders and gave a speech about the urgency of regulating Fannie and Freddie. ALL DEMOCRATS voted against is...and Obama did not weigh in (I guess that was a "present" vote).