Quote:
Originally Posted by flstf
A Republican President proposes a bill.
A majority of Democrats support the President.
A majority of Republicans vote against their own President.
I don't understand why anyone would blame the Democrats. Maybe if the votes were reversed. It seems like Bush did well getting the support of so many Democrats.
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Playing the blame game, while counterproductive, is educational here. I'll use Wiki for convenience, but I do so knowing that someone, somewhere, will say the entire post is false because they don't respect Wiki.
A timeline:
1. Jimmy Carter enacts the CRA in 1977.
The CRA mandates that each banking institution be evaluated to determine if it has met the credit needs of its entire community. That record is taken into account when the federal government considers an institution's application for deposit facilities, including mergers and acquisitions after the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 repealed restrictions on interstate banking.[3] However, until 1995 the Act was laxly enforced and banks only were required to advertise in local minority newspapers or sit on the boards of local community groups.
2. Bush the first attempted to regulate the process with FIRREA in 1989.
3. Bill Clinton puts increased pressure on banks to make risky loans: In early 1993 President Bill Clinton ordered new regulations for the CRA which would increase access to mortgage credit for inner city and distressed rural communities.
4. In 2001, Bush the second issued his first warnings about Fannie Mae and Freddie Mac.
5. In 2003, Treasury Secretary Snow repeatedly warned of their reckless policies.
6. In 2005, Alan Greenspan twice accurately predicted our current scenario if Fannie and Freddie were not reined in, predicting a "crisis." Barney Frank assured us that everything was fine. Charles Schumer not only stated that GSEs were doing a great job; he wanted their lending restrictions further loosened.
7. In 2006, John McCain co-authored legislation to rein in Fannie and Freddie. The Democrats aligned against it, preventing it from even being voted on.
Now, we are being told that "The Republicans have had control of Congress for six years, and the White House for 8--this is all their fault." I would ask why, if it is so easy to control Congress, that the Democrats didn't succeed in enacting this bailout. Nancy Pelosi certainly seems to forget the history of the problem, and that so many Democrats opposedthe bailout. I believe she couldn't even get 50% of the votes from her own state, a heavily blue one. All of the Ron Paul fans should note that he also blames the CRA, in part, for our current mess.
Frankly, I find it insulting that Ms. Pelosi thinks I am stupid enough to fall for her blatant lies and partisan politics-as-usual.