The dumbasses at Family Security Matters posted an article entitled: “Exclusive: Who’s Really Responsible for Fannie and Freddie Chaos?”
I got the same lame-ass “article” from a coworker, who’s a nice guy, even if he is Republican. The title of the email was “Black Cloud History Lesson of the Week.”
After a cursory look, I found three glaring and blatant lies regarding congressional votes on the deregulation law called the Gramm-Leach-Bliley Act:
1. The vote in the Senate was 98-1-1. McCain was the one who did not vote, another republican was the lone no vote.
- The vote was 54 Yeas, 44 Nays, 1 present, and 1 not voting.
- McCain was not the lone no-vote.
- Inhofe (R-OK) was the no-vote.
- Fitzgerald (R-IL) was “present”
- McCain voted for the bill.
See for yourself.
2. Biden and Harry Reid, who are now saying it's all Bush's fault, voted for the bill. Even Obama this week places the blame on Gramm, but fails to mention his running mate voted for it, and Clinton signed it into law.
- Joe Biden voted nay on the bill.
- Harry Reid voted nay on the bill.
- Obama failed to mention his running mate voted for it because Biden did not vote for it.
See for yourself
3. 2006 Greenspan testified before congress that Fannie Mae and Freddie Mac were both a house of cards…”
- Greenspan actually said that on October 26th 2008.
And then some other stuff:
3. 1970 Freddie Mac was created by democrats in congress 57-43 Senate and 234-192 House.
- True, but let’s not forget that Republican President Richard Millhouse Nixon signed the act into law on July 24 1970 and further said, “I emphasize again how important it is that leaders in both the Executive and the Legislative branches of government, and in both political parties worked together in a highly cooperative and highly imaginative manner in addressing the nation’s housing problems.”
That’s about all the fucking time I care to put into this piece of shit “article.” Feel free to continue the fact checking. I’ve found some claims to be true, but I’d love to see some sources to back up the claims.
Shit like this is indicative that our society has devolved into a flock of morons when we start believing anything with more than a few “Fwd: Fwd: Fwd” s in the subject line of an email that originated by some “friend of a friend of a friend.”
Grow the fuck up and start reading. Think independently and don’t succumb to the barrages of disinformation flung about, like shit by a monkey, by politicians and their blind, idiot followers.
Here’s the “article” in its entirety, brought to you by the "editors and researchers" at Family Security Matters. Researchers? Jesus H. Christ here ya go:
There is a whole lot of finger pointing going on in the world of politics this week. For those of you who would rather stay in the dark, stop reading. I would never want to upset your political party's talking points and ruin your day. But for those who just enjoy history or want to understand how or why we got to this point in financial chaos:
History? Fuck you!
1938 Roosevelt got through a democratically controlled congress Fannie Mae.
1970 Freddie Mac was created by democrats in congress 57-43 Senate and 234-192 House.
1977 the Community Reinvestment Act was passed by the democratic congress (61-39 Senate and 292-143 House) and signed into law by Jimmy Carter. It encourages banks and mortgage lenders to loan money for housing to people who would not otherwise qualify (with Freddie and Fannie backing same by taking the paper).
1995 President Clinton signed the executive order mandating lenders expand their lending for mortgages to sub-prime borrowers (that means people who would not qualify under any criteria in a sane world). Failure to do so would result in the lending institution not having access to federal funds or the quasi governmental Fannie and Freddie.
1999 Republican Senator Phil Gramm pushed through congress deregulation laws (Gramm-Leach-Bliley Act) removing Depression era laws separating banking, insurance and brokerage activities. (a really stupid move...Black Cloud's opinion)The vote in the Senate was 98-1-1. McCain was the one who did not vote, another republican was the lone no vote. Biden and Harry Reid, who are now saying it's all Bush's fault, voted for the bill. Even Obama this week places the blame on Gramm, but fails to mention his running mate voted for it, and Clinton signed it into law.
2003 President Bush tried to get congress to amend Fannie Mae and Freddie Mac rules to disallow loans to people who would not qualify under normal lending institution rules for making loans. In other words, rescind the Clinton Executive order which had by now become the rules of Freddie Mac and Fannie Mae. The democrats in the Senate (48) used the threat of filibuster to kill the bill (got to have that magic 60 in the Senate to stop a filibuster).
2006 Greenspan testified before congress that Fannie Mae and Freddie Mac were both a house of cards and needed a lot more oversight and controls in case this country found itself in a recession in the future. That duty falls to the U.S. Senate Committee on Banking, Housing and Urban Affairs. Democrat Chris Dodd is Chairman. He wasn't thrilled with Greenspan's advice, because he was the number one campaign money receiver from Fannie and Freddie over the years. Obama was number 2, and he raked his largess in two years.
Now Dodd is saying he may go for the 700 billion, but he wants more oversight, which he had in the first place, but doesn't want to point his finger at himself for not doing his job, even when told there was a big problem.
Every single piece of legislation the republicans have put up to regulate the financial industry since 2000 has been killed in the senate by democrats.
95% of the homeowners are paying their monthly mortgage payments. It's those 5% that are facing foreclosure that will cost the taxpayers a trillion or so if the bailout goes through.
But when the politicians start pointing fingers, watch closely. Note that they are nowhere near a mirror.
Brought to you by the editors and research staff of FamilySecurityMatters.org.
I got the same lame-ass “article” from a coworker, who’s a nice guy, even if he is Republican. The title of the email was “Black Cloud History Lesson of the Week.”
After a cursory look, I found three glaring and blatant lies regarding congressional votes on the deregulation law called the Gramm-Leach-Bliley Act:
1. The vote in the Senate was 98-1-1. McCain was the one who did not vote, another republican was the lone no vote.
- The vote was 54 Yeas, 44 Nays, 1 present, and 1 not voting.
- McCain was not the lone no-vote.
- Inhofe (R-OK) was the no-vote.
- Fitzgerald (R-IL) was “present”
- McCain voted for the bill.
See for yourself.
2. Biden and Harry Reid, who are now saying it's all Bush's fault, voted for the bill. Even Obama this week places the blame on Gramm, but fails to mention his running mate voted for it, and Clinton signed it into law.
- Joe Biden voted nay on the bill.
- Harry Reid voted nay on the bill.
- Obama failed to mention his running mate voted for it because Biden did not vote for it.
See for yourself
3. 2006 Greenspan testified before congress that Fannie Mae and Freddie Mac were both a house of cards…”
- Greenspan actually said that on October 26th 2008.
And then some other stuff:
3. 1970 Freddie Mac was created by democrats in congress 57-43 Senate and 234-192 House.
- True, but let’s not forget that Republican President Richard Millhouse Nixon signed the act into law on July 24 1970 and further said, “I emphasize again how important it is that leaders in both the Executive and the Legislative branches of government, and in both political parties worked together in a highly cooperative and highly imaginative manner in addressing the nation’s housing problems.”
That’s about all the fucking time I care to put into this piece of shit “article.” Feel free to continue the fact checking. I’ve found some claims to be true, but I’d love to see some sources to back up the claims.
Shit like this is indicative that our society has devolved into a flock of morons when we start believing anything with more than a few “Fwd: Fwd: Fwd” s in the subject line of an email that originated by some “friend of a friend of a friend.”
Grow the fuck up and start reading. Think independently and don’t succumb to the barrages of disinformation flung about, like shit by a monkey, by politicians and their blind, idiot followers.
Here’s the “article” in its entirety, brought to you by the "editors and researchers" at Family Security Matters. Researchers? Jesus H. Christ here ya go:
There is a whole lot of finger pointing going on in the world of politics this week. For those of you who would rather stay in the dark, stop reading. I would never want to upset your political party's talking points and ruin your day. But for those who just enjoy history or want to understand how or why we got to this point in financial chaos:
History? Fuck you!
1938 Roosevelt got through a democratically controlled congress Fannie Mae.
1970 Freddie Mac was created by democrats in congress 57-43 Senate and 234-192 House.
1977 the Community Reinvestment Act was passed by the democratic congress (61-39 Senate and 292-143 House) and signed into law by Jimmy Carter. It encourages banks and mortgage lenders to loan money for housing to people who would not otherwise qualify (with Freddie and Fannie backing same by taking the paper).
1995 President Clinton signed the executive order mandating lenders expand their lending for mortgages to sub-prime borrowers (that means people who would not qualify under any criteria in a sane world). Failure to do so would result in the lending institution not having access to federal funds or the quasi governmental Fannie and Freddie.
1999 Republican Senator Phil Gramm pushed through congress deregulation laws (Gramm-Leach-Bliley Act) removing Depression era laws separating banking, insurance and brokerage activities. (a really stupid move...Black Cloud's opinion)The vote in the Senate was 98-1-1. McCain was the one who did not vote, another republican was the lone no vote. Biden and Harry Reid, who are now saying it's all Bush's fault, voted for the bill. Even Obama this week places the blame on Gramm, but fails to mention his running mate voted for it, and Clinton signed it into law.
2003 President Bush tried to get congress to amend Fannie Mae and Freddie Mac rules to disallow loans to people who would not qualify under normal lending institution rules for making loans. In other words, rescind the Clinton Executive order which had by now become the rules of Freddie Mac and Fannie Mae. The democrats in the Senate (48) used the threat of filibuster to kill the bill (got to have that magic 60 in the Senate to stop a filibuster).
2006 Greenspan testified before congress that Fannie Mae and Freddie Mac were both a house of cards and needed a lot more oversight and controls in case this country found itself in a recession in the future. That duty falls to the U.S. Senate Committee on Banking, Housing and Urban Affairs. Democrat Chris Dodd is Chairman. He wasn't thrilled with Greenspan's advice, because he was the number one campaign money receiver from Fannie and Freddie over the years. Obama was number 2, and he raked his largess in two years.
Now Dodd is saying he may go for the 700 billion, but he wants more oversight, which he had in the first place, but doesn't want to point his finger at himself for not doing his job, even when told there was a big problem.
Every single piece of legislation the republicans have put up to regulate the financial industry since 2000 has been killed in the senate by democrats.
95% of the homeowners are paying their monthly mortgage payments. It's those 5% that are facing foreclosure that will cost the taxpayers a trillion or so if the bailout goes through.
But when the politicians start pointing fingers, watch closely. Note that they are nowhere near a mirror.
Brought to you by the editors and research staff of FamilySecurityMatters.org.
1 comment:
The wingtards just won't admit that this crisis was caused by their deregulation frenzy. "Hey, look at all these cumbersome regulations. Let's get rid of them and trust the business community to police themselves. Don't worry, they'll do the right thing."
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