Move over “posts” – Now there’s something dumber! U.S. Congress!

September 29, 2008 · Posted in News 

The world can thank the imbeciles that Americans have elected to U.S. Congress for ushering in the second great depression.

And a special amount of shame for the Republicans – the party of Ronald Reagan and Newt Gingrich – for abandoning fiscal prudence years ago, but now suddenly finding enough “fiscal prudence” ideology to avoid fixing the mess they spent their way into! You’re about 7 years too late to find your soul.

Ugh.

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Comments

  • Bill MacLean

    Congress was charged with the oversight of Fannie Mae and Freddie Mac. Many attempts were made to curtail them. All were denied by the democrats.

    This was true even when Fannie and Freddie were found guilty of fraud and gross mismanagement.

  • Powell Lucas

    Both parties in the U.S. are guilty of letting this mess grow to the size it has. It will continue this way so long as politicians require the huge sums of money necessary to run campaigns on a year-round basis. This makes them particularly vulnerable to the insidious influence of the corporate lobbyists. It would take a very special kind of person to put the interest of the public ahead of their own re-election prospects. Unfortunately, there are none of that type on either side of the border.

  • Brian

    Clinton initiated this mess with Affirmative Action Loans, and the Bush administration’s attempt to limit the damage was defeated in 2005/2006 … but to listen to the “howling left” in the US and Canada it is all Bush’s fault.

    Blame Fannie Mae and Congress for the Credit Mess
    http://www.aei.org/publications/pubID.28664,filter.all/pub_detail.asp
    “In 2005, the Senate Banking Committee, then under Republican control, adopted a strong reform bill, introduced by Republican Sens. Elizabeth Dole, John Sununu and Chuck Hagel, and supported by then chairman Richard Shelby. The bill prohibited the GSEs from holding portfolios, and gave their regulator prudential authority (such as setting capital requirements) roughly equivalent to a bank regulator. In light of the current financial crisis, this bill was probably the most important piece of financial regulation before Congress in 2005 and 2006. All the Republicans on the Committee supported the bill, and all the Democrats voted against it. Mr. McCain endorsed the legislation in a speech on the Senate floor. Mr. Obama, like all other Democrats, remained silent.”

    Fannie Mae Eases Credit To Aid Mortgage Lending
    http://tinyurl.com/3jdn9e
    “… Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

    … The change in policy also comes at the same time that HUD is investigating allegations of racial discrimination in the automated underwriting systems used by Fannie Mae and Freddie Mac to determine the credit-worthiness of credit applicants.”