Bush Admin.'s Failure to Act on Warnings

  1. You have chosen to ignore posts from mhc90. Show mhc90's posts

    Bush Admin.'s Failure to Act on Warnings

    Very interesting. But Bill O'Reilly says it's ALL Barney Frank's fault. 100%! Typical of this administration to ignore what's happening in this country.
     
  2. You have chosen to ignore posts from mhc90. Show mhc90's posts

    Bush Admin.'s Failure to Act on Warnings

    Bill O' likes to point fingers. What a buffoon. It's the fault of MANY, both in government and out.

    But then I read that Bush is "sorry" about the economy. Not admitting he could have made a mistake, but he's "sorry". Makes you feel all warm and fuzzy, doesn't it??
     
  3. You have chosen to ignore posts from BobinVa. Show BobinVa's posts

    Bush Admin.'s Failure to Act on Warnings

    [Quote]Bill O' likes to point fingers. What a buffoon. It's the fault of MANY, both in government and out.

    But then I read that Bush is "sorry" about the economy. Not admitting he could have made a mistake, but he's "sorry". Makes you feel all warm and fuzzy, doesn't it??[/Quote]

    Gee, you have been pointing fingers at Bush as being responsible for everything bad in the world.. Yet this is the fault of "many" ? Lame answer.
    Soon Democrats will have to be accountable for something....


    " Barney Frank was a staunch defender of Fannie Mae even as other experts suggested there were serious problems building in Fannie Mae and Freddie Mac.According to an article by Kathleen Day in the Oct. 8, 2003, Washington Post, Frank opposed giving the Bush administration the right to approve or disapprove business activities that “could pose risk to the taxpayers.” He told the Post he worried the Treasury Department “would sacrifice activities that are good for consumers in the name of lowering the companies’ market risks.”

    Just a month before, Frank had aggressively thwarted reform efforts by the Bush administration. He told The New York Times on Sept. 11, 2003, Fannie Mae and Freddie Mac’s problems were “exaggerated,” a gross miscalculation some five years later with costs estimated to be in the hundreds of billions.

    “These two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis,” Frank said to the Times. “The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

    Senator John McCain tried to reform Fannie Mae and Freddie Mac several years ago. Senators Dole, Hagel, McCain, and Sunnunu sponsored "The Federal Housing Enterprise Regulatory Reform Act of 2005". This bill would have created a new oversight board for the agencies that would have had more authority to investigate and discipline them. Naturally the Democrats blocked this bill in committee as they did everything they could for years to prevent Fannie and Freddie from being held accountable for their mismanagement and fraud."

    McCain made the following remarks in 2005 as he urged passage of this bill:
    "Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.
    The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
    The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. "

     
  4. You have chosen to ignore posts from Mattyhorn. Show Mattyhorn's posts

    Bush Admin.'s Failure to Act on Warnings

    Hmmm...let's weigh the power, prestige and influence between the Leader of the Free World / U.S. Chief Executive since January 2001 (Bush)

    And

    The Chairman of the House Financial Services Committee since February 2007. (Frank)


    Yup...no contest...why didn't I see that before???
     
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  6. You have chosen to ignore posts from lnmonster. Show lnmonster's posts

    Bush Admin.'s Failure to Act on Warnings

    It's a bit of a long read for some of you (9 pages), but if you want a really good insight into what happened, take a look at

    http://www.portfolio.com/news-markets/national-news/portfolio/2008/11/11/The-End-of-Wall-Streets-Boom

    The idea that Fannie and Freddie are more than just a tiny piece of the mortgage problem is nonsense. And since most of the problem loans were made before 2007, when Barney Frank had virtually no power at all, blaming him is just silly.
     
  7. You have chosen to ignore posts from mhc90. Show mhc90's posts

    Bush Admin.'s Failure to Act on Warnings

    [Quote]

    Gee, you have been pointing fingers at Bush as being responsible for everything bad in the world.. Yet this is the fault of "many" ? Lame answer.
    Soon Democrats will have to be accountable for something....


    " Barney Frank was a staunch defender of Fannie Mae even as other experts suggested there were serious problems building in Fannie Mae and Freddie Mac.According to an article by Kathleen Day in the Oct. 8, 2003, Washington Post, Frank opposed giving the Bush administration the right to approve or disapprove business activities that “could pose risk to the taxpayers.” He told the Post he worried the Treasury Department “would sacrifice activities that are good for consumers in the name of lowering the companies’ market risks.”

    Just a month before, Frank had aggressively thwarted reform efforts by the Bush administration. He told The New York Times on Sept. 11, 2003, Fannie Mae and Freddie Mac’s problems were “exaggerated,” a gross miscalculation some five years later with costs estimated to be in the hundreds of billions.

    “These two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis,” Frank said to the Times. “The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

    Senator John McCain tried to reform Fannie Mae and Freddie Mac several years ago. Senators Dole, Hagel, McCain, and Sunnunu sponsored "The Federal Housing Enterprise Regulatory Reform Act of 2005". This bill would have created a new oversight board for the agencies that would have had more authority to investigate and discipline them. Naturally the Democrats blocked this bill in committee as they did everything they could for years to prevent Fannie and Freddie from being held accountable for their mismanagement and fraud."

    McCain made the following remarks in 2005 as he urged passage of this bill:
    "Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.
    The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
    The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. "
    [/Quote]

    Yes, some Democrats are to blame, but it's mainly GREED on the part of Wall Street, banks, etc. And the McCain claim is weak at best. He wrote a letter a few years back about this, to a Senate Committeew which tabled the discussion. Bush and his administration have been to busy throwing money into Iraq to pay attention to the economy. Bob, the GOP failed to act on ANY of this in the last 7 years. In 2003, Barney Frank wasn't in charge of the banking committee, the GOP was in control of Congress. It's a lack of oversight. To point fingers at the guy who's been in charge of the committee for less than 2 years is petty, childish and wrong. Perhaps if the GOP weren't so concerned with outlawing abortion and deporting undocumented aliens and throwing money into a black hole in Iraq, they'd have noticed the record debt and deficits they were creating.

     
  8. You have chosen to ignore posts from TomSinMA. Show TomSinMA's posts

    Bush Admin.'s Failure to Act on Warnings

    [Quote]

    Gee, you have been pointing fingers at Bush as being responsible for everything bad in the world.. Yet this is the fault of "many" ? Lame answer.
    Soon Democrats will have to be accountable for something....


    " Barney Frank was a staunch defender of Fannie Mae even as other experts suggested there were serious problems building in Fannie Mae and Freddie Mac.According to an article by Kathleen Day in the Oct. 8, 2003, Washington Post, Frank opposed giving the Bush administration the right to approve or disapprove business activities that “could pose risk to the taxpayers.” He told the Post he worried the Treasury Department “would sacrifice activities that are good for consumers in the name of lowering the companies’ market risks.”

    Just a month before, Frank had aggressively thwarted reform efforts by the Bush administration. He told The New York Times on Sept. 11, 2003, Fannie Mae and Freddie Mac’s problems were “exaggerated,” a gross miscalculation some five years later with costs estimated to be in the hundreds of billions.

    “These two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis,” Frank said to the Times. “The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

    Senator John McCain tried to reform Fannie Mae and Freddie Mac several years ago. Senators Dole, Hagel, McCain, and Sunnunu sponsored "The Federal Housing Enterprise Regulatory Reform Act of 2005". This bill would have created a new oversight board for the agencies that would have had more authority to investigate and discipline them. Naturally the Democrats blocked this bill in committee as they did everything they could for years to prevent Fannie and Freddie from being held accountable for their mismanagement and fraud."

    McCain made the following remarks in 2005 as he urged passage of this bill:
    "Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.
    The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
    The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. "
    [/Quote] And while Mccain and the GOP were waxing eloquent and submitting bills, Rick Davis, Mccain's friend and campaign manager was earning $30,000/month for FVIE years lobbying against ANY regulation/oversight of Fannie /Freddie. Im sure Davis was not the ONLY one trying to insure the GOP's long time theme of deregulation was implemented. This is only one of many instances where the pols said one thing, and their allies did another.

    As the incoming bush administration trumpeted very early on....... dont listen to what we say....... watch what we DO!!

     
  9. You have chosen to ignore posts from IamYourDaddy. Show IamYourDaddy's posts

    Bush Admin.'s Failure to Act on Warnings

    bump
     
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  11. You have chosen to ignore posts from UXB. Show UXB's posts

    Bush Admin.'s Failure to Act on Warnings

    The economy started taking a dive right after the democrats assumed power again. Whenever Bush tried to fix this problem the dems in charge failed to act.
    Barney Frank, Dodd, Reed and Schumer accepted money and looked the other way!
    Barney Frank was even a "butt buddy" with a Fannie Mae exec!

    There is a lot of blame to go around!

     

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