Mr. Fusion says:

Bullshit.

The White House proposal was to remove oversight to the Treasury Department.

Barney Frank, as were most Democrats, in favor of helping poorer people get home ownership. They were not then, nor now, ever pushing fraudulent mortgages.

The financial collapse was not caused by the poorer income mortgages, it was caused by people losing their well paying jobs (usually to outsourcing) and being unable to pay their mortgages causing locally depressed housing prices. This escalated when gas prices hit over $4.00 a gallon.

In 2003 Fanny Mae and Freddie Mac were in good shape and not holding what later became known as “Toxic Securities”.

In 2003 the House was securely in the hands of the Republicans. Frank did not have the power to stall, let alone defeat, any legislation. This bill died because it was a bad bill that would have removed what regulation and oversight there was for the neo-con interpretation of oversight.

So go ahead and blame Frank and the Democrats. It will make your little peckers stiffen.

sargasso says:

Fox, masquerading as a news channel, again. But getting most of it right.

bill says:

SNAFU!
And after listening to Barney this morning on TV… well, it’s ‘SAME OLD SAME OLD STUFF ALL OVER AGAIN’
Nothing will happen. No one has the ‘juice’ to get anything done.
Oh, they are supposed to sell all of their jets..
I guess they could buy some ‘personal ones’ however…
If your elders are still alive talk to them what it was like during the ‘depression’ … listen carefully.

Jägermeister says:

Eight years and Bush couldn’t do anything to stop it? *LMAO* It’s not like there weren’t any warning signs…

brian t says:

Looking at this from outside the USA: WHO CARES? There’s nothing to win in the Blame Game.

Phydeau says:

It’s just amazing, the depth of self-delusion of the right-wing wackos.

In their little fantasy world it was the Democrats, not the Republicans, who endlessly pushed the bogus Iraq war.

In their little fantasy world it was the Democrats, not the Republicans, who deregulated anything that moves.

So naturally, in their little fantasy world, all the problems we’re facing now are the fault of the Democrats, not the Republicans.

Riiiiiiiiiight.

Mr. Fusion says:

#11, Ah Yea,

The housing crisis didn’t happen because of job loss

I didn’t know we had a “housing crises. I thought it was a “financial crises”. Which in large part was caused by the value of mortgage securities losing their value because the value of the houses had depreciated to less than their paper was worth. When people could not pay their mortgages, because their jobs had disappeared, they defaulted, causing the whole house of cards to tumble.

The job loss happened because of the banking crisis begun by the collapse of the lending market caused by toxic securities backed by the bad housing loans!

Did you follow that? No?

Say what? As long as the people were paying the mortgages the system worked. When overpriced homes glutted the local markets that depressed the entire mortgage field. As energy prices fueled further job losses, more and more people defaulted. The crash was not caused by fraudulent mortgages and securities, but it did fan the flames of the crash.

Hint for you. Jobless people seldom have the means to pay high price mortgages. Or $4.00 a gal for gas.

When the ARMS readjusted, people who should never have been permitted the loan in the first place lost their homes because they could not afford the payments anymore.

Gee, that is similar to what I wrote
They were not then, nor now, ever pushing fraudulent mortgages.

When the ARMS readjusted, people who should never have been permitted the loan in the first place lost their homes because they could not afford the payments anymore.

While too many home owners were given ARMs, they were not the significant cause of the collapse. As long as there were enough people paying on their mortgages, the security holders would remain solvent.

Then you continue with a circular argument that is based upon false assumptions.

Because of Democratic blocking of financial lending practice reform, institutions such as Fannie Mae and Freddie Mac did not get the proper oversight which oversight would have raised the question, “what happens when someone’s house payment goes from a barely affordable $900/month to $1500/month?”

Please link to a source that backs up your contention that the minority party in Congress halted any financial reform of the FMs.

Then show us how that proposed oversight would have prevented the practices that led to the crises.

Then please show us how many people had toxic ARMs compared to those who lost their homes because of job loss.

…

The entire crises was because the value of the paper held by the banks was worth less than their face value. That was caused by the homes glutting the market and selling for less than face value, thus depreciating the market value of all nearby homes.

There is no evidence that the FMs were purchasing or holding any of these “toxic securities” in 2003. They were under the supervision of the Federal Reserve and FDIC at the time. Agencies pushing the “Regulations and oversight is bad” crowd.

Arous says:

Who would have thought that it was all Barny Frank’s fault!

Ah_Yea says:

Ok, fusion.

Since understanding written text isn’t your forte, here are a couple of videos for you.

They clearly show how we got into this mess in the first place.

Not that I’m counting on you understanding this, either.

http://tinyurl.com/7dxhwb
http://tinyurl.com/743fvk

I can’t dumb it down any further.

bob says:

1) blanket dismissal of Fox is stupid. Stop it. They are biased, as are ALL (no exceptions, _ever_) news sources. That does not mean that if they say it it isn’t true. Despite the convenience and fun to some of endlessly asserting that it does.

2) The Bush administration was in power the whole eight years, but Congress hasn’t been republican that whole time – so don’t oversimplify.

3) The clips presented are pretty persuasive – all you scoffers, let’s see the comparable clips from your favorite biased sources (CNN, for example) showing how various Democrats and bureaucrats were sounding the alarm and how various Republicans were poo-pooing the issue. I’ll be waiting.

Phydeau says:

#20 Bob

Blanket dismissal of Faux is not stupid. There is plenty of evidence that they are indeed a mouthpiece of the Republican party. No other major media outlet could by any stretch of the imagination be called a mouthpiece of the Democratic party.

MikeN says:

I’m Christopher Lee and I say it is all Republicans’ fault. This is due to XY&Z. If you disagree, please post hard evidence to the contrary with links, and then some more links proving your first links are correct.

Ah_Yea says:

(Freddie Mae – Freddie Mac + Fannie Mae, just to be clear)

AlGoreLeonia says:

If Barney Frank or any person with a “D” behind their name shit on Mr Fusion’s forehead while he slept, he would awaken and upon discovery, declare that it’s for the good of the people and was done out of great concern….Now you see why Mr Fusion and those like him are called, “useful idiots”…Have you ever seen such absolute, blind, lock step adherence to an ideology no matter what the issue or evidence?

gmknobl says:

Geesh. Red herring right off the bat. Misdirection and deception. What the WH proposed would actually take power away from the people that should have been regulating things and put it in a separate place where the neocons would have wreaked their havoc unabated. And what many wanted back then was to use what money was available to help low income families get mortgages but not with high interest balloon plans which would blow up in their faces later.

However, many neo-cons and neo-libs still felt deregulation of any sort was a bad thing, something the Bush people felt too and thus pushed for DEregulation. This type of thing has been going on since Nixon folks and none of it has turned out nice (I’m sure there are some SMALL exceptions.)

Blame can be spread but most belongs to neo-cons followed by neo-libs. Any whitewash rewriting of history as Fox does here to make it look like Bush was trying to prevent this is just as a stated a whitewash and BS!