On Aug 20, 2:12 pm, Sage2 <[email protected]> wrote: > Though > greed from some Corporate and Market entities did take form it was the > sub-prime mortgage industry under Barney Frank, Chris Dodd, and Frank > Raines that caused not only economic meltdown in the U.S. but > throughout the world.
12 years of Republican rule produced zero financial regulations for a reason. Follow the time line. 1. Republican-led Gramm-Leach-Bliley Act of 1999, which removed the wall between commercial and investment banks, contributed to the financial meltdown. The statute, which repealed part of the Glass- Steagall Act of 1933, has been criticized for having contributed to the proliferation of the financial instruments which are at the heart of the crisis. 2. In 2003, while the ranking Democrat on the Financial Services Committee, Frank opposed a Bush administration proposal for transferring oversight of Fannie Mae and Freddie Mac from Congress and the Department of Housing and Urban Development to a new agency that would be created within the Treasury Department. The proposal reflected the administration's belief that Congress "neither has the tools, nor the stature" for adequate oversight. Frank stated, "These two entities...are not facing any kind of financial crisis.... 3. 2007, the House passed a strong reform bill; and passed and onto President Bush’s desk in July 2008. Twelve years of Republican rule produced no reform of Fannie Mae and Freddie Mac. We were able to adopt it in nineteen months, and we could have done it much quicker if the [Bush] administration had cooperated." 4. 2009 Frank responded to what he called "wholly inaccurate efforts by Republicans to blame Democrats, and [me] in particular" for the subprime mortgage crisis, which is linked to the financial crisis of 2007-2009. He outlined his efforts to reform these institutions and add regulations, but met resistance from Republicans, with the main exception being a bill with Republican Mike Oxley that died because of opposition from President Bush. In conclusion, Republicans didn't want any changes for 12 years, of which 8 of those years they were in complete control of both houses and the Presidency. So suck it up and stop selling more BS. --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
