What kills me is that Mutt and Jeff (oops!!), I mean Barney Frank and Chris Dodd along with Clinton, back in 1992, let the wolf slip into the chicken house and them feathers been flying ever since. They loosened
up the lending laws and the rest is history. How is it that these two dil (I mean clowns), who've been in Congress since Moses was a baby, are still around, now advising Hillary? According to them, Freddie and Fannie were fine! Tho Fraudie (oops!) Fannie became a huge part of this financial meltdown.
Fannie and Freddie control half of all mortgages in this country. These twin towers of fraud and corruption were created by Dems, protected by Dems, funded by Dems, and Dems blocked every attempt Bush made to regulate them.
A recent quote from Hillary " I’m honored to have the support of one of the sharpest minds in Congress. Barney has devoted his life to championing economic fairness, and expanding opportunity for all Americans."
Chew on this one, Hill. Ever heard of Franklin Raines? Why is he not a common house hold name like Kenneth Lay? Raines made $80 million at Fannie Mae while cooking the books and last year paid back a few mill that he wasn't entitled to due to a federal law suit. But no big one. Instead of wearing an orange jump suit, he became O's campaign advisor.
The thing you gotta love is that as long as people continue to have their brains sucked out by the Boob Tube, Bush will be blamed for every wart, mole and hemorrhoid...
When you talk of loosening the reins do you speak of the repeal of the Glass-Steagal Act that was put in place after the Great Depression. It was repealed by the Gramm-Leach-Bliley Act of 1999. Did you know that all three of the those people are [R].
Clinton signed it and both the Dems and Reps voted for it but both houses of congress were controlled by the Reps.
The Commodoties Futures Modernization Act of 2000 was another horrible law signed by Clinton and voted for by both Reps and Dems. The bill was written by 5 members in the House, 4 Reps and 1 Dem and the Senate had 6 members, 4 Reps and 2 Dems add their own two cents. Both Reps and Dems overwhelmingly voted for both of these horrible laws.
This law created the "Enron Loophole" as well as to forbid the government from regulating many types of "Futures" that have helped create the mess we are in.
Both sides are crooked and corrupt. Too many people have "bought" the stuff the right is selling. BOTH SIDES ARE CORRUPT!!!
I am an Independent due to finding that both sides are bought and paid for by Big Corporate Lobbyist. We need a third option people.
We need regualtion too. If you think it is so bad then why was Wall Street so successful for 60 years with good regulation.