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For the Record
Posted by: Dale Franks on Sunday, September 28, 2008

From John Fund:
President Bush publicly called for GSE reform 17 times this year before Congress finally passed a bill increasing oversight of Fannie and Freddie — though by then it was too late.

Indeed, the White House's list calls for GSE reform is a long one, stretching as far back as April 2001. At that time, the administration's first budget declared that Fannie Mae and Freddie Mac's growing dominance of the mortgage market was "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."

In 2003, after both Fannie and Freddie were found to have cooked their accounting books, then-Treasury Secretary John Snow urged Congress to "create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises" and set prudent and appropriate capital requirements.

Two years later, Mr. Snow again called for GSE reform, noting that recent events "reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform.... Half-measures will only exacerbate the risks to our financial system."

The response? Rep. Barney Frank, who now vilifies Republican House members for questioning a policy of throwing another $700 billion on the bonfire, insisted to the New York Times during the 2003 accounting scandal: "These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."
I know it's already halfway down the memory hole already, what with all the talk about "the failure of deregulation" on the part of the Bush Administration. But there are plenty of failures to go around.
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Previous Comments to this Post 

So. Are we still underwriting low-risk mortgages or not?
Written By: jpm100
URL: http://
Whoops, that remark belongs about 3 stories down.
Written By: jpm100
URL: http://
Yeah, it is almost funny that you can try to fix something, be turned away at every turn and told that there is no problem. Then be blamed for the problem that you virtually screamed about for years, and have the MSM agreeing with the people who said there was no problem because they want the other guy to win.

Classic catch 22

So what the point in participating in the system. I think that more and more people will come to that realization. It time that something was done but what.
Written By: capt joe
URL: http://
Sorry Dale. Not only will Bush exclusively be blamed for this financial crisis, Obama will be given credit for ending the war in Iraq and bringing peace there, after he wins in November.

So much of our history is written by the popular culture of that time, and I don’t think google cache will be enough to include in the history books that will be written by liberal acedemics in the future.
Written By: Jimmy the Dhimmi
URL: http://
Add to the list of lies that are becoming history:

1. Bush stole the 2000 election.

2. Bush knew about 9-11 ahead of time.

3. The WTC towers were mined, and the Pentagon was hit by a missile.

4. Bush lied about Iraq’s involvement in 9-11.

5. Saddam never had WMD.

6. Bush said the war would be over quickly.

7. Global warming caused Katrina.

8. The feds didn’t respond to Katrina until after thousands of people were already dead.

9. Bush caused high oil prices because he’s an oil man.

10. Bush caused the financial crisis because he deregulated the banks.

etc, etc.
Written By: docjim505
URL: http://
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Written By: vkmljzcnl

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