nypost.com— John McCain went nuclear on Barack Obama yesterday, charging that the Illinois Democrat "abetted" the mortgage meltdown.
Oct 7, 2008View in Crawl 4
While Obama is culpable in this mess, seems everyone is forgetting (or just ignoring) the real genesis of this financial fiasco/crisis.Remember, Republicans got a rider attached to an 11,000 page appropriations bill signed into law by President Bill Clinton in 2000. What was this rider - The Commodity Futures Modernization Act of 2000. Now traders had an officially deregulated market for energy futures. Worse, that bill also deregulated many financial instruments – including the collateralized debt obligations that are at the center of today’s mortgage crisis, which may well cost us more than $1 trillion before it’s over. Thank Enron, Texas Senator Phil Gramm (R), and Texas Congressman Tom Delay (R).All of the current financial mess is caused by deregulated trade instruments.Republicans engineered the 'let the free market work better through deregulation' legislation. Democrat President Bill Clinton signed it into law (perhaps not even knowing it was in the appropriations bill). Human nature and greed took over and the present mess is the result. But very clearly, it was Republicans who pushed for and got the deregulation passed as law. Fannie Mae, Freddie Mac, and all the others could never have plundered the system without this enabling legislation.For more details see:ICE, ICE, Baby (May 19, 2008)<a class="user" href="http://www.star-telegram.com/ed_wallace/story/6519">http://www.star-telegram.com/ed_wallace/story/6519</a> ...ICE, ICE, Baby, Conclusion (May 22, 2008)<a class="user" href="http://www.star-telegram.com/ed_wallace/story/6590">http://www.star-telegram.com/ed_wallace/story/6590</a> ...
You keep posting Gramm-Leach-Bliley Act. Do you even understand it? A major provision of the act forces banks to make sub-prime loans or face penalties. Sub-prime loans are loans to individuals that wouldn't usually get one because of their credit score. That's a BAD idea and the Democrats wouldn't sign on to the bill unless that provision was included. So here we are!
jkvmOct 7, 2008
Yes, please. If this is the issue to win or lose on in this election, there is no legitimate reason republicans should be the ones to lose.
Closed AccountOct 7, 2008
While Obama is culpable in this mess, seems everyone is forgetting (or just ignoring) the real genesis of this financial fiasco/crisis.Remember, Republicans got a rider attached to an 11,000 page appropriations bill signed into law by President Bill Clinton in 2000. What was this rider - The Commodity Futures Modernization Act of 2000. Now traders had an officially deregulated market for energy futures. Worse, that bill also deregulated many financial instruments – including the collateralized debt obligations that are at the center of today’s mortgage crisis, which may well cost us more than $1 trillion before it’s over. Thank Enron, Texas Senator Phil Gramm (R), and Texas Congressman Tom Delay (R).All of the current financial mess is caused by deregulated trade instruments.Republicans engineered the 'let the free market work better through deregulation' legislation. Democrat President Bill Clinton signed it into law (perhaps not even knowing it was in the appropriations bill). Human nature and greed took over and the present mess is the result. But very clearly, it was Republicans who pushed for and got the deregulation passed as law. Fannie Mae, Freddie Mac, and all the others could never have plundered the system without this enabling legislation.For more details see:ICE, ICE, Baby (May 19, 2008)<a class="user" href="http://www.star-telegram.com/ed_wallace/story/6519">http://www.star-telegram.com/ed_wallace/story/6519</a> ...ICE, ICE, Baby, Conclusion (May 22, 2008)<a class="user" href="http://www.star-telegram.com/ed_wallace/story/6590">http://www.star-telegram.com/ed_wallace/story/6590</a> ...
bullsenorOct 7, 2008
You keep posting Gramm-Leach-Bliley Act. Do you even understand it? A major provision of the act forces banks to make sub-prime loans or face penalties. Sub-prime loans are loans to individuals that wouldn't usually get one because of their credit score. That's a BAD idea and the Democrats wouldn't sign on to the bill unless that provision was included. So here we are!
Closed AccountOct 8, 2008
How incredibly racist of you.How long have you hated white people?
charlotte_webOct 9, 2008
WRONG!Factcheck.org says that the Gramm-Leach-Bliley Act was not responsible for the current mess, and even HELPED to lessen the severity of it!