If Obama wants to put an end to pre-existing conditions or being dropped from coverage or work to limit drug costs and enact tort reform, he could do that very easily with almost unanimous bipartisan support and for almost no cost to taxpayers what so ever. Folks too also almost unanimously support these.
Next, blaming the financial crisis on Bush means you aren’t doing your homework. Bush and McCain both warned of massive loan problems emanating from Dem run and overseen, Fannie and Freddie, and rule forcing loans to be made to folks with dubious credit.
And the Dems (Clinton signed the bill in 2000)had a big part in allowing dubious financial instruments to be exchange traded. These mortgage instruments had been illegal since the depression.
And by the way, it’s almost a year later and the Obama Administration and our Congress has done nothing to end this trading.
.[/quote]
Obama could propose making the Sunday the National Day of Prayer
and the GOP would oppose it. Name one initiative he’s started
where the GOP is in block supporting him?
As for the Problems at Fannie/Freddie? The GOP was running
the government, they could have changed it. They had the White House
the Congress and they were appointing the majority of the Fannie Board.
Also the 1999 Banking regs changes were pushed through under
the Gramm-Leach-Bliley bill. Clinton conceded, but it was Phil Gramms
theories.
in 2003, the GOP pushed through the commodities modernization bill
which allowed Credit Default Swaps.
Sorry the financial crisis was a GOP/Neo-conservative disaster.[/quote]
The credit swaps only became a problem because folks couldn’t afford to pay their loans. The only reason folks of dubious credit were allowed, even to a certain extent required to get loans was the Dems. All the exotic financial instrument issues stem from the failure of the real estate market over regulated by the Dems through Fannie and Freddie.
And the GOP was not controlling Fannie and Freddie in the upswing into this financial crisis. During the period leading up to the crisis oversight of Fannie and Freddie fell to the misleadership of Barney Frank, the chairman of the House of Representatives committee on financial services. In fact, in 2004, when W and McCain tried to point out the insolvency of both, Frank said he knew of no problems at Frannie and Freddie.
It was the Dems who pushed for loans being made available at favorable rates for folks who couldn’t qualify under more rigid standards.
You have your head in the sand if you don’t look into the major part many Dems played in creating and still perpetuating this crisis. And even worse, doing very little to prevent it happening again.
When will the Obama administration do away with the exotic instrument trading that Bill Clinton signed into law? Isn’t a year after the $hit hit the fan time enough to act? When will Frank stop requiring folks of dubious credit being allowed to get loans?
