Maxine Waters caught lying about Fannie/Freddie
And people who post in this section of JI that the genesis of the credit crisis isn't subprime loans is kidding themselves....there's plenty of blame to go around, but in 2006 Congress met to discuss whether or not FNMA/Freddie should be regulated...Maxine Waters & her Democratic cronies who were in the pockets of FNMA argued vehemently against it, while Republican lawmakers begged the committee to consider the consequences of no regulation. This is in the public record, & cannot be disputed...incidentally it's there for your viewing pleasure at the bottom of the NEWSBUSTERS website that's above...the credit crisis started in March '07 with HSBC's announcement that they'd be taking significant writedowns on their subprime exposure...the rest, they say, is history.
Tucker134 needs to stop watching Fox News
Tucker134 I think your mind has been take over by Foxie. There is more than enought blame to go around on this, if the Republicans were "begging" for more regulation then why did the SEC under a Republican Congress and President let the banks do away with the debt limits in 2004? From now on please do a little more reading.
See below from Internet Free Press: http://freeinternetpress.com/story.php?sid=18516
How could Cox have been so wrong?
Many events in Washington, on Wall Street and elsewhere around the country have led to what has been called the most serious financial crisis since the 1930s, but decisions made at a brief meeting on April 28, 2004, explain why the problems could spin out of control. The agency’s failure to follow through on those decisions also explains why Washington regulators did not see what was coming.
On that bright spring afternoon, the five members of the Securities and Exchange Commission met in a basement hearing room to consider an urgent plea by the big investment banks.
They wanted an exemption for their brokerage units from an old regulation that limited the amount of debt they could take on. The exemption would unshackle billions of dollars held in reserve as a cushion against losses on their investments. Those funds could then flow up to the parent company, enabling it to invest in the fast-growing but opaque world of mortgage-backed securities; credit derivatives, a form of insurance for bond holders; and other exotic instruments.
The five investment banks led the charge, including Goldman Sachs, which was headed by Henry M. Paulson, Jr., Two years later, he left to become Treasury secretary.
A lone dissenter - a software consultant and expert on risk management - weighed in from Indiana with a two-page letter to warn the commission that the move was a grave mistake. He never heard back from Washington.