Obambnomics? How did John Talbott miss this?

Talbott's tall tale of "Obamanomics" has as a cornerstone the idea that the Bush administration did nothing to try to regulate the financial industry. He points with glee towards an unregulated Fannie and Freddie being out of control and "leveraged" at 100 to 1! So then, how does he explain this? "'s a New York Times story from September 2003, clearly showing that the first substantive Fannie and Freddie reform from inside government came from the Bush administration. Spurred by worries that Fannie and Freddie were cooking their books and taking too many risks, Treasury Secretary John Snow proposed placing the companies under Treasury oversight with strict controls over risk and capital reserves. The NYT labeled the proposal "the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago" ... "So five years ago, there was one of those rare moments in Washington when the branches and personalities of government—in this case, the Bush administration—are less interested in protecting or expanding their turf than in fixing a looming catastrophe. What was Frank's response to the proposal?" "These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis," said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." So just who was stonewalling legislation to regulate the financial industy ... all those years ago? Added: As Frank mentions in his press release today, two years after it was first proposed, the House finally voted on a bill reforming the mortgage giants. Alas, the legislation was watered down to the point of being meaningless—that's why it passed the House with such wide margins (122 Democrats and 209 Republicans). But even then, and despite his high regard for bipartisanship now, Barney Frank wasn't among the yeas. (same source)

Asked By: d_dock_2000 - 1/18/2009
Best Answer - Chosen by Asker
Yeah we can thank Jimmy Carter for his Community Reinvestment Act of 1977 that started the whole thing. Then our buddy Bill Clinto got ahold of things... More
Answered By: Jessica Rabbit - 1/18/2009
Additional Answers (3)
Barney Frank is a fraud and a fake hes more interested in rubbing man bellies with Fannie Execs than looking out for the people !
Answered By: Julie B "FREE" - 1/18/2009
Your citation answers your own question. The Treasury Secretary may have proposed this, but neither the Bush Administration nor the Republican-controlled Congress acted upon the recommendation.
Answered By: steve_miller_5 - 1/18/2009
Republicans during the Bush years were wimps when it came to domestic matters. They never stood up to bloviating morons like Barney Frank and Maxine Waters. I hope they get tough and begin to stand up to Obama.
Answered By: Nightman - 1/18/2009
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