Government announces $85 billion loan to save AIG

[awpitt]

Originally Posted by Nucklesack

Be careful who you blame
(From Hotair quoting the New York Times)


Bush tried to tighten down the clamps on Freddie/Fannie and it was the Democrats, specifically Barney Frank, who stopped it.

Larry beat me to it. The GOP had control in 03.

Nice try though.

[Nucklesack]

Originally Posted by Larry Gude

...controlled both chambers in 2003? Who was too preoccupied with with his crusade in 2003 to put much effort into domestic issues?

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac — which together have issued more than $1.5 trillion in outstanding debt — is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.

It seems like the New York Times disputes your (and Awpits) contentions. They attempted to address the FannieMae/FreddieMac mess.

Did it fail, yes. But he still tried to address it.

[Nucklesack]

Originally Posted by awpitt

Larry beat me to it. The GOP had control in 03.

Nice try though.

Doesnt matter, you tried to place the blame on the Bush Administration, even though they attempted to fix the mess.

The GOP may have had control, but they were defeated by the Minority (Democrats)

Nice try though.

[Larry Gude (Premo)]

Originally Posted by Nucklesack

It seems like the New York Times disputes your (and Awpits) contentions. They attempted to address the FannieMae/FreddieMac mess.

Did it fail, yes. But he still tried to address it.

...to explain this? First off, effort and results are two different things. Second, members of the House of reps do not hold veto powers.

Should we start giving out merit badges for what a president does or for what they...address?

[bcp (Premo)]

bailing out of the AIG is the major reason oil is back up by about 1.40 per barrel today.
their failure had speculators dumping stock because they feared when AIG liquidated it would dump all the oil stock causeing a serious drop in price.

government should have let them fail. I got my mortgage, and I can pay it.

[awpitt]

Originally Posted by Nucklesack

Doesnt matter, you tried to place the blame on the Bush Administration, even though they attempted to fix the mess.

The GOP may have had control, but they were defeated by the Minority (Democrats)

Nice try though.

I didn't have to try.

It's not enough to play lip service to something then blame it on the Hill when it doesn't pass. Bush had majorities in both houses of Congress. There was no reason that his recommendation should've failed except for his inability to even line up members of his own party to support him on the recommendation. The Dems shouldn't have mattered because they were in the minority.

Again, nice try.