It's a pity how woefully lack your knowledge is about presidential candidates... McCain had warned about Fannie/Freddie collapse as way back as in 2006. He even co-sponsored a bill to stop similar stuff from happening, but the Democrat-ruled Congress blocked his bill (did not allow voting). So, who is to be blamed for the financial mess?
Actually, its your lack of knowledge which is astounding.
The Bill that you refer to was dated May 2006. Congress was controlled by the Republicans till January 2007 when Democrats took over - see below.
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Democrats Take Control on HillBy Jonathan Weisman and Shailagh Murray
Washington Post Staff Writers
Friday, January 5, 2007;
Rep. Nancy Pelosi (D-Calif.) was elected America's first female speaker of the House yesterday in a raucous, bipartisan celebration of a historic breakthrough, and hours later she presided over passage of the broadest ethics and lobbying revision since the Watergate era.
Democrats took control of the House and Senate
after 12 years of nearly unbroken Republican rule, with resolute calls for bipartisan comity and a pledge to move quickly on an agenda of health-care, homeland security, education and energy proposals.
http://www.washingtonpost.com/wp-dyn/content/article/2007/01/04/AR2007010400802.html**************************************************************************************************************
Furthermore, read on
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Fannie Mae, Freddie Mac, and Federal Home Loan Bank Mission, Regulation, and GSE Status In recent years, several legislative proposals have been introduced that would restructure the present regulatory structure for Fannie Mae, Freddie Mac, and the FHLBanks. Congressional scrutiny of the GSEs was heightened following revelations in 2003 and 2004 of improper management decisions, accounting practices, and earnings smoothing at Freddie Mac and Fannie Mae.
NAHB supports congressional efforts to strengthen the financial safety and soundness and the housing mission regulation of the GSEs. The building industry believes oversight of these two areas must be balanced. Unfortunately, there are many who would like to take this opportunity to diminish or eliminate the advantages of the GSEs, treating them more as banking organizations. NAHB is concerned that changes to the GSE regulatory framework could harm these entities’ critical role in housing finance and, ultimately, raise mortgage borrowing costs.
Legislation reforming the regulatory oversight of the housing GSEs was considered by the 109th Congress , <<
Headed by republicans>> but
ultimately died due to policy differences between the House and Senate reform packages, in many key areas, most notably: affordable housing requirements, portfolio limits, and program/product approval. NAHB supported the House-passed bill H.R. 1461, which was a balanced bill that included many of NAHB’s priorities in key areas and did not include several adverse provisions sought by those seeking to restrict GSE activities.
In contrast, the Senate bill, S. 190, contained many restrictive provisions that could harm the nation’s housing finance system, including: restrictions on asset holdings, discretion to raise minimum capital, burdensome program approval process, and a regulatory structure tilted away from housing. In addition, S. 190 did not require Fannie Mae and Freddie Mac to set aside monies to fund affordable housing initiatives, as provided in the House-passed bill.Debate on GSE reform has resumed in the 110th Congress. However, with a change in party control in both the House and Senate, the dynamic for consensus has changed significantly.
Indeed, the House Financial Services Committee considered and passed a bipartisan GSE reform bill in early 2007 based on the House-passed bill from the 109th Congress and negotiations with the Department of the Treasury during year-end negotiations in 2006. The bill, the Federal Housing Finance Reform Act of 2007 (H.R. 1427), creates a strong independent regulator with oversight for the three housing GSEs – Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. It also establishes an Affordable Housing Fund (AHF) that will, in its first year, disburse grants for the construction of affordable housing in areas affected by Hurricane Katrina. In the second through fifth years (after which the fund terminates), the fund will be used for affordable housing projects nationwide. Significantly, the bill ensures a level playing field for both for-profit and not-for-profit entities in the allocation of AHF funds. The bill also does not contain restrictive portfolio and capital provisions, such as those in the 109th Congress’ Senate bill.
Companion legislation has not been introduced in the Senate, <<<
Hmmm, using your logic, looks like someone else was too busy with his presidential run 
>>> but the Democrat-led Senate Banking Committee is expected to consider GSE reform legislation, similar to that moving in the House. Thus, any GSE legislation passed in the 110th Congress is more likely to be similar to the House bills and would not include strict portfolio caps, but would include an affordable housing fund component – a significant departure from previous Senate versions
http://www.nahb.org/generic.aspx?genericContentID=9016************************************************************************************************************
When BHO says that John McCain "does not get it", BHO show how ignorant he is, how much he is ready to lie in order to win presidency, how little he know about John McCain. When BHO says that McCain will continue with Bush policies, he doesn't even know what he is talking about because is the great Ignoramus. Barrackus Ignoramus Obamus. Some one should ask him what was he doing during the time this bill was presented in Senate? He was a US Senator. Why did HE not push for voting on this bill, if he is/was so worried about common man and US economy? Oh... he was probably busy starting his Presidential campaign at that time. No time to waste on small matters like these. BTW, has BHO written or co-sponsored any financial reform bill? Just asking, 'cause people seem to think that BHO will be a better person to take care of the economy. I fail to understand how Democrats can be depended upon to do ANYTHING, when they blocked voting on an important piece of legislation. Do we still remember that Nancy Pelosi shut off power in Capitol Hill to go on vacation while Republicans wanted to debate an energy bill? What was BHO doing at that time? Oh... he was in the middle of his presidential campaign. He can't be bothered about small stuff like energy problem, while his own party goes on vacation. Long live Democratic party... 
Again, the ignorance here is astounding.
Usually, in the House and Senate, members are part of committess and subcommittees that deal with specific issues. Barack Obama, as US Senator was not involved in any committee which oversaw Finance or Financial institutions. before you ask why, let me educate you -- some committee and sub committee appointments are deemed worthy enough for only senior members of Congress --Finance, Intelligence & Security fall within that grasp. As the junior senator from IL, BHO would be pretty low down the order for appointment consideration in those committees.
Neither was Barrack Obama a member of the Energy Committees. Nor was S. 190, the Senate Bill introduced by McCain brought up for discussion in a Democratic controlled Congress (see earlier explanations).
here is BHO's Senate biography:
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Sworn into office January 4, 2005, Senator Obama
serves on the Health, Education, Labor and Pensions Committee, which oversees our nation’s health care, schools, employment, and retirement programs. He is a
member of the Foreign Relations Committee, which plays a vital role in shaping American policy around the world, including our policy in Iraq. And Senator Obama
serves on the Veterans’ Affairs Committee, which is focused on providing our brave veterans with the care and services they deserve.
In 2005 and 2006, he served on the Environment and Public Works Committee, which safeguards our environment and provides funding for our highways
http://obama.senate.gov/about/***************************************************************************************************************
Everyone is jumping up and down, trying to pin the blame of financial troubles on Bush and Republicans. I wonder if they know that there are 2 Committees that exist to provide oversight on Housing and Financial markets. President has no oversight on these areas. What are these committees?
House Financial Services Committee -- Headed by Barney Franks (Dem).
http://financialservices.house.gov/who.html
Senate Committee on Banking, Housing and Urban Affairs -- Headed by Chris Dodd (Dem)
http://banking.senate.gov/public/
Again, absolutely erroneous and an assertion with little basis in knowledge.
The Housing market crisis was reasonably full blown by 2006 and exploded in late 2006, early 2007. The policies that set that in motion were set back in 2002 -2005.
Congress was controlled by Republicans during this time (till the end of 2006).
The House Financial Services Committee was headed by
SENATOR MICHAEL G. OXLEY (R – OHIO)
Senate Committee on Banking, Housing and Urban Affairs was headed by
SENATOR RICHARD SHELBY (R – ALABAMA)
Chair, Senate Committee on Banking, Housing, and Urban Affair
and before him by
PHIL GRAMM (R-TEXAS),
CHAIR-man of the Senate Committee on Banking, Housing and Urban Affairs
May we ask what these two fine specimen of gentlemen were doing since taking over in 2006?
2007, not 2006. get your facts right. The damage had already been done by then.
Were they sleeping or were they simply ignoring all problems and issues while taking money from Fannie, Freddie, Lehman and whatnot?
Inaccurate rantings
One of the members, Barney Frank, who you have mentioned, was instrumental (even when he was not the chair in a Republican Congress) along with the republican Chair Oxley in helping House Bill 1461 pass (the bill that advocated stricter control of the GSE's - Fannie, Freddie, and FHLB's) in Congress. McCain's Bill S. 190 was the Senate counterparty to this. Read on
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Oxley, Frank Praise OFHEO Acting Director Blumenthal's Comments on House GSE BillWashington, DC- Today, House Financial Services Committee Chairman MICHAEL G. OXLEY (OH) and Ranking Member Barney Frank (MA) praised the recent comments made by Stephen Blumenthal, acting director of the Office of Federal Housing Enterprise Oversight (OFHEO), regarding the House bill to strengthen regulation of the Government Sponsored Enterprises (GSEs). The House bill gives the new regulator significant safety and soundness authority.
Chairman Oxley said, "I appreciate Mr. Blumenthal's comments, particularly his recognition that the House-passed bill would result in vastly improved regulation of Fannie Mae and Freddie Mac, which is our goal. Those who recommend holding back on final congressional action because of a difference on this provision or that do so at the risk of deepening the problems at the enterprises. In my view, we have seen the results of the regulatory status quo, and the status quo is not an acceptable option."
Ranking Member Frank said, "I welcome Mr. Blumenthal's supportive comments that the House bill is comprehensive legislation that provides OFHEO with significant new authority. The House bill puts the financial safety and soundness of the GSEs in the hands of one of the most powerful financial regulators in the government. The regulator created under the House bill will have authority to establish capital requirements and safety and soundness standards that meets or exceeds the authority of the federal banking agencies, while increasing the transparency of enterprise operations."
In a speech yesterday to the Global Bond Summit, Mr. Blumenthal said, "It is important, however, to commend the actions of the House in passing a comprehensive bill that will significantly improve the regulatory climate for GSE supervision. It is worth noting that under the House-passed bill, the agency will receive significant new authority as well as a stable source of funding independent of the congressional appropriations process. These are both needed changes that have been identified as such by numerous studies and congressional hearings over the years and endorsed by the Administration. While the House bill can certainly be improved, the important point is that Congress act - and soon - before this current pro-reform climate passes. If Congress does not act, OFHEO will continue to do its job, but it will face the increasing pressure of inadequate regulatory authority and an unpredictable funding mechanism that makes planning and management extremely difficult."
In October, the House passed H.R. 1461 to strengthen the regulation of the GSEs. The bill passed both the Financial Services Committee and the House with overwhelming bipartisan votes.
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They are supposed to be the first reactors to all Housing and Financial problems, not president or Republicans. Why did they not hold any kind of investigations on any irregularities they found? It is their responsibility, not presidential or Republican responsibility.
And what is their reaction and their leader's (BHO) reaction? Blame Bush, blame Republicans, blame McCain. Blame anyone and everyone except themselves, when they are the ones to be blamed. And we still think Democrats will do a better job in next 4 years, when in past 2 years they allowed the financial and housing market to go down the drain and did not bother lifting even a thumb to do anything.
Irrelevant. You have miles to go yet.
AuthorTopic: The crumbling of the US financial system (NC) (Read 10020 times)
