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September 22, 2008

Bush Called For Reform of Fannie Mae & Freddie Mac 17 Times in 2008 Alone Only To Have Dems Ignored His Warnings

Topics: Political News and commentaries

For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted.

Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems. Continue reading at Gateway Pundit ...

This does not, however, relieve George Bush from his complicity in the financial crisis. When he ultimately went along with Congress and approved giving more money to Fannie Mae and Freddie Mac to dole out to people that had absolutely no business at all being home owners - they lacked the financial resources and lacked the personal financial management skills - he joined them in their socialist/Marxist agenda and their crime against the American taxpayer.

On the other hand, in 2005, Senator John McCain partnered with three other Senate Republicans to reform the government's involvement in lending. Democrats also blocked this reform. McCain has consistently been against government over-regulation of business - we are, after all, a capitalism-based democracy - but he has consistently warned of the problems associated with Fannie and Freddie and the Democratic leadership's management of the House Financial Services Committee Chairman (as in Barney Frank) and the Senate banking committee (as in Chris Dodd).

Related: Obama, Barney Frank, Fannie Mae, Freddie Mac, Campaign contributions, Democrats, Lobbyists, Truth about Obama, More Obama lies, McCain reformer

Posted by Richard at September 22, 2008 6:32 AM

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