tag:blogger.com,1999:blog-5389485538945190196.post3280483175370370038..comments2023-08-27T10:44:32.983-04:00Comments on AABW - Against A Brick Wall: John McCain's Latest Chameleon Act: Suddenly He's a Champion of De... Oops... RegulationCharles M. Kozierokhttp://www.blogger.com/profile/10019303035321620019noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-5389485538945190196.post-66502599783672777312008-09-19T00:59:00.000-04:002008-09-19T00:59:00.000-04:00The bill was killed in the Senate Banking Committe...The bill was killed in the Senate Banking Committee -- it never made it to the floor on the "republican controlled" Senate. And who is the head of the Senate Banking Committee? That's right, <B>Democrat Chris Dodd </B> of Connecticut.<BR/><BR/>Also the Gramm-Leach-Bliley Act did not cause the sub prime meltdown. It may have been one of many factors, but wasn't the primary factor.<BR/><BR/>Perhaps the biggest factor was the Clinton administration's revisions to the Community Reinvestment Act, which substantially increased the number of the number and percentage of loans to low and moderate income borrowers. The revisions also allowed the securitization of loans containing subprime mortgages. And who was the first company to securitize CRA sub prime loans? None other than Bear Stears, which was recently bailed out by the Feds.<BR/><BR/>If you're going to throw out accusations such as "Graham-Leach-Bliley was responsible for the current mess," at least have the courage to tell us why. Or are you getting your talking points from someone else?BaseballCoachhttps://www.blogger.com/profile/17322663995571519023noreply@blogger.comtag:blogger.com,1999:blog-5389485538945190196.post-42647744771240771642008-09-18T08:10:00.000-04:002008-09-18T08:10:00.000-04:00"Why no mention of the Federal Housing Enterprise ..."Why no mention of the Federal Housing Enterprise Regulatory Reform Act of 2005, cosponsored by John McCain?"<BR/><BR/>Because so far I haven't found any sort of balanced discussion of it, just Sean Hannity style propaganda as you posted.<BR/><BR/>"You know, the one that was killed by Democrats and never became law."<BR/><BR/>Excuse me? The Republicans were firmly in charge of the Senate in the 109th Congress. <BR/><BR/>"What's that? Ahh, you don't know."<BR/><BR/>I don't know how you can claim the Democrats "killed" anything when the Republicans were in charge of both houses of Congress and the White House, no.<BR/><BR/><A HREF="http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act" REL="nofollow">This</A> is what is really responsible for the current mess. <BR/><BR/>You know, Phil Gramm - the guy McCain wants to make Secretary of the Treasury.Charles M. Kozierokhttps://www.blogger.com/profile/10019303035321620019noreply@blogger.comtag:blogger.com,1999:blog-5389485538945190196.post-6539028424634606982008-09-18T03:24:00.000-04:002008-09-18T03:24:00.000-04:00Why no mention of the Federal Housing Enterprise R...Why no mention of the Federal Housing Enterprise Regulatory Reform Act of 2005, cosponsored by John McCain?<BR/><BR/>You know -- the one that would have done the following:<BR/><BR/><I>1) in lieu of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency which shall have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (2) the Federal Housing Enterprise Board.<BR/><BR/>Sets forth operating, administrative, and regulatory provisions of the Agency, including provisions respecting: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; (7) golden parachutes; and (8) reporting.</I><BR/><BR/>You know -- the one where John McCain spoke on the floor of the Seante, saying:<BR/><BR/><I>If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.</I><BR/><BR/>You know, the one that was killed by Democrats and never became law.<BR/><BR/>What's that? Ahh, you don't know.<BR/><BR/>Here's another little tidbit you forgot to include:<BR/><BR/>Barack Obama has taken hundreds of thousands of dollars in Fannie and Freddie political contributions. In less than 4 years in the Senate, Obama has vaulted to the Number 2 position in terms of alltime political contributions from Fannie and Freddie. Only Chris Dodd (D) has taken more money from these institutions.<BR/><BR/>Change we can believe in? Not.BaseballCoachhttps://www.blogger.com/profile/17322663995571519023noreply@blogger.com