Friday, September 19, 2008

White House warned Freddie and Fannie of dangerous lending practices

White House Warning 2003...conveniently enough they lost the memo.

13 comments:

Khaki Elephant said...

The White House warned them. McCain warned them. And we may never know why they didn't listen . . . well, I suppose we could take a look at who was getting the lion's share of contributions from Freddie and Fannie to find out why congress didn't listen (hmm, I believe that would be Chris Dodd, Barack Obama and John Kerry).

Khaki Elephant said...
This comment has been removed by the author.
Karen said...

McCain warned them 2 years ago, too, and nothing was done.

Anonymous said...

Warned them? How about actually doing something? Oh, we warned them but they didn't listen so we forgot about it...

Mustang said...

Anon ... here's a gift for you. We don't live in a dictatorship. The POTUS does not have the power to usurp the power of Congress. He warned Congress, and they gaffed him off. What you like for the Bush-Satan to do?

Chuck said...

Funny how this seems to be getting lost in the whole "it's Bush's fault" media frenzy.

Khaki Elephant said...

The warnings and suggestions for reform were ignored by the congressional committee with oversite over the lenders. Who chaired that committee? Oh, that's right, Chris Dodd, the guy who recieved their largest contributions (with Obama himself scoring a close second). Funny how that worked . . . but given Wall Street's reaction, not ha-ha funny.

EDGE said...

I blame Bush for the 1929 Crash too...
...that Nintendo I dodn't get when I was 13.
...the hot girl in high school who didn't want to go out with me...

Duhhh!

Sandi said...

It's amazing how many people bought houses that couldn't qualify for a car loan. Hopefully we'll get out of this mess soon.

DB said...

How is Obama responsible for this again (McCains claim)? Republican controlled congress during the deregulation, Republican congress during the "warning" in 2003. Dodd is partly to blame since he chaired the committe since 2007, but again, Republicans chaired that committee during the warning and when the meltdown was brewing. When Republicans start screaming for regulation or for "government to act/save us", you know the apocalypse is upon us. Democrats have been saying it all along, and now we get the HUGE government we that everyone now seems to want. Bush's legacy...

Khaki Elephant said...

DB, you've got a point on the huge government. Bush grew the government like . . . well, you know . . . a Democrat. He is partly to blame in IMHO.

Nikki said...

DB, my point has never been to place blame. The responsibility is mainly on the shoulders of the banks themselves any other blame is ridiculous, but I knew the Bush blame was coming so I thought I would ward it off at the pass, but you found a way to give it to him anyway, its a fave passtime of the peeps. Seems funny that the govt should stay the hell out of any bailout and yet is responsible for all failures...As for it being Obama's fault? He will be my new blame everything on guy too...:)N

Sally said...

I thought this would be blamed on the blue dress.