As America Changes, Some Anxious Whites Feel Left Behind

cawacko said:
Greenspan and the Fed had nothing to do with the partial repeal of glass stegal. The Fed doesn't promote or sign legislation. Where did you even come up with that?
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The republican party held back the bank broker rules for 8 years wack
 
The Derp said:
Yes, they did. You said Democrats were the ones who stopped GSE reform, and you were wrong about that. You were wrong because it was the Bush Administration, that you voted for and supported, who killed GSE reform in 2003:

In October, 2003, "Strong opposition by the Bush administration forced a top Republican congressman to delay a vote on a bill that would create a new regulator for mortgage giants Fannie Mae and Freddie Mac."

Also in October 2003: Despite what appeared to be a broad consensus on GSE regulatory reform, efforts quickly stalled. A legislative markup scheduled for October 8, 2003, in the House of Representatives was halted because the Bush administration withdrew its support for the bill,

So before we can go even one step further in this debate, you must first acknowledge that it was Bush the Dumber, who you voted for and supported, that put the kibosh on any GSE reform before the bubble even started.
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and that reform designed in a bipartisan manner would have worked IF the republican party had not refused to implement the bank broker rules for 8 fucking years
 
SEC Votes for Final Rules Defining How Banks Can Be Securities Brokers
Eight Years After Passage of the Gramm-Leach-Bliley Act, Key Provisions Will Now Be Implemented
FOR IMMEDIATE RELEASE
2007-190
Washington, D.C., Sept. 19, 2007 - Ending eight years of stalled negotiations and impasse, the Commission today voted to adopt, jointly with the Board of Governors of the Federal Reserve System (Board), new rules that will finally implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999. The Board will consider these final rules at its Sept. 24, 2007 meeting. The Commission and the Board consulted with and sought the concurrence of the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision.



https://www.sec.gov/news/press/2007/2007-190.htm
 
evince said:
and that reform designed in a bipartisan manner would have worked IF the republican party had not refused to implement the bank broker rules for 8 fucking years
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Absolutely. Conservatives say government is the problem, then get elected and prove it.
 
Truth Detector said:
Because he thought the regulations were too weak you simple minded dumbfuck on steroids.
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The regulations proposed in Oxley's (A Republican, BTW) bill had "broad consensus" in Congress. And here you are, admitting that it was Bush that killed that reform. So when you said before that Bush didn't kill reform, you were saying something false. Bush killed the bipartisan GSE reform in 2003, just like I said, and just like you confirmed.


Truth Detector said:
The Democratic Party of the Jackass didn't want to do ANYTHING because they claimed it was racially motivated.
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Oxley's bill had "broad consensus", which means it would have passed with Democrats supporting it. Bush killed that reform. You have to wonder why he did, and then you stop wondering when you realize that one year after killing GSE reform, Bush and the Conservatives reversed Clinton's HUD rule and suddenly GSE's were buying risky mortgages again.


Truth Detector said:
Oxley's plan to reform oversight of the nation's biggest home lenders "falls short of real reform," a senior Treasury Department official said Tuesday in Washington.
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So Bush killed the bi-partisan, "broad consensus" GSE reform, just like I said.
 
Truth Detector said:
:lolup: Moron says its all Bush's fault.
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It was Bush's fault:

It started with his tax cut, the same tax cut he tied to the growth of the housing bubble in 2004
He wiped out state protections against predatory lending by invoking a Civil War-era OCC rule, a move that was opposed by all 50 State Attorney Generals
In 2004, he reversed a 2000 Clinton-era rule that had prohibited GSE's from purchasing risky loans
His regulators ceased enforcement of lending standards for subprime loans beginning in 2004
He passed the American Dream Downpayment Act, that provided down payments on 40,000 low-income homes in 2003
He killed GSE reform in the Fall of 2003
In April 2004, he gave Wall Street permission to erase any leveraging restrictions in exchange (!) for letting the industry self-regulate (what a terrible deal; Conservatives are awful dealmakers)
 
Boris The Animal said:
For the historically deficient Leftist, Barney Fag and Chris Dudd started this whole housing mess in the first place.
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No they didn't. Housing was fine as late as 2003, when Bush's own Treasury Secretary testified before Congress:


THE TREASURY DEPARTMENT'S VIEWS ON THE REGULATION OF GOVERNMENT SPONSORED ENTERPRISES

Mr. Frank: Are we in a crisis now with these entities?

Secretary Snow: No, that is a fair characterization, Congressman Frank, of our position. We are not putting this proposal before you because of some concern over some imminent danger to the financial system for housing; far from it.


So in 2003, things were fine. Then in 2004, regulators ceased the enforcement of lending standards, and that is what caused the turmoil...according to Bush's Working Group on Financial Markets:

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”
http://www.treasury.gov/resource-cen...s update.pdf
 
Boris The Animal said:
In short folks, the Loony Left think they alone are qualified to rule the masses. Sorry, but you lose once again.
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you time is up , deal with reality

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The Twerp said:
The regulations proposed in Oxley's (A Republican, BTW) bill had "broad consensus" in Congress. And here you are, admitting that it was Bush that killed that reform. So when you said before that Bush didn't kill reform, you were saying something false. Bush killed the bipartisan GSE reform in 2003, just like I said, and just like you confirmed.

Oxley's bill had "broad consensus", which means it would have passed with Democrats supporting it. Bush killed that reform. You have to wonder why he did, and then you stop wondering when you realize that one year after killing GSE reform, Bush and the Conservatives reversed Clinton's HUD rule and suddenly GSE's were buying risky mortgages again.

So Bush killed the bi-partisan, "broad consensus" GSE reform, just like I said.
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:lolup: Lying leftist loser saying it's Oxley's fault, it's Oxley's fault. :rofl2:

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The Twerp said:
I don't wonder why...I know why you do that; projection. You're so insecure in your own argument that you project those insecurities out on everyone else.
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Wrong again; but then you get everything wrong snowflake. I call you an idiot because you ARE one. That isn't rocket science. :rofl2:
 
The Twerp said:
It was Bush's fault:

It started with his tax cut, the same tax cut he tied to the growth of the housing bubble in 2004
He wiped out state protections against predatory lending by invoking a Civil War-era OCC rule, a move that was opposed by all 50 State Attorney Generals
In 2004, he reversed a 2000 Clinton-era rule that had prohibited GSE's from purchasing risky loans
His regulators ceased enforcement of lending standards for subprime loans beginning in 2004
He passed the American Dream Downpayment Act, that provided down payments on 40,000 low-income homes in 2003
He killed GSE reform in the Fall of 2003
In April 2004, he gave Wall Street permission to erase any leveraging restrictions in exchange (!) for letting the industry self-regulate (what a terrible deal; Conservatives are awful dealmakers)
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:lolup: Lying leftist stupidly thinks Bush caused the mortgage implosion. :rofl2:

This moron also thinks tax cuts cause bubbles and revenue decreases. What is evident is that this fact challenged lying loser is immune from the facts and reality.
 
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