Really? I never thought you would say something that derogatory.
There is so much wrong with your last post its hard to know where to begin. I can say this though, your ignorance of how government works is very entertaining.
First I made the statement to balance this mess out, no one seems to have added anything actually with substance - nothing but the same old Obama this and that crap, without getting the idea that he and Bush and Clinton didn't frinkn' pass the laws, or had a hand changing how the oversight of the banking and financial industries work - in other words how the d*mn government actually works.
OK let's step through what I said;
Well it doesn't matter because
I said this because all of this is the same old news and it is a balance to say a lot of this happened from 1995 to 2006.
it was a republican congress who allowed the expansion of sub-prime lending practices
This is because from 1995 when the 104th congress was seated to the seating of the 110th congress, the republicans held the majority and relaxed a lot of the rules governing committees and how committees oversee some industries - maybe someone can explain to you how the house and senate rules are adopted ever session of congress and many times those rules are modified for the majority's benefit?
AND during that time, they allowed the expansion of the sub-prime lending to more than just housing, relaxing the rules a bit on how risk mitigation was used, changed a little on how banks and lenders were allowed to apply risk and "toxic" loans to their ledgers so to cover Clinton's vision of home ownership.
and forgot to oversee the banking industry to ensure the lender took proper steps to reduce some forms of risk
This means that congress ignored what they were supposed to do through the checks and balances system, which was to ensure that the executive branch was doing their job through seeing that policies and regulations that either were passed by congress or by the president were enforced. They failed in holding oversight committee meetings throughout their majority rule of congress and neglected their fundamental duties while knowing that it was a bubble they were creating.
I also think that it was around the 106th congress that they made a few decisions, one was to expand the policy to allow more departments to undertake regulation creation without the approval of the congress. By the way, that Ron Paul guy and a few others want congress to take that power back to ensure regulations don't run amok.
and again it is a republican led house that has yet to come up with a bill that would end the sub-prime lending practice that led us to the problems in the first place
This means that no one seems to WANT TO FIX the problem with any and all sub-prime lending practices in this country. Further more those countries where they didn't have a credit issue, like Canada, DO NOT ALLOW SUB-PRIME LENDING. In these times we still have sub-prime lending which allows risky loans to be created while not having enough capital at the lender to cover a defaulting borrower in a bear market. Oh you already knew that, right?
With the newly elected Republican house, they failed the country by not tackling the issue FIRST, and do not even have it on the radar screen.
- so much for fiscal conservatism.
This is clear what it means.
a summary is as follows;
A republican congress created the mess we are living with because the president is not king - hence can't create laws - but wanted to appease the sitting president by giving what he wanted.
A republican house with alleged "fiscal conservatives" in the majority have yet to raise the issue of why sub-prime lending still exists, let alone do a thing about it.
Outcome;
We are going to head right into another credit issue and possibly a depression because the present congress (I didn't say Obama) is entertaining the idea that we, the home owners of the country, need to have low interest rate mortgages even though many loans are risky and may default anyways. THIS is predicated on the idea that Fanny Mae is in the position to adsorb the loses involved in making it happen and a few in the Senate committee on Housing, Banking and Urban Affairs along with the House's committee on Financial Services have talked about this a couple times as a solution to the upside down loans that seem to be a problem for some.
