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$700 Billion Bailout crisis? Bush's fault for not standing up to see-no-evil Barney Frank (link included)?

Did Barney Frank help Obama collect more money from Fannie Mae & Freddie Mac in only 3 years in the Senate? http://www.kfor.com/global/story.asp?s=9080306 Excerpt: ------------- The Bush Administration, in April of 2001 warned congress of a potential financial crisis. In their 2002 budget requests they declared the size of Fannie Mae and Freddie Mac "A potential problem... and can cause strong repercussions in the financial markets." In 2003, the White House upgraded the warning on real estate mortgage loans. Their experts said that the way loans were being handled could spread beyond the housing sector. In fall of 2003 the Bush Administration was pushing congress hard to create a new federal agency that would monitor and supervise Fannie Mae and Freddie Mac; both are Government Sponsored Enterprises (GSE). John Snow, Treasury Secretary at the time called for regulations and supervision of GSEs. He said in September 2003 "We need a strong world-class regulatory agency to oversee the prudential operations of the GSEs and the safety and the soundness of their financial activities." Snow was pushed back from this position, by then ranking member, but the eventual Chairman of the Senate Banking Committee, Barney Frank (D) from Massachusetts. Frank denied there was any problem and was quoted as saying, "Fannie Mae and Freddie Mac are not in crisis." In fact, Barney Frank was encouraging the government to do more to get low income families into homes. "The more people, in my judgment, exaggerate the threat of safety and soundness, the more people conjure up the potential for serious financial losses.... [a problem] I do not see. We see entities that are fundamentally sound financially and would stand some of the disastrous scenarios. But, even if there were a problem the government wont bails them out. The more pressure we see there then there is less, I think, we see in terms of affordable housing," Barney Frank said in September of 2003. The creation of a regulatory agency to oversee GSEs was ultimately blocked. http://www.foxnews.com/story/0,2933,423701,00.html Excerpt: ------------ A group called the Center for Responsive Politics keeps track of which politicians get Fannie and Freddie political contributions. The top three U.S. senators getting big Fannie and Freddie political bucks were Democrats and No. 2 is Sen. Barack Obama. http://www.youtube.com/watch?v=H-_HlpZ8azA

Public Comments

1. This year, the media have repeated Democrats' talking points about this being a "Republican" disaster. Well, McCain has repeatedly called for reforming the mortgage giants. The White House has repeatedly warned Congress. This year alone, Bush urged reform 17 times. Some GOP members are complicit. But Fannie and Freddie were created by Democrats, regulated by Democrats, largely run by Democrats and protected by Democrats. That's why taxpayers are now being asked for $700 billion.
2. So according to you Bush was extremely concerned and warned people but did nothing to solve the crisis except warn? How come he could not prevent it?
3. NO.. you can't hand this on George Walker Bush JR>he is not the reason
4. Both parties and YOU and ME are to blame. We have taken a "let them do it" and blame them but let them stay in office" attitude. Both parties are controlled by the big businesses that is why we keep getting the same results. They play us against one another. We need to wake up and be responsible citizens and Choose someone to lead. We are debating over which loser is the best one to lead when we didn't pick either of them How is that? Does that sound strange?
5. That is interesting. I think people at the top in general from both parties usually have their heads in the sand and no one wants to be chicken little yelling "the sky is falling" lest someone think they are being too negative and instilling fear in the public without just cause. They fear generating a run on the banks which would topple the system into a depression. P.S. I am a McCain supporter and I think Bush did the best he could. I don't trust Obama any farther than I would throw him, but I think this was a political hot potato for all the politicians, democrat or republican. I am surprised that Bush was ringing the alarms, so to speak, unless bailing them out will be bailing out some of his personal friends (not saying that because I hate Bush, just being realistic about politicians). I do think Bush calling a crisis to this latest bailout, maybe is more of a drama than anything and I am not so sure the taxpayers should be bailing out every private company. Where does this all stop??
6. Eight years of trickle down economics, White House, House and Senate all controlled by the Repubs, and somehow this is Barney Frank's Fault? All this mess caused by just one man? This is why many people hate repubs. They would rather blame someone, anyone, as long as they have a D at the end of their names, rather than: A: Take responsibly B: Work together. This is what Obama Brings. Examine the debate. McCain says everything is Obama's fault. Obama said McCain was correct the few times he was, demonstrating a willingness to seek common ground and move forward.
7. Bush is not responsible for anything. He is the best pres. ever. Everything is just honky dory.
8. The Bush administration introduced legislation in 2005 that would have stopped it but it was rejected. Sometimes you cannot help fools.
9. Those are some good links. However only those with more than 2 brain cells will be able to see the truth. The Democratic left leaning liberals are the cause of this mess. In their hast to put everyone in a home, they forgot the most important ingredient. That is the financial responsibility of each individual to pay for it. Bush should have/could have done more, but ultimately the fault lies with Congress. They were warned repeatedly, yet failed to do anything. So now they want us to clean up their mess. Well its election time, so its time to clean house in Congress. Vote only for those who opposed this mess and it will be a start. Obama is in the hip pocket of the Fannie/Freddie groups and would be an unwise choice. McCain on the other hand tried to get something done and would be the best choice.
10. IT SEEMS TO ME THAT THIS IS A MAJOR PROBLEM CREATED BY A DEMOCRATIC RUN CORPORATION. THE LIBERAL ELITE MAINSTREAM PRESS WILL NOT TELL YOU THIS.
11. If you check the details of the history of Wall Street, you'll find the controls that were installed to prevent another crash like that in 1929 were revoked by the Democrat controlled Congresses of the past. That allowed the creation of "bubbles" which always burst There was the Savings and Loan mess,(started by the Carter administration) there was the dot-com bubble that made Clinton look good until it burst, and now the current crisis that allowed the Bush economy to look good while it was putting the finishing touches on the destruction of America's good Times. You can trace this mismanagement to make each administration "look good" for a while back to the LBJ "Great Society" when economic wisdom started to be replaced by gambling with the money of citizens and investors.