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I don't know since the Dem minority in the Senate managed to threaten to filibuster if the Republicans insisted that discussion on the floor about using 4% of people's SS taxes for personal investments. I always wondered who was in charge when they wanted to do something that all young people really liked and let Dirty Harry Reid back them off.
Another thing of that type happened in the Senate in spring of 2006 when Juan McCain and Teddy Kennedy introduced their amnesty act. Reid convinced all his people, all 44 of them, that if they voted for it there would be enough Republicans going along to pass the bill. Sure enough 33 Republicans went along with them. Who was in control then?
Wouldn't it have been nice if the Democrats had taken the House over in 2004? Just think, all those illegals would have become citizens by act of Congress but the Dems weren't in control of the House and they had already voted down a like bill.
I sure do wonder who was in control of Congress back then.
CDOs played a prominent role in the U.S.subprime crisis, where critics say CDOs hid the underlying risk in mortgage investments because the ratings on CDO debt were based off of misleading or incorrect information about the creditworthiness of the borrowers.
According to the Securities Industry and Financial Markets Association, aggregate global CDO issuance totaled US$ 157 billion in 2004, US$ 272 billion in 2005, US$ 552 billion in 2006 and US$ 486 billion in 2007. Research firm Celent estimates the size of the CDO global market to close to $2 trillion by the end of 2006.
Last edited by BestintheWest; 04-17-2010 at 11:10 PM..
The current financial 'reform' bill going through Congress does nothing regarding the elimination of the watering down of loan qualification standards which they have refused to address; Barney's immortal remark 'I'd like to roll the dice a little more as it applies to housing subsidies' should be etched on his tombstone, since he's had a major hand in driving the US and the world's economy into the graveyard.
And all in the name of 'social justice' and 'political correctness'.
For the moment, let's say they are the Snydely Whipplashes of the housing crisis (which I don't). At least they performing their acts of contrition by putting back the old regs and adding quite a few new ones so that it doesn't happen again. Which is more than we can say for the G-No-P.
???
So tell me why Fannie and Freddie are still doing exactly the same crap they were doing before the meltdown? The government just bailed out F&F again, and wrote legislation that gives an unlimited amount of federal bailouts.
F&F need to stop buying up any new paper, and start closing down all operations.
How can Barney Frank and Chris Dodd sleep at night?
I should think in seperate beds.
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