White House blames mortgage bailout on Congress

babylonsister

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Mon Sep-08-08 02:36 PM
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White House blames mortgage bailout on Congress

White House blames mortgage bailout on Congress
By Sam Youngman
Posted: 09/08/08 03:09 PM

The White House on Monday said the multibillion-dollar bailout of mortgage giants Fannie Mae and Freddie Mac could have been avoided if Congress had acted years ago when President Bush expressed concern about the way the two companies were set up.

The federal government seized control of the two companies over the weekend as a stopgap measure that could cost taxpayers as much as $200 billion.

White House press secretary Dana Perino said Monday that Bush has long warned Congress about the failure to act on the lending giants, and the federal government regrettably had to step in to “prevent further deterioration from affecting the broader economy, especially the availability of credit for home mortgages, consumer credit and business lending.”

“This is not a step that the administration was anxious to take,” Perino said. “And in fact, it is exactly the kind of event we've warned about and tried to prevent over the years. Remember that we have highlighted the systemic risk posed by Fannie Mae and Freddie Mac because of the very large role they play in housing markets, and because of their business practices.

more...

http://thehill.com/leading-the-news/white-house-blames-mortgage-bailout-on-congress-2008-09-08.html

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ingac70

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Mon Sep-08-08 02:37 PM
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1. Years ago? When Repukes controlled Congress?

lol.

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Solly Mack

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Mon Sep-08-08 02:38 PM
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2. uh...uh

wow

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EFerrari

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Mon Sep-08-08 02:38 PM
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3. Iirc, there is a grain of truth to this. He didn't like the set up.

But the Republicans wouldn't cooperate and it wasn't a priority for them.

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radfringe

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Mon Sep-08-08 02:45 PM
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4. he as in smirk-boy didn't like the set up - or cheney didn't like it? n/t

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EFerrari

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Mon Sep-08-08 02:52 PM
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8. The Torture President, Smirk. n/t

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Tempest

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Mon Sep-08-08 02:46 PM
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5. Let's see proof of Bush expressing concern years ago

And wouldn't that be when the Repugs controlled both houses of Congress?

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sinkingfeeling

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Mon Sep-08-08 02:47 PM
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6. Did anybody ask Perino for precise dates that Bush 'warned' about this. Seems to me the problem

developed as a direct result of 'de-regulation' and the belief that capitalism is best when free of government oversight. Both the doctrines of St. Ronnie.

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gratuitous

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Mon Sep-08-08 02:48 PM
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7. So what did the Decider actually, you know, do about it?

One statement issued in a Friday news dump hardly qualifies as a warning. And since Bush didn't send anyone over to Capitol Hill to talk to his good pals Denny and Billy about scheduling legislation to address the burgeoning mortgage crisis, it's a pretty empty warning, at that. And didn't Bush extol the virtues of home ownership in his State of the Whatever speech more than once, and crow about his administration's record in minting new homeowners?

He prolly had his fingers crossed when he said it, though, so it shouldn't count against him.

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ramapo

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Mon Sep-08-08 02:58 PM
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9. Nothing to do with Republican deregulation

Remember when they took a chainsaw to banking regs? How did that work out for us?

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alsame

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Mon Sep-08-08 03:07 PM
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10. I think this whole mess is Bill Clinton's fault. In fact, I am

absolutely sure of it. :sarcasm:

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