Actually, it never got out of committee. Which considering that the committee was majority Republican, you probably should have said "This bill was shot down by Republicans and some Democrats."

-traveler-

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"I have come here to chew bubblegum and kick ass... and I'm all out of bubblegum."

-Nada-

sorry I didn't say it. Was a quote.

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You might be a liberal if.....

You think that consenting adults can engage freely in every activity except capitalism.
If you think the answer to ANY crime, infraction, or injustice is counseling.
If you use the words "right wing extremist" at least four times in any given day.
You live in constant fear that someone, somewhere, is making a profit.

When the people find that they can vote themselves money, that will herald the end of the republic. -Benjamin Franklin

Fine then. Prove it. You made the accusation. Now prove it!

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Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.

John Adams

http://www.freedomagenda.com/iraq/wmd_quotes.html

Ann Coulter is always right!

Check out the entire article if you have time...it is excellent!

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We should invade their countries, kill their leaders and convert them to Christianity. -- Ann Coulter

It's true that Phil Gramm (McCain's advisor) had the bill that put this all into motion in the 90s. But Bush toppled the house of cards in 2002 when he dismantled any remaining laws governing the lenders.

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Happy days are here again
The skies above are clear again
We can sing a song of cheer again
Happy days are here again!

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Sarah Palin "It was Ronald Reagan who said that (economic) freedom is always just one generation away from extinction. We don't pass it to our children in the bloodstream; we have to fight for it and protect it, and then hand it to them so that they shall do the same, or we're going to find ourselves spending our sunset years telling our children and our children's children about a time in America, back in the day, when men and women were free."

A.M. would you explain or give details on how President Bush accomplished that?

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American Bottoms

A Type Unit Geology ~ a system of glacial filled valleys in Southern Indiana which embraces the broader impulses of the whole region in which it is integrated.
~~~
Have You VISITED MY ALBUM Vita Brevis, Ars Longa? (Life is Short, Art is Long)

I will:

October 8, 2003: Bush administration objected to a proposal to have an independent regulator of Fannie Mae and Freddie Mac be an independent unit of Treasury, much like financial regulators housed in the agency that oversee banks and thrifts. The Bush administration also objected to a proposal to have the Department of Housing and Urban Development have oversight over the companies' business activities. The independence provision has broad support from committee Democrats and Republicans. The HUD provision was pushed mostly by Democrats but had been accepted by Oxley and Baker as a compromise needed to move the bill forward.

October 26, 2005: House of Representatives passed regulation reforming the GSE's. The bill passed the House 331-90 (Republicans: 209-15; Democrats: 122-74), and would have given the new regulator broad authority over setting capital requirements and limiting portfolio size. Senate Democrats picked that bill up and offered it, but the Administration opposed that legislation. According to Mr. Oxley, the White House gave Congress and the GSE reform legislation "a one-finger salute. We missed a golden opportunity that would have avoided a lot of the problems we're facing now, if we hadn't had such a firm ideological position at the White House and the Treasury and the Fed," Mr. Oxley says. [Financial Times, 9/11/08]

August 6, 2007: At a White House morning press briefing, in response to a question whether the housing market is correcting or in crisis, President Bush says that the economy is stable: "[i]t looks we're headed for a soft landing." [Remarks By President Bush, 8/9/07] \

November 15, 2007: Senator Reid asked unanimous consent to pass the FHA Modernization Act, but Republicans objected. [Congressional Record, 11/15/08]

December 4, 2007: In response to a question about whether the Administration was too slow to recognize the subprime problem, President Bush said: "We've been working on this since August." [Remarks By President Bush, 12/4/07]

December 6, 2007: Senator Reid asked unanimous consent to pass the FHA Modernization Act, but Republicans objected. [Congressional Record, 12/6/08]

February 14, 2008: Senate Democrats announce The Foreclosure Prevention Act of 2008 which would keep families facing foreclosure in their homes, help other families avoid foreclosures in the future, and help communities already harmed by foreclosure to recover. [HR 3221, 2008]

February 26, 2008: After Senate Democrats introduce The Foreclosure Prevention Act, White House issues a veto threat and Senate Republicans block consideration of the bill. [Statement of Administration Policy, 2/26/08; Senate Vote #35, HR 3221]

February 28, 2008: Senate Republicans blocked consideration of the Foreclosure Prevention Act. The bill provided $10 billion in bond authority to refinance subprime loans, $4 billion in grants for the rehabilitation of foreclosed homes and tax relief for struggling homebuilders. The bill also included a provision that would allow bankruptcy courts to modify the terms of a mortgage on a primary residence that could have helped 600,000 families stay in their homes. [Senate Vote #35, HR 3221; CRS Summary; Finance Committee Press Release, 2/15/08; Center for Responsible Lending]

March 14, 2008: Federal Reserve and JP Morgan Chase Bailed Out Bear Stearns. "On the verge of a collapse that could have shaken the very foundations of the U.S. financial system, investment bank Bear Stearns Cos. was bailed out Friday by a rival and the federal government. The near-miss raised new alarm about the credit crisis -- and whether other big firms might be in jeopardy." [AP, 3/15/08]

April 1, 2008: Republicans Stall Housing Bill. Republicans force cloture vote on motion to proceed to energy bill. [Senate Vote 86, HR 3221, 4/1/08]

June 19, 2008: After measure is reported by the Senate banking committee, White House issues a veto threat against the Federal Housing Finance Regulatory Reform Act of 2008, which includes GSEs reform, on the grounds that the bill provides $4 billion in grants to communities struggling with foreclosed properties. [Statement of Administration Policy, 1/19/08]

June 24, 2008: Republicans Stall Housing Bill. Republicans forced Democrats to file cloture on the motion to concur in the House amendment to the Housing bill. [Senate Vote 155, HR 3221, 6/24/08]

June 25, 2008: 79 Senators vote to pass the bipartisan housing bill while some Republican Senators announce they would use procedural maneuvers to delay final passage until after the July 4th recess. "Sens. Jim DeMint and John Ensign both said they were willing to run out the clock on a major housing bill.'I don't intend to allow any unanimous consents to shorten the debate time on the housing bill,' DeMint said." [Roll Call, 6/26/08]

July 7, 2008: Republican Senators force a procedural vote in order to further delay the passage of the comprehensive housing bill. [Senate Vote #163, HR 3221, 7/10/08]

July 10, 2008: Several Republican Senators force another procedural vote in order to delay passage of the housing bill. (Senate Vote #170, HR 3221, 7/10/0 "By a vote of 84-12 Thursday, the Senate cleared away the last procedural hurdle hindering the measure in that chamber, but lingering objections by a GOP critic pushed off passage until Friday." [AP, 7/11/08]

July 11, 2008: White House spokeswoman Dana Perino renews veto threat against the housing bill. [AP, 7/11/08]

April 10: 2008: Senate Democrats Passed the Foreclosure Prevention Act. The bill provided tax breaks for those buying foreclosed homes, overhaul of the FHA mortgage insurance program, $4 billion to purchase and rehabilitate foreclosed homes, $100 million for housing counseling and relief for veterans returning from war facing foreclosure. [Senate Vote 96, HR 3221]

May 20, 2008: Senate Banking Committee passes bipartisan housing bill. The bill, passed out of committee on a vote of 19-2, includes major efforts to help prevent the rising number of foreclosures, to create more affordable housing for Americans, and to strengthen the regulation of the GSEs in order to reduce risk and improve their role in the housing finance system. [CQ Committee Coverage, 5/20/08]

July 11, 2008: Alarmed by the growing financial stress at the nation's two largest mortgage finance companies, senior Bush administration officials consider a plan to have the government take over Fannie Mae and/or Freddie Mac and place them in a conservatorship if their problems worsen. [New York Times, 7/11/08]

July 15, 2008: Bush says he opposes bailouts for private companies, "In terms of private enterprises, no, I don't think the government ought to be involved with bailing out companies. I think the government ought to create the conditions so that companies can survive. And I've listed four. And one of the things I'm deeply troubled about is people who feel like it's okay to raise taxes during these times. And it would be a huge mistake to raise taxes right now." [Remarks By President Bush, 7/15/08 ]

July 26, 2008: Senate passes the Housing and Economic Recovery Act by a vote of 72-13.

July 23, 2008: White House drops veto threat based on Secretary Paulson's request for GSE authority. "The legislation, unveiled in March, sped to approval after lawmakers added a plan proposed July 13 by Treasury Secretary Henry Paulson that lets him back up Fannie and Freddie..The change prompted Bush to drop a veto threat." [Bloomberg, 7/27/08]

July 25, 2008: Republicans stall housing bill. Republicans force cloture vote on the motion to concur to the House amendments to the Housing bill. [Senate Vote 185, HR 3221, 7/25/08] http://www.zibb.com/article/4043921/...F+DEREGULATION

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If a man would follow, today, the teachings of the Old Testament, he would be a criminal. If he would follow strictly the teachings of the New, he would be insane.--Robert Green Ingersoll

Yeah Bro and the fact is it didn't happen 8 years ago and the start of this happened during the Clinton admin answers your question. Clinton pushed/urged Freddie and Fannie to loan low income families $$$ for the opportunity to gain homeownership. Many who had poor credit is who Freddie and Fannie extended credit too. Heck, I had good credit and still do, but I could walk in and ask for a million just off my signature. This simply should have been allowed.
The Clinton administration wanted to expand the share of Americans who owned homes, which had stagnated below 65 percent throughout the 1980s. Encouraging the growth of the two companies was a key part of that plan.
I am sorry my friends but the American dream is the persuit of happiness not the guarantee of it. You have to work for it. Everything can't be just handed too you. Your answers of the "last eight years" is getting old and uneducated. I hear it all over and when asked it's just well look at whats going on. No real answers. Home mortgages are for 30 years most of the time. Your messiah Clinton started this whole mess boys and girls.

Two more links of note:

1. Christopher Cox, head of the SEC, exempts 5 Investment banks from rules limiting the amount of debt they could accumulate.

http://www.nytimes.com/2008/10/03/bu...se&oref=slogin


2. One of Wall Streets investment instruments, and how the Managers and Ratings Agencies really gave it to the consumer, but good!

http://www.publicradio.org/columns/m...ainer_unc.html

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"Time to make the world a better place..." Hootie and the Blowfish, Drowning