HOLD THE PHONE. Now,I believe right wing websites, pundits and commentators as much as the next guy. I know that they are only looking out for my best interests and not Exxon's or Haliburton's. I believed them when they told me it was the CRA that caused the crisis but that turned out not to be true. The Federal Reserve told me CRA loans are profitable for the lenders and that bad underwriting caused the mortgage crisis. So then I believed them that it was Barney Frank's fault but then I read this
World business, finance and political news from the Financial Times– FT.com Europe
go the Financial Times of London website and put Mike Oxley in the search button and click on the article titled " Oxley hits back at ideologues".
surely Mike Oxley, Ohio republican and former chairman of the House Financial Services Committee is hitting back at those left wing ideologues who only want to destroy America. Well thats what I thought until I read it Can you believe the ideologues he is refering to are W and Greenspan?!?
"Instead, the Ohio Republican who headed the House financial services committee until his retirement after mid-term elections last year, blames the mess on ideologues within the White House as well as Alan Greenspan, former chairman of the Federal Reserve.
The critics have forgotten that the House passed a GSE reform bill in 2005 that could well have prevented the current crisis, says Mr Oxley, now vice-chairman of Nasdaq.
He fumes about the criticism of his House colleagues. “All the handwringing and bedwetting is going on without remembering how the House stepped up on this,” he says. “What did we get from the White House? We got a one-finger salute.”
The House bill, the 2005 Federal Housing Finance Reform Act, would have created a stronger regulator with new powers to increase capital at Fannie and Freddie, to limit their portfolios and to deal with the possibility of receivership.
Mr Oxley reached out to Barney Frank, then the ranking Democrat on the committee and now its chairman, to secure support on the other side of the aisle. But after winning bipartisan support in the House, where the bill passed by 331 to 90 votes, the legislation lacked a champion in the Senate and faced hostility from the Bush administration
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what?!? how can this be?!? I read literally hundreds of editorials and blogs that McCain tried to regulate Freddie and fannie in 2005 and the evil democrats stopped him. not one of them ever mentioned that the house version passed with full bipartisan support (331 to 90 ). The senate version never made it to the floor for a vote and now I find out that the ranking republican of the House Financial Services Committee says it was W and Greenspan who fought the bill. If this true, could it be possible that Techdude is lying too?