Senate democrats including Obama and Chris Dodd BLOCKED Bush Administration moves to reign in Fannie and Freddie, between 2001 and 2005 (Obama joined the filibuster in 2004 upon his election).
Democrats were behind the CRA debacle, from the Carter administration and before. ACORN and Obama strong-armed banks to write more bad loans on inflated real estate. The “greedy capitalists” just wrote the loans as strongarmed by Obama to do; FNMA and FMAC bundled them.
The truth comes out, if slowly. The cause of the world-wide financial meltdown is Obama, as much as anybody, including Chris Dodd, Barney Frank.
Gateway Pundit, Karl Rove Goes Off… Blames Obama & Libs For Housing Meltdown
“We started in 2001 to try and reign in Fannie and Freddie. We spent four years doing it. We got a bill through the Senate Finance Committee on a party line vote to reign in Fannie and Freddie in 2005 and one of the first things Barack Obama did when he came in to the United States senate was, because he was the third largest recipient of Fannie and Freddie money he joined a filibuster of every democrat led by Senator Chris Dodd to block that measure from being brought to the floor of the United States Senate. Three years later in September 2008 President Obama, then candidate Obama, voted for the same bill he could have voted for three years ago after Fannie and Freddie collapsed. So don’t tell me that we didn’t try to do something during the Bush years to reign in the housing problem. We were the people who said let us subject Fannie and Freddie to the same kind of scrutiny that we subject banks, savings and loans and credit unions and it was candidate Obama who refused to join that effort, that would have kept this from being an accelerant to a worldwide financial crisis.”
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