Who is to blame for the Economic Crisis???

@bobmnu (8160)
United States
September 18, 2008 2:05am CST
Senator McCain called for an investigation in 2005 into Freddie Mac and Fanny Mae for accounting fraud and bad business decisions. Congress too no action Speaker Pelosi called for ethical reform in congress. Senator Dodd (D) is Chair of the Senate Banking Committee. He is also the largest receiver of donations from Freddie Mac and Fanny Mae. He also received a very low no points mortgage from Countrywide. Congressman Frank (D) is the Chair of the House Banking oversight Committee. Congressman Waxman(D) is Chair of the Government oversight Committee. What have they done to check on the Banking Industry or on the Government regulators. They had time to investigate Baseball and how much time has been spent on doing investigations into possible wrongdoings of the Bush Administration. They have not proven any of the charges. If these people can not do their job maybe they need to be removed?
3 people like this
4 responses
@overhere (516)
• United States
18 Sep 08
McCain has been in office for 26 years has had very close ties with lobbyists throughout that time he is not the man to reform a kindergarten let alone Washington. The president will only be able to do so much without a majority in both Senate and Congress. There is nothing more ineffectual than all branches of govt. being different colors. Bring on Obama I believe while he may have flaws it is nothing to the consequences of the alternative. I really don't care how big a war "hero" McCain is it is an irrelvance from a political point of view - there were many others who suffered just as much and who were not feted on their return. I personally find McCains basic history worrying he rode his fathers/grandfathers coat tails through Naval college (he finished 5th from bottom in a class of over 800) he recieved placements that many have said he did not earn and those without his "connection" couldnt have got and on leaving the Navy he used his wifes money and position to attain political office. This is not the man I want running the country he has no concept of middle Americas plight.
1 person likes this
• United States
18 Sep 08
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@bobmnu (8160)
• United States
19 Sep 08
You want Senator Obama, the man who received the 2nd largest contribution from Fanny Mae and Freddie Mac, and has received large amounts from the major financial institutions. Senator McCain called for an investigation, 3 years ago, of Freddie Mac and Fanny Mae and said that if nothing was done we were facing a major financial meltdown. The investigation was blocked by the Democrats who controlled the Congress. Today Senator Biden said they had the right to TAKE money the rick and give it to the ones who don't have as much. They have the Right to TAKE money from you and me???
@ram_cv (16516)
• India
18 Sep 08
It is interesting that you bring Baseball into the discussion. But, you are right, when people have time to investigate goings on in Entertainment industry, they should definitely find time to investigate more pressing Economic issues. The funny thing is with all this Freddie Mac/Fanny Mae and other Fed protection stuff going on, America is turning back on a concept it made it's own i.e. Capitalism!! Looks to me that last decade saw the demise of Communism, This decade looks like seeing the demise of Capitalism... May be the middle path of socialism might have the key going forward. Cheers! Ram
@bobmnu (8160)
• United States
18 Sep 08
Given a chance to work Capitalism works. Freddie Mac and Fanny Mae failed because the government tried to use the Banking industry to do Social Engineering. The government changed the rules to allow people to get a mortgage with out going through income verification, without a down payment or ability to pay. We did not have this crisis when the banks required 10 - 20% down payment and borrowing 2.5 to 3 times your yearly income. The down payment protects the homeowner in economic down turns by giving them a cushion.
1 person likes this
@ram_cv (16516)
• India
20 Sep 08
I understand that, but I think even in the most capitalist of countries, Govt. has tried to intervene from time to time. Only now it has been overtly direct and thus the drastic results are visible. Cheers! Ram
@soccermom (3200)
• United States
29 Sep 08
I think both parties are to blame, and the finger can't be pointed in any one direction. Members of both parties have had their hands in the cookie jar, and playing the "blame game" is getting us nowhere.
@bobmnu (8160)
• United States
29 Sep 08
One of the problems is that the people who created the problem are now being asked to fix it. Do you think that Senator Dodd is going to demand reforms that may cost him thousands in donations and may force him to get a different mortgage and pay a higher interest rate. Will Rep Frank want a program that has been funding homes for people who can't afford them and these people keep reelecting him. What we need is a full investigation by a special prosecutor to find out who has their hand in the cook jar and let the voters decide what do with them. Speaker Pelosi promised us that Congress was going to be more ethical and cleaner, I have yet to see any change come from her leadership.
@mehale (2200)
• United States
18 Sep 08
Exactly. Too many members of government (all levels) are re-elected on name recognition despite the fact that they really have not done anything to deserve it. We need to work harder to vote them out and get some new blood in office. Maybe then our nation will begin to heal.