guest300 Wrote:WTHS; Are you referring to the Federal Housing Enterprise Regulatory Reform Act of 2005? If so, I don't think that bill ever made it to the Senate floor. I know the bill was primarily backed by Senator Hagel, and went to the Senate commitee on Banking, Housing, and Urban Affairs in 2005. This commitee was GOP controlled. The GOP had a two person majority over the Dems, so I cannot see how the minority members could have stopped it's progression out of commitee. Also, if you read the bill, it actually deregulated Fannie more than provide effective oversight, which raises an interesting question. Would more deregulation have prevented this mess, or made it worse than it is? I am confident that there is more to the history of this bill, but I don't have to time to dig it up, and I refuse to get my information from news agencies with political agendas; MSNBC, Fox News, NPR, etc. I prefer to formulate my own opinions based on my research.
Now, if you were referring to a Bill other than the one I was speaking of, my comment is completely irrelavent!
Yes the reform act of 05. It did pass the banking committee but all the dems on the committee voted it down along party lines but because the gop had the majority in the committee it did get out of there where it made its way to the senate floor but with high opposition by the dems it was never voted on. I couldn't fine why it wasn't brought to a vote. Probably some archaic senate rule or something.
McCain was by he way one of 3 co-sponsors of that bill, which if it had passed we might not be in this mess. Freddie and Fannie did not want this bill to pass.
Alan Greenspan said back then it was urgent that this bill pass. He said that if continue to grow, continue to have the low capital that they have, continue to engage in the dynamic hedging of their portfolios, which they need to do for interest rate risk aversion, they potentially create ever-growing potential systemic risk down the road,'' he said. "
We are placing the total financial system of the future at a substantial risk.''
The Dems fought to kill that bill hard. Can we trust them going forward? I don't think so. Fannie and Freddy had contributed heavily to Obama, Hillary and Dodd (who is not the current bank committee chairman). Dodd has gotten almost $165 k from those two companys and Obama has gotten almost 125K in campaign contributions. I wouldn't trust any one of those three to make any financial decisions.
I agree with you that one has to form their own opinions about the issues. You say you do your own research and that's great but how do you research? I think the major media outlets are unabashedly bias toward the left. How can you do your research really. All of media has agenda. You can go on the net but how much do you believe? There are bloggers on both sides spinning everything. Who do you trust to tell the complete unwashed truth? I think you have to take almost everything with a grain of salt. In spite of my posts my opinions are not carved in stone. I am willing to listen to arguments but I always have to view it through the BS filter.
