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In article <MPG.4275cea9a30f3fc598bc38@news.eternal-september.org>,
AlleyCat  <katt@gmail.com> wrote:
>
>How a child fills out a newsgroup box:
>
>alt.fan.rush-limbaugh,oh.no.this.definitely.is.NOT.going.to.can.politics, 
>oh.no.this.definitely.is.NOT.going.to.alt.politics.trump,oh.no.this.definitely.is.NOT.going.to.alt.politics.liberalism,oh.no.this
>.definitely.is.NOT.going.to.alt.politics.democrats,oh.no.this.definitely.is.NOT.going.to.alt.politics.usa.republican
>
>Rudy still believes Republicans were responsible for the '08/'09 crash,
>simply because Bush was President, and DENIES, that the 
>Democrats were involved at all, even while KNOWING Barney Frank[1] and
>Bill Clinton[2] were responsible for MOST of it.
>
>On Fri, 25 Apr 2025 15:22:20 -0700,  Rudy Canoza says...  
>
>> > Bush was as responsible for the crash AS Obama.
>
>> Obama was not responsible for it *at all*,
>
>I know... stupid.
>
>And since Obama wasn't responsible, other than being IN the Democrat
>Party and perhaps voting for or against a measure to rein in 
>"Fannie Mae and Freddie Mac (or declaring "present"), means Bush wasn't
>involved at all. 
>
>=====
>
>The 2008 financial crisis was a complex event with multiple contributing
>factors, and opinions on responsibility can vary widely. 
>While some argue that policies and practices related to Fannie Mae and
>Freddie Mac, as well as the actions of certain 
>politicians, played a significant role, others point to broader issues
>such as deregulation in the financial sector, risky 
>lending practices, and the housing bubble.
>
>[1] BARNEY FRANK, A PROMINENT DEMOCRATIC CONGRESSMAN, was involved in
>housing finance policy, and some critics have pointed to 
>his support for affordable housing initiatives as part of the problem.
>However, many analysts also highlight the role of 
>financial institutions, regulatory failures, and the broader economic
>environment leading up to the crisis.
>
>It's important to consider a range of perspectives and the complexity of
>the factors involved when discussing the causes of the 
>2008 financial crisis.
>
>Didn't Bill Clinton Sign The Deregulation Bill?
>
>Yes, President Bill Clinton[2] signed the Gramm-Leach-Bliley Act into
>law in 1999, which effectively repealed parts of the Glass-
>Steagall Act of 1933. The Glass-Steagall Act had established a
>separation between commercial banking, investment banking, and 
>insurance services. The repeal allowed financial institutions to
>consolidate and engage in a wider range of financial activities.
>
>Supporters of the repeal argued that it would promote competition and
>efficiency in the financial sector, while CRITICS CONTEND 
>THAT IT CONTRIBUTED TO THE RISK-TAKING BEHAVIOR THAT LED TO THE 2008
>FINANCIAL CRISIS. The relationship between deregulation and 
>the crisis is a topic of ongoing debate among economists and policymakers.
>
>=====
>
>Democrat Bahney Fwank's $10 Trillion Crash
>
>That's right, shut-in.
>
>Fwank's Fingerprints Are All Over The Financial Fiasco
>
>https://duckduckgo.com/?q=boston.com+barney+frank+fingerprints&ia=web
>
>************************************************
>
>Key Democrats opposed the Federal Housing Enterprise Regulatory Reform Act 
>of 2005, which would have established a single, independent regulatory 
>body with jursdiction over Fannie and Freddie - a move that the 
>Government Accountability Office had recommended in a 2004 report. 
>
>************************************************
>
>Barney Frank And Democrat Party Most Responsible For 2008 Economic 
>Collapse
>
>It's beyond asinine that Democrats blame Bush for ruining the economy, and 
>praise Clinton as having the mostest wonderfulest economy ever, when it 
>was a Clinton program that ruined the Bush economy.  But that's the 
>mainstream media narrative for you.
>
>************************************************
>
>'THE PRIVATE SECTOR got us into this mess. The government has to get us 
>out of it."
>
>That's Barney Frank's story, and he's sticking to it. As the Massachusetts 
>Democrat has explained it in recent days, the current financial crisis is 
>the spawn of the free market run amok, with the political class guilty 
>only of failing to rein the capitalists in.
>
>The Wall Street meltdown was caused by "bad decisions that were made by 
>people in the private sector," Frank said; the country is in dire straits 
>today "thanks to a conservative philosophy that says the market knows 
>best." And that philosophy goes "back to Ronald Reagan, when at his 
>inauguration he said, 'Government is not the answer to our problems; 
>government is the problem.' "
>
>In fact, that isn't what Reagan said. His actual words were: "In this 
>present crisis, government is not the solution to our problem; government 
>is the problem." Were he president today, he would be saying much the same 
>thing.
>
>Because while the mortgage crisis convulsing Wall Street has its share of 
>private-sector culprits -- many of whom have been learning lately just how 
>pitiless the private sector's discipline can be -- they weren't the ones 
>who "got us into this mess." Barney Frank's talking points 
>notwithstanding, mortgage lenders didn't wake up one fine day deciding to 
>junk long-held standards of creditworthiness in order to make ill-advised 
>loans to unqualified borrowers. It would be closer to the truth to say 
>they woke up to find the government twisting their arms and demanding that 
>they do so - or else.
>
>The roots of this crisis go back to the Carter administration. That was 
>when government officials, egged on by left-wing activists, began accusing 
>mortgage lenders of racism and "redlining" because urban blacks were being 
>denied mortgages at a higher rate than suburban whites.
>
>************************************************
>
>Only people can who understand how politics and the economy work know 
>this.
>
>Whose Fault was It?
>
>By far the most dangerous myth is that deregulation is the root cause of 
>the problem.
>
>The culprit was a system geared toward loaning money to people who were 
>not in a position to pay it back. Two policies underpinned that system: 
>easy money by the Federal Reserve and the government-induced lowering of 
>standards for approving loan requests.
>
>In a recent paper for the Independent Institute, University of Texas 
>professor Stan Liebowitz argues that "in an attempt to increase 
>homeownership... virtually every branch of the government undertook an 
>attack on underwriting standards starting in the early 1990s... the 
>Clinton era."
>
>Starting with the creation of the Federal Housing Administration in 1934 
>and all the way to the norms that made Freddie Mac and Fannie Mae acquire 
>substantial loans given to people with weak credit. 
>
>Not surprisingly, once the Fed expanded credit, astronomical amounts of 
>capital poured into a housing market that people assumed was protected by 
>the government. What came next was a consequence of the original sin.
>
>Freddie Mac, Fannie Mae, H.U.D., Bahney Fwank, Bill Clinton, Andrew Cuomo.
>
>Who is responsible for the crash?
>
>Democrats' lobbyist-induced denial to regulate Housing, led to Wall Street 
>collapse:
>
>Barney Frank: I don't see anything in this report that raises safety 
>and soundness problems.
>
>"These two entities -- Fannie Mae and Freddie Mac -- are not facing 
>any kind of financial crisis," said Representative Barney Frank of
>Massachusetts, the ranking Democrat on the Financial Services 
>Committee.
>
>"The more people exaggerate these problems, the more pressure there 
>is on these companies, the less we will see in terms of affordable 
>housing."
>
>************************************************
>
>Anatomy of a bubble
>
>Step 1. The intoxication: "My house is worth millions!" From 1995 - 
>2005, the number of sub-prime mortgages skyrocket. So did the house 
>prices.
>
>Step 2. The hangover: "Oh my God, my house isn't selling. What went 
>wrong?"
>
>WHY DIDN'T SOMEONE TRY TO STOP IT?
>
>Someone did:
>
>********* "The Bush administration today recommended the most 
>significant regulatory overhaul in the housing finance industry since 
>the savings and loan crisis a decade ago." - The New York Times, 
>September 11, 2003.  ***************
>
>But someone intervened to stymie the Bush administration. Who? The 
>New York Times reports:
>
>Supporters of the companies said efforts to regulate the lenders 
>tightly under those agencies might diminish their ability to finance loans 
>for lower-income families. . . . "These two entities - Fannie Mae and 
>Freddie Mac - are not facing any kind of financial crisis," said 
>Representative Barney Frank of Massachusetts, the ranking Democrat on 
>the Financial Services Committee. "The more people exaggerate these 
>problems, the more pressure there is on these companies, the less we 
>will see in terms of affordable housing."
>
>"The Bush administration today recommended the most significant 
>regulatory overhaul in the housing finance industry since the savings 
>and loan crisis a decade ago."
>
>"Under the plan, disclosed at a Congressional hearing today, a new 
>agency would be created within the Treasury Department to assume 
>supervision of Fannie Mae and Freddie Mac, the government-sponsored 
>companies that are the two largest players in the mortgage lending 
>industry."
>
>http://tinyurl.com/6lp5qu
>
>"McCain Letter Demanded 2006 Action on Fannie and Freddie"
>
>"Sen. John McCain's 2006 demand for regulatory action on Fannie Mae 
>and Freddie Mac could have prevented current financial crisis, as HUMAN 
>EVENTS learned."
>

Why is this in can.politics ?

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