newt's an historian???
By gladys46
@gladys46 (1205)
United States
November 17, 2011 12:27pm CST
Really? I thought that if Newt can be this very well paid "historian" to Freddie/Fannie, perhaps I could offer some history here! Perhaps just for civil discussion.
In 1999 Congress passed Gramm-Leach-Bliley Act (also known as: GLBA or Financial Services Modernization Act of 1999) which repealed Glass Steagall allowing banks, insurance companies and securities firms to merge. It also prohibited the SEC from regulating derivatives and credit default swaps. This allowed Wall Street to sell mortgage backed securities to pensions and 401k plan managers.
In 2003 the GOP controlled Congress passed and Bush signed the American Dream Downpayment Act. This allowed the "no money" down sub-prime mortgages. This is what Bush said when he signed the bill: "The law I sign today will help us build on this progress in a very practical way. Many people are able to afford a monthly mortgage payment but are unable to make the downpayment, and so this legislation will authorize $200 million per year in downpayment assistance to at least 40,000 low-income families."
The GOP and Bush passed legislation that created sub-prime mortgages that Wall St. could resell knowing they were risky investments. After the bubble burst, Bush had Congress pass TARP to bail out the banks that perpetrated the fraud.
Sooo, any "historical" challenges are very welcome! Remember, the pay will never come close to Newt's!!
1 person likes this
4 responses
@crossbones27 (49463)
• Mojave, California
18 Nov 11
When are these people going to learn if you do the right thing none of these bad things will happen. If people could just do the right thing we would not need all these laws and regulations. Newt is a perfect example of why deregulation doesn't work. This is simple people if you want big brother to stop watching over you, then stop screwing people over to pad your wallet. Those of you that are part of big brother and taking advantage of of the power you behold. You live in the public eye, and are eventually going to get caught. It is just a matter of time. One does not need all the money in the world to have a rich life. Do the right thing you might sleep better at night.
@ParaTed2k (22940)
• Sheboygan, Wisconsin
17 Nov 11
Your "history" seems to leave out a few things.. .like how the Republicans in Congress saw the train wreck of Feddie and Fannie and the Democrats lied through their crooked teeth, and called the Republicans racist.
Other than that, I agree with most of your assessment here... Including the parts of history I'm sure Newt wants us to forget.
@gladys46 (1205)
• United States
18 Nov 11
Hi ParaTed!
"... like how the Republicans in Congress saw the train wreck of Freddie and Fannie .."
And when was that ParaTed before or after "The Great 2007-8 GOP Recession"? I really think republicans would rather not talk about Freddie and Fannie at all right about NOW!
@Taskr36 (13963)
• United States
18 Nov 11
The 2008 recession happened under DEMOCRAT control of both houses. The economy was actually doing just fine in 2006 while the GOP still controlled congress. In fact, our deficit was steadily decreasing and was about $140 billion before Democrats took control. Pretending the republicans are to blame for everyone just shows that you Gladys, are no historian.
@ParaTed2k (22940)
• Sheboygan, Wisconsin
18 Nov 11
Gladys, we know you hate republicans and would never dream of blaming democrats for anything, but that is your own lack of integrity.
@sirnose (2436)
• United States
18 Nov 11
The Hypocrisy of the Republicans when Freddie Mac and Fannie Mae debacle became obvious the Republicans lead the charge that The Democrats were only to blame, and that the Democrats benefited from these mortgage institutions. Especially Rep. Barney Frank; now that Newt Gingrich is moving up in the polls it has come out that he also benefited nicely from Freddie and Fannie.
It has been disclose that Newt Gingrich was a lobbyist for Freddie and Fannie from 1999 to 2008. He was hired by the two institutions and paid over $1 million to influence representatives of congress that would be friendly with the executives of Freddie and Fannie. In 2008 Newt Gingrich criticized then Sen. Obama about accepting campaign contributions from Freddie and Fannie, what Hypocrisy on Newt Gingrich when he was on the take himself.
As I said in a previous discussion Gov. Mitt Romney is sitting back laughing 
at his Republican presidential challengers. 
...
at his Republican presidential challengers. ...
@sirnose (2436)
• United States
18 Nov 11
Well,gladys46 I beg to differ. The biggest defender of Freddie Mac and Fannie Mae was Barney Frank. Just for historical reference, this is the same Barney Frank who stated, several times that Freddie and Fannie were “not in a crisis.” Barney Frank is also the same guy who was having a relationship with Franklin Raines, CEO of Fannie Mae. Of course, Barney Frank contends there was no conflict of interest going on with their gay love affair. …
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......@gladys46 (1205)
• United States
18 Nov 11
I think Frank did defend that institution ... however, he also helped correct it!
When we talk about where folks find their lovers, perhaps we might ask where Newt found his lover(s)... perhaps Newt did as he said, worked too hard, his love of America made him do it!!
@inertia4 (27960)
• United States
26 Nov 11
Well, I think we need a grand new party. I say out with the old thinking and in with the new thinking. But it just seems that the republicans want to have this country living like leave it to beaver. I don't get it. Things have changed, people have changed, technology has changed. We cannot go back, we must go forward. Even when it comes to the budget, the old way is no longer valid. Also, this country is not really run my government, it is run by big business.
