Fannie and Freddie are the cause of this mess. The massive expansion in sub-prime lending, starting in the 90's and continuing through this decade, are at the root of the chaos. Undoing Gramm-Leach-Biley would have changed nothing if Fannie and Freddie had continued to give loans to people who clearly could not afford them.
On Mon, Sep 29, 2008 at 5:04 PM, Maureen wrote: > The root of this entire mess is the Gramm-Leach-Biley Act which > allowed banks and brokerage firms to marry. The spin is that > legislation passed by Carter and Clinton forced sub-prime loans to be > made to people who couldn't afford them. There is some truth in that, > but Bush and Republicans had a number of years to fix that legislation > and failed to do so. > > Pelosi is stupid for politicizing this bill, but it's not the first > time she's been stupid. > > On Mon, Sep 29, 2008 at 2:14 PM, Jacob wrote: > > But wasn't Clinton in the 1990s the pushed for Freddie Mac and Fannie Mae > to > > expand subprime lending to those that could not afford it? The root of > this > > entire mess... > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;207172674;29440083;f Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:271453 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
