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Thread: SNL bailout skit - Important question

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    Default SNL bailout skit - Important question

    Here's the skit from this week. When they are discussing the bailout they said the following:

    Pelosi: Let's not forget, Mr. President, that it was the Democrats who sounded the alarm about the risky mortgage loans that Fannie May and Freddie Mac were encouraging, and that your party resisted all of our efforts to reign them in.

    Bush: Wait, wait, wait...wasn't it my administration that warned about the problem 6 years ago? And it was the Democrats who refused to listen?

    Pelosi: No, who told you that, that's crazy. It's completely the other way around.

    Frank: Actually, this time, this time he's sort of right.

    Pelosi: Shhh. Don't say anything, he doesn't know.



    Can someone clear this up? DH is an undecided voter and he really wants to know what happened and who's at fault here. Please provide reliable sources (WSJ, NYT, CNN, etc.) He will not believe opinion blogs and such.

    Saturday Night Live - C-Span Bailout - Video - NBC.com

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    August 1993-Bush Tried To Warn About Freddie and Fannie-Dems Said NO!

    By STEPHEN LABATON
    Published: September 11, 2003
    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 gov More..ernment-sponsored companies that are the two largest players in the mortgage lending industry.

    The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

    The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.

    ''There is a general recognition that the supervisory system for housing-related government-sponsored enterprises neither has the tools, nor the stature, to deal effectively with the current size, complexity and importance of these enterprises,'' Treasury Secretary John W. Snow told the House Financial Services Committee in an appearance with Housing Secretary Mel Martinez, who also backed the plan.

    Mr. Snow said that Congress should eliminate the power of the president to appoint directors to the companies, a sign that the administration is less concerned about the perks of patronage than it is about the potential political problems associated with any new difficulties arising at the companies.

    The administration's proposal, which was endorsed in large part today by Fannie Mae and Freddie Mac, would not repeal the significant government subsidies granted to the two companies. And it does not alter the implicit guarantee that Washington will bail the companies out if they run into financial difficulty; that perception enables them to issue debt at significantly lower rates than their competitors. Nor would it remove the companies' exemptions from taxes and antifraud provisions of federal securities laws.

    The proposal is the opening act in one of the biggest and most significant lobbying battles of the Congressional session.

    After the hearing, Representative Michael G. Oxley, chairman of the Financial Services Committee, and Senator Richard Shelby, chairman of the Senate Banking Committee, announced their intention to draft legislation based on the administration's proposal. Industry executives said Congress could complete action on legislation before leaving for recess in the fall.

    ''The current regulator does not have the tools, or the mandate, to adequately regulate these enterprises,'' Mr. Oxley said at the hearing. ''We have seen in recent months that mismanagement and questionable accounting practices went largely unnoticed by the Office of Federal Housing Enterprise Oversight,'' the independent agency that now regulates the companies.

    ''These irregularities, which have been going on for several years, should have been detected earlier by the regulator,'' he added.

    The Office of Federal Housing Enterprise Oversight, which is part of the Department of Housing and Urban Development, was created by Congress in 1992 after the bailout of the savings and loan industry and concerns about regulation of Fannie Mae and Freddie Mac, which buy mortgages from lenders and repackage them as securities or hold them in their own portfolios.

    At the time, the companies and their allies beat back efforts for tougher oversight by the Treasury Department, the Federal Deposit Insurance Corporation or the Federal Reserve. 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. This year, however, the chances of passing legislation to tighten the oversight are better than in the past.
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    Super Moderator twitchy2.0's Avatar
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    ^what source is that?
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    September 11, 2003
    New Agency Proposed to Oversee Freddie Mac and Fannie Mae

    By STEPHEN LABATON
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    Super Moderator twitchy2.0's Avatar
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    got a link?
    "If you are not outraged, then you are not paying attention," Heather Heyer's facebook quote.

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    Normally you're supposed to link articles.
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    Elite Member Little Wombat's Avatar
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    Here is a link to the actual NYT article:
    New Agency Proposed to Oversee Freddie Mac and Fannie Mae - New York Times

    However, I'm not sure how much blame you can place on the Democrats (as a whole) for this. The Republicans controlled the House in 2003, and the Senate was split at that time, if I remember correctly, leaving Cheney to break tie votes.

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    Super Moderator twitchy2.0's Avatar
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    Thanks for the link, Wombat.
    "If you are not outraged, then you are not paying attention," Heather Heyer's facebook quote.

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    ^ no problem!

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    Thanks! Was there a followup article?

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    Quote Originally Posted by hotncmom View Post
    Here's the skit from this week. When they are discussing the bailout they said the following:

    Pelosi: Let's not forget, Mr. President, that it was the Democrats who sounded the alarm about the risky mortgage loans that Fannie May and Freddie Mac were encouraging, and that your party resisted all of our efforts to reign them in.

    Bush: Wait, wait, wait...wasn't it my administration that warned about the problem 6 years ago? And it was the Democrats who refused to listen?

    Pelosi: No, who told you that, that's crazy. It's completely the other way around.

    Frank: Actually, this time, this time he's sort of right.

    Pelosi: Shhh. Don't say anything, he doesn't know.



    Can someone clear this up? DH is an undecided voter and he really wants to know what happened and who's at fault here. Please provide reliable sources (WSJ, NYT, CNN, etc.) He will not believe opinion blogs and such.

    Saturday Night Live - C-Span Bailout - Video - NBC.com
    There are a ton of articles on this.....and both sides share the blame. Players on both sides of the aisle helped contribute to this mess.

    Even noted Democrat Alec Baldwin admitted it on Bill Maher this week, but he's moving again if mccain wins

    The Fannie Mae debacle was brought to you by the vast bipartisan conspiracy. - By Jack Shafer - Slate Magazine

    http://www.nytimes.com/2008/10/05/bu...se&oref=slogin

    In D.C., few evade blame for financial crisis - Los Angeles Times

    How Washington Failed to Rein In Fannie, Freddie - washingtonpost.com

    this is just a start, you'll see tons of articles dating back to the 1990's on this, you can read for days
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