American Elephants

Did You Know that Bush Called For Reform 17 times in 2008 Alone? by The Elephant's Child

You undoubtedly saw in the news the report that President Bush called for reform of Fannie Mae and Freddie Mac 17 times in 2008 alone, didn’t you?  You didn’t? There was a press release from the White House on September 19th.  I only found out through the courtesy of Sweetness & Light.

April, 2001:The Administration’s Fiscal Year 02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem.” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.”
2002: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
January, 2003: Freddie Mac announces it has to restate financial results for the previous three years.
February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that “although investors perceive an implicit Federal guarantee of [GSE] obligations,” “the government has provided no explicit legal backing for them.” As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. (“Systemic Risk; Fannie Mae, Freddie Mac and the Role of OFHEO,” OFHEO Report, 2/4/03)
September: Fannie Mae discloses SEC Investigation and acknowledges OFHEO’s review found earnings manipulations.
September: Treasury Secretary John Snow testifies before  the House Financial Services Committee to recommend that Congress enact “legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises” and set prudent and appropriate minimum capital adequacy requirements.
October: Fannie Mae discloses $1.2 billion accounting error. [continue reading]

…and the story continues. Do read it all. That is, if you plan to vote.

8 Comments so far
Leave a comment

I don’t care what others say; I still admire and support President Bush. We haven’t been attacked on our native soil since 9/11. That alone should redeem his image from the Obamanites’ views.


Comment by Larry McCallister Politics

I still support him too, Larry. Despite what hysterical popular opinion may be, he has been a great president, and not only for keeping us safe.

He turned around the recession very quickly, prevented a second recession after 9/11, is responsible for a period of growth that was stronger, longer, mor robust and more sustainable than the much-hailed bubble, indeed, his economic policies are the reason our economy is weathering the current crisis so much better than other nations. He warned of the coming crisis and tried to reform Fannie and Freddie 17 times this year alone and something like 28 times since 2001, but was blocked by Democrats who still defend them and the policies responsible for this crisis to this day. He removed two dangerous and rogue regimes and replaced them with democratic govenments that are alliesm fought a war that Democrats first approved, then decided to undermine for political gain and he won it anyway (compare that to Vietnam where Democrats did the same thing and cost our nation its most harmful defeat), and contrary to the hysteria of the left, he did so without any real infringement of Americans liberties (compare that to FDR, Wilson, Lincoln, etc). He also prevented the government from creating embryos to destroy them, and, again, contrary to conventional wisdom, launched the biggest, fastest, most organized response to a catastrophic national disaster in history. And I could actually go on, but thats enough I think.

Keep supporting him Larry, you’re right, they’re wrong, and history will remember President Bush as one of the near-great presidents if not one of the greats. Indeed, I fear that no matter who becomes president next, people are going to have a much higher opinion of him in a few years time.


Comment by American Elephant

Boy Who Cried Wolf Syndrome.


Comment by Dale

You might check your constitution, Dale. The President can propose, ask, explain, request, but only Congress can pass or not pass legislation.


Comment by The Elephant's Child

[…] Bush Called For Fannie/Freddie Reform 17 Times in 2008 Posted on October 9, 2008 by sooshisoo h/t American Elephants. […]


Pingback by Bush Called For Fannie/Freddie Reform 17 Times in 2008 « Sooshi Soo

lol @ Dale, now liberals fault Bush for warning Americans TOO much. Im sorry, thats the most retarded thing Ive heard yet — and you libs say an enormous amount of truly retarded things, so thats quite an accomplishment.


Comment by American Elephant

His truly retarded point, Elephants Child, is that BUSH LIED about the war, he warned us about Saddam Hussein, and thats supposed to be crying wolf, so now no one believes him.

What makes it utterly retarded Dale is your assumption that Congress votes for or against war or anything else based on the President’s understanding of the facts, or what he tells them.

It is the liberals way of absolving Democrats for voting for the Iraq war. Of course it is blithering ignorance. If representatives voted for war, or anything else, based on what the President told them, then what would be the purpose of having a congress in the first place? It would be gross negligence of their duty.

The fact is Dave, no matter how much you libtards try to deny it, Congress voted for the war, not because Bush lied to them, not because Bush told them to, but because they saw the evidence and rationale with their very own eyes and they AGREED with him.

I suppose you’re going to argue that warnings about Fannie Mae and Freddie Mac from Alan Greenspan and the GAO were also crying wolf?

I’m sorry, your argument isnt even respectable — its truly ignorant.


Comment by American Elephant

[…] the recession began during the Bush administration, in 2007 with Nancy Pelosi and Harry Reid in control of Congress. […]


Pingback by Blaming Others for Your Mistakes is a Character Defect. « American Elephants

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