Finger pointing at its best ;)

[TheMercenary]

Originally Posted by SamIam

I agree that both parties are equally to blame. But what the "evil" Republicans were most likely shouting was, "Here's a way to make a quick buck for me. Too bad if it doesn't work out for you."

If every single democrat voted for it, it would have passed by simple majority. There is enough of a shit sandwhich for all parties involved to have a bite. Pelosi didn't help things with her speech and she should have saved it till after the final vote. So they have the majority, they own the most of it IMHO. 94 Democrats said no.

But if you look deep into the history of what got us here there is not a single party that is responsible for the mess. If you look at how the vote came out you can see that there were almost as many that voted for it as voted against it in both parties collectively.

Obama continues to blame the current financial crisis on “deregulation”. Either Obama knows that claim to be false or he is ignorant of how this crisis evolved:

The path to our current cirisis started with these steps;

Step 1). Mortgage Underwriting standards were lowered - begining in the early 1990’s. http://www.foxnews.com/story/0,2933,424945,00.html

The Federal Reserve’s Board of Governor’s created a new set of standards to govern Mortgage Lending practices. http://www.foxnews.com/story/0,2933,424945,00.html

The Federal Reserve’s involvement in creating this problem gives one reason to question if the Public should trust the Federal Reserve to oversee the proposed bailout.

The lowered standards minimized the importance of a borrowers Credit History, Downpayment, Job History or Income. These “tried and true” criteria were called “outdated”. The Boston Federal Reserve created a Manual outling the ”new criteria” in 1992. http://www.foxnews.com/story/0,2933,424945,00.html

These rules were “pushed” by Fannie Mae to the extreme. Those who co-operated were rewarded.

One lender singled out by Fannie Mae for special praise for following these new criteria was Countrywide:

continues:

http://mcauleysworld.wordpress.com/2...olitical-spin/