Why didn't Republicans do anything about the looming financial crisis?

They had complete power in congress for 6 years out of 8 during Bush's presidency. They let the bubble grow under their watch.



Only when the Democrats got into power in 2006 was it too late to do anything but watch the house of cards fall.



Why didn't Republicans do anything about the looming financial crisis?Because Bush never believed we were headed for a recession.



Just like he doesn't believe that there is global warming.



Now all of a sudden, they want to say it's the Democratic Congress fault.



NOT!Why didn't Republicans do anything about the looming financial crisis?
Everyone is to blame, but mostly the blame falls in the hands of the American people. This generation has bought homes and cars they couldn't afford, didn't put a single penny in savings, and now they can't use their house as an ATM to fund their outlandish lifestyle.



Sure, government is to blame, but government can't tell people not to be stupid. We have to teach ourselves budgeting, spending within our means and start saving again. That's the way out of this mess.Why didn't Republicans do anything about the looming financial crisis?THEY TRIED. The democrats in the Senate Filibustered all attempts to fix Freddie Mac and Fannie Mae and the Democratic House blocked legislation as well. There are plenty of video of the democrats singing the praises of our future economy destroyers. The problems started with the Clintons telling the two to take on 50% portfolio of risky mortgages. Now the thing is blamed on the very people who tried to stop this meltdown years ago. Guess who took the donations from these two. Democrats Dodd and Obama top two.



Don't believe me watch this: http://uk.youtube.com/watch?v=_MGT_cSi7R鈥?/a>



Democrats got into power they sped up the blocking of any salvation to stop our next great depression.
Dems have had two years to do something. McCain in 2006 went to congress with concerns about freddie and fannie and was not listened to. This financial crisis has been something that started way before Bush was in office. It would be nice to blame one party, but not true.Why didn't Republicans do anything about the looming financial crisis?%26gt;%26gt;%26gt;Why didn't Republicans do anything about the looming financial crisis?%26gt;%26gt;%26gt;



If that's what you believe, then you are either misiniformed, or you are deliberately lying.



Read this column -- all of it:



http://townhall.com/Columnists/ThomasSow鈥?/a>Why didn't Republicans do anything about the looming financial crisis?
One of the problems with capitalism is that once in a while, people get carried away and all invest in something at once. It creates a bubble that eventually pops, and people lose a lot of money. It's human nature and capitalism, unfortunately.



Looking back in history, there was once a tulip frenzy where hundreds of years ago, Europeans were buying up tulip bulbs and thinking they were investing. They made a lot of money until they lost a lot of money.



Remember the dot-com bubble? When stocks had nowhere to go but up?



The most recent bubble was the real estate bubble. Our government decided it makes the country stronger to have more home ownership. Interest rates were kept low, and regulations were eased to enable people to buy houses who might not be able to afford. So many people bought houses that making loans became a huge business. Selling loans became a huge business. About a third of the new loans were the funny "nontraditional" loans.



It seemed like a good idea at the time. Who does not think it's a good idea to help people buy homes. It's a great investment, and it encourages people to take ownership of their homes and neighborhoods. It reduces crime. What's wrong with creative financing? The banks just turn around and sell the loans to investors, so they make money off of the fees and don't seem to take on any risk.



Very few people saw the grave danger. Even very smart people rationalized that the "nontraditional" loans only made up a small fraction of the total number of mortgages. The few people that saw this coming were the people that really knew the mortgage business. Some of these insiders made a lot of money and did not bother to share the insight with the rest of us that these subprime loans are poison.



So to answer your question... Bubbles will always be with us because of capitalism and the tendency for everyone to jump in when there is a lot of money to be made. In terms of this particular crisis, the government failed us in relaxing lending regulations and allowing the feeding frenzy in real estate to get out of control. There was a lot of money to be made, and the folks in charge didn't want to get in the way of people making money.



But when was the last time a politician was smart enough to forsee danger and had the courage to stand up and tell people they need to slow down and not try to make so much money?
I love this line of thinking. Y'all use it regarding gas too. However in reality, IT IS NEVER TOO LATE TO WORK.



Just like drilling. Ya. We might not get it for ten years. But ya gotta start sometime, or you'll never get it.



So stop blaming the Reps when y'all have controlled the purse for the last two years.Why didn't Republicans do anything about the looming financial crisis?
You better go back and study, because at least TWO times, the Republicans did try, once with McCain presenting it. Thrown down by Democrats, even BILL CLINTON conceded to this recently. Go look it up!!!!!!!
Read the records for yourself. 2003 and 2005 were both initiated by republicans but died by Democratic opposition.
O yeah... and not a single Democrat had a thing to do with it? People like are just looking for someone to blame. Everyone screwed up in this situation.
They did.



they blamed the Dems once it was too late.



that's all they know how to do; their mantra of "personal responsibility" is the equivalent of "do as I say, not as I do."
That's still two years to do something, and this Congress hasn't done anything at all. Oh... right.... they've been too busy investigating steroid use by baseball players. Financial crises will have to wait.
They did. They caused it. Alan Greenspan was the engineer behind this.
The bailout is Socialism pure and simple. I applaud my Representative for voting against this junk that rewards stupidity and is only delaying the inevitable.
Oh Please! Democrats need to take off their rose-colored glasses when they look in the mirror.



McCain/Palin 2008!
Do your research, it all began as early as the Clinton days...he recently admitted it in a Fox interview.
And now they got away with $850 billions .........




They tried NUMEROUS TIMES and the bills were ALWAYS, ALWAYS defeated by the Dems.
I see you never met any facts you liked
When you make foolish statements like this .. you loose all credibility