Poll: Voters Blaming Republicans Over Democrats for Economic Crisis

In 2005, the House Banking Committee tried to rein in the two companies by passing new regulations which would have prevented Fannie and Freddie from acquiring bad mortgages. It actually gave a new regulator the kinds of powers that a bank regulator had. All the Republicans voted for it. All the Democrats voted against it.

Tricia Yowell of NC 1:38PM September 29, 2008

Since the New Deal, ultra conservatives have realized that pure capitalism would not serve their needs, i.e., Adam Smith Institutes and strategies that expanded the centers around the world. To achieve their goals, these conservatives engaged in an all out assault on the public view of government, governmental institutions, and the motivations/intentions of public employees. They sought to replace the values underpinning the social and morale fabric of American Society with the amoral values inherient in free market capitalism. They sought to control through massive consolitations, mergers, and government approved monopolies, the production and distribution of raw materials and the creation a financial system that rewarded greed, inefficiency, nonresponsiveness, etc. (They continued to play the myth that they were really engaged in "free markets", "competition", "over-regulated", and over taxed.

As conservative finally assumed the controls of government they (Read Stockman's notes) sought to create massive deficits inorder to force further reductions in social programs. Reagan, Bush, and Bush bought and sold this economic strategy.

What they achieved have resulted in the loss of public freedoms, the evil twisting of our basic values of justice, human rights, and equality. They created an new soul without morals for the Samaritan, reflecting actions that depended on who was looking, what was the cost benefit, and how many words they could find to avoid action.

So what resources are left. People's private investments, resources, like their homes, etc. - Well they already have extended control over those assets through greater loans, higher indebitness, etc. What was left - to ask the government to try printing more monopoly money.

They have used fear and crises to advance their agendas. Maybe it is time that as Americans we accept the consequences for our willingness to let this happen. Time to deny any bailout and to accept the consequences of our actions.

Lesley F. Stebens of MN 11:35PM September 25, 2008

Since 2006, the federally sponsored mortgage giant Freddie Mac has paid at least $345,000 to John McCain's campaign manager Rick Davis. Davis was charged with the task of promoting home ownership while at the same time counter efforts of the government to impose tighter loan regulations. This is considered as one of the cause of the current major meltdown financial crisis in the country since the 1930s economic depression.

Although the previous arrangement had terminated, Rick Davis himself approached Freddie Mac in 2006 and asked for a new consulting arrangement. As a result, Davis's Washington, D.C. based lobbying firm known as Davis & Manafort received $15,000 a month from Freddie Mac until last month. The arrangement was approved by Hollis McLoughlin, Freddie Mac's vice president for external relations. Davis being a campaign Manager and a potential Chief of Staff for the next President it was felt you couldn't say no.

Despite of this new revelation, it is not ideal for Davis to voluntary or be requested to step aside at this time, six weeks before the general election.

randy of CT 9:40PM September 23, 2008

You're all dumb as rocks, and the media perpetuates stupidity, which is the only reason people don't have a clue in the US. This was caused by everyone who thought money was free, and by the Clinton administration for pushing loans out to people who couldn't afford them. Bush allowed it to continue rather than look like a racist, as Barney Frank painted him in 02, so he has his share of the blame. The road to hell is paved with good intentions. Read the CRA, the HDMA and the bipartisan repeal of the Glass-Steagall act.

I don’t think ten fingers is enough to point at the actual causes of this problem. As far as where to place the blame on the Housing Crisis? Everyone gets some. The consumer, the banks, the lenders, the brokers, the appraisers, the developers, the real estate agents, the secondary market investors, and the government all acted like pigs at the trough. Everyone was “Flipping houses” and operating like real-estate tycoons in a Sims game. And without a clear separation of risk in Fannie Mae & Freddie Mac from the Federal Government, who wouldn’t want to play with house money? Unlimited upside and taxpayer controlled downside. They call it a “Private Profit, Socialized Losses” system. No wonder everyone played along.

The government directly caused this problem by pursuing a socialist agenda. The road to hell here was paved with the good intention of home ownership for everyone. Home ownership by all is probably a noble idea, but screwing with the system to force private banks to make suspect loans with the implicit backing of the federal government directly got us here. All subsequent actions by borrowers and so on was the result of taking risk out of the lending equation. Risk has to be part of the equation, as it operates as a check between irrationalism and solid business practices. The bailout by the government likely has to be done, as the government caused the problem in the first place.

The US government is poised to be a huge mortgage holder, and in turn a property owner. Those properties need to be sorted out and those mortgages divested into public companies, and the proceeds used to repay the US taxpayer for the bailout. This process should have time cap, and the government should stay out of the housing market in the future. Secondary credit markets being baled out by the government also send a signal to those that borrowed. And that signal is, spend whatever you want, even if you can’t afford it – the new Socialistic government of the US is here to bail you out. So I guess the government will save the people from learning the lesson that you can’t live beyond your means forever.

King Pablo of OH 1:47PM September 23, 2008