So Much for Bush's 'Ownership Society'

End of the ‘Ownership Society’

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Posted By: LieXPoser @ 11/07/2008 4:33:10 AM

NowForTheTruth apparently doesn't know the definition of the word "truth". Can't have facts getting in the way of republican lies.

HR-1461, the 2005 legislation that NFTT is speaking of was indeed sponsored by republicans and marketed as a "regulation" bill. HR-1461 passed in the House with a majority from both parties - almost unanimous by Republicans, almost 2 to 1 by Democrats (apparently half the Dems weren't buying the mockery of a "regulation" bill) - but it was killed in committee in the Senate where Dodd was the chair but a Republican was the ranking member.

Given that the Republicans held a majority in both chambers and had a Republican president they could have passed that bill, or any other, if they wanted to. But that's neither here nor there.

Here's a few things the conservative think tank AEI had to say about the bill:

"While the bill makes some modest improvements to the weak regulatory structure of OFHEO today, these improvements do not bring the authority of the new regulator of Fannie Mae and Freddie Mac to the level currently exercised by federal bank regulators. Moreover, the deficiencies of the bill so far outweigh its modest regulatory improvements that the taxpayers and the economy generally would be better off with current law. "

"the bill limits OFHEO???s [the regulator's] activities immediately after enactment to winding up its operations, but does not authorize the new regulator to begin operations for a year. In the meantime, the GSEs (including the Federal Home Loan Banks) are free from safety-and-soundness oversight, and their expansion into new lines of business would not be controlled. Then, when the new regulator begins operations, it is prohibited from reviewing the activities in which Fannie and Freddie are already engaged. The result is a hiatus in which Fannie and Freddie have a free pass to enter any field that might arguably be related to their mission, with little authority in the new regulator to question its legitimacy under the law. This provision alone should be of concern to the many housing-related industries that might find themselves competing with Fannie and Freddie one year after the enactment of a law that contains the elements of this bill."

And there's lot's more, go read it, (http://www.aei.org/publications/pubID.22705/pub_detail.asp):

If you want to know the truth don't read the biased articles provided by NowForTheTruth, and don't believe AEI (they are, after all, packed with devious money worshiping republicans), go read the bill for yourself: (http://thomas.loc.gov/cgi-bin/bdquery/z?d109:h.r.01461:)

Member Comments

Posted By: YashBudini @ 12/10/2008 5:05:27 PM

Sign on Bush's Desk:

Th buck stops here
<--------------------->
Posted By: rube @ 11/21/2008 7:52:18 PM

Ownership society- yeah what Bush didnt realize is that only a few Americans would be owning
the smoldering ashes of a once equitable and great nation!
Posted By: LieXPoser @ 11/07/2008 4:33:10 AM

NowForTheTruth apparently doesn't know the definition of the word "truth". Can't have facts getting in the way of republican lies.

HR-1461, the 2005 legislation that NFTT is speaking of was indeed sponsored by republicans and marketed as a "regulation" bill. HR-1461 passed in the House with a majority from both parties - almost unanimous by Republicans, almost 2 to 1 by Democrats (apparently half the Dems weren't buying the mockery of a "regulation" bill) - but it was killed in committee in the Senate where Dodd was the chair but a Republican was the ranking member.

Given that the Republicans held a majority in both chambers and had a Republican president they could have passed that bill, or any other, if they wanted to. But that's neither here nor there.

Here's a few things the conservative think tank AEI had to say about the bill:

"While the bill makes some modest improvements to the weak regulatory structure of OFHEO today, these improvements do not bring the authority of the new regulator of Fannie Mae and Freddie Mac to the level currently exercised by federal bank regulators. Moreover, the deficiencies of the bill so far outweigh its modest regulatory improvements that the taxpayers and the economy generally would be better off with current law. "

"the bill limits OFHEO???s [the regulator's] activities immediately after enactment to winding up its operations, but does not authorize the new regulator to begin operations for a year. In the meantime, the GSEs (including the Federal Home Loan Banks) are free from safety-and-soundness oversight, and their expansion into new lines of business would not be controlled. Then, when the new regulator begins operations, it is prohibited from reviewing the activities in which Fannie and Freddie are already engaged. The result is a hiatus in which Fannie and Freddie have a free pass to enter any field that might arguably be related to their mission, with little authority in the new regulator to question its legitimacy under the law. This provision alone should be of concern to the many housing-related industries that might find themselves competing with Fannie and Freddie one year after the enactment of a law that contains the elements of this bill."

And there's lot's more, go read it, (http://www.aei.org/publications/pubID.22705/pub_detail.asp):

If you want to know the truth don't read the biased articles provided by NowForTheTruth, and don't believe AEI (they are, after all, packed with devious money worshiping republicans), go read the bill for yourself: (http://thomas.loc.gov/cgi-bin/bdquery/z?d109:h.r.01461:)