WASHINGTON "“ Freddie Mac secretly paid a Republican consulting firm $2 million to kill legislation that would have regulated and trimmed the mortgage finance giant and its sister company, Fannie Mae, three years before the government took control to prevent their collapse.
In the cross hairs of the campaign carried out by DCI of Washington were Republican senators and a regulatory overhaul bill sponsored by Sen. Chuck Hagel, R-Neb. DCI's chief executive is Doug Goodyear, whom John McCain's campaign later hired to manage the GOP convention in September.
Freddie Mac's payments to DCI began shortly after the Senate Banking, Housing and Urban Affairs Committee sent Hagel's bill to the then GOP-run Senate on July 28, 2005. All GOP members of the committee supported it; all Democrats opposed it.
In the midst of DCI's yearlong effort, Hagel and 25 other Republican senators pleaded unsuccessfully with Senate Majority Leader Bill Frist, R-Tenn., to allow a vote.
"If effective regulatory reform legislation ... is not enacted this year, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system and the economy as a whole," the senators wrote in a letter that proved prescient.
Unknown to the senators, DCI was undermining support for the bill in a campaign targeting 17 Republican senators in 13 states, according to documents obtained by The Associated Press. The states and the senators targeted changed over time, but always stayed on the Republican side.
In the end, there was not enough Republican support for Hagel's bill to warrant bringing it up for a vote because Democrats also opposed it and the votes of some would be needed for passage. The measure died at the end of the 109th Congress.
That bill has been discussed here several times and I had been wondering why Frist had kept it off the Senate floor. Good work digging that up.
I found a bit more after doing a search on DCI, including a brief snippet about DCI's CEO.
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WASHINGTON (AP) "” Freddie Mac secretly paid a Republican consulting firm $2 million to kill legislation that would have regulated and trimmed the mortgage finance giant and its sister company, Fannie Mae, three years before the government took control to prevent their collapse. In the cross hairs of the campaign carried out by DCI of Washington were Republican senators and a regulatory overhaul bill sponsored by Sen. Chuck Hagel, R-Neb. DCI's chief executive is Doug Goodyear, whom John McCain's campaign later hired to manage the GOP convention in September.
Hmmm, weeks before the election, we have Dem's neck deep in this scandal and some how this is information surfaces that it was republicans all along. Try again Falcon, me smells a dead fish here.
BTW, did you read the WSJ this weekend? There was a great story on this whole mess and guess what? That Gramm and the other two bill was given great credit to be a stabalizer for this whole mess. You know the one you keep blaming it on before this latest article? It has allowed companies like Bank of America to buy up these troubled assets. It was a very good read and made a good case.
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John Adams “The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.”
Ronald Reagan: 'Everybody that is for abortion has already been born'
"I never said I was worth it. I only said I wouldn't do it for less " William F. Buckley Jr.
Yep, the Associated Press must be in the pockets of the dastardly pinko socialists.Wonder what the Limbaugh spin will be on this one? The Wall Street Journal is toRepublicans what the Washington Post is to Democrats.
IMO: The Wall Street Journal is about as credible as The Boston Globe.
Yep, the Associated Press must be in the pockets of the dastardly pinko socialists.Wonder what the Limbaugh spin will be on this one? The Wall Street Journal is toRepublicans what the Washington Post is to Democrats.
IMO: The Wall Street Journal is about as credible as The Boston Globe.
Are you going to stand up and defend the AP as being anything but liberal? Please tell show me where this monopoly has been anything but?
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John Adams “The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.”
Ronald Reagan: 'Everybody that is for abortion has already been born'
"I never said I was worth it. I only said I wouldn't do it for less " William F. Buckley Jr.
It couldn't be that the perfect operation that we jus saw in Washington over the past 8 years did something wrong. I thought liberals were the fault of everything.
It couldn't be that the perfect operation that we jus saw in Washington over the past 8 years did something wrong. I thought liberals were the fault of everything.
Hey, will get an education on how our government works. The Senate has been under the control of the Dems for 4 of the last 8 years.
Quote:
[blockquote]quote:
Are you going to stand up and defend the AP as being anything but liberal?[/blockquote]
The AP reports on worthy news no matter where the chips fall.
No they don't Falcon. The AP is the last monoply in news. Over 3/4ths of their reporters are left leaning.
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John Adams “The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.”
Ronald Reagan: 'Everybody that is for abortion has already been born'
"I never said I was worth it. I only said I wouldn't do it for less " William F. Buckley Jr.
Stop blaming the press for reporting the issues. I can't even turn on talk radio without hearing some Rep A hole telling me how much better the Reps run things vs the Dems.
Again, the Reps are going to have to prove their worth talking about issues. They haven't done that for years. All we get is BS like Obama is a domestic terrorist. LOL
Stop blaming the press for reporting the issues. I can't even turn on talk radio without hearing some Rep A hole telling me how much better the Reps run things vs the Dems.
Again, the Reps are going to have to prove their worth talking about issues. They haven't done that for years. All we get is BS like Obama is a domestic terrorist. LOL
Oh, can't take the heat when you realize your Dems have been in power screwing it up but yet your already to vote for someone with 143 days experience in the Senate, who surrounds himself with questional characters and has been handing out promises and positions like it was someone throwing candy off a parade float.
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John Adams “The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.”
Ronald Reagan: 'Everybody that is for abortion has already been born'
"I never said I was worth it. I only said I wouldn't do it for less " William F. Buckley Jr.
Republican Senators Derailed Freddie Mac Law
