Republican Opposition to Subprime Lender Regulations

Republicans have no ability to govern, but they sure are good at two things–smearing their opponents and placing the blame for their mistakes on others. These two skills, along with blocking a recount in 2000 and capitalizing on fears of terrorism for several years after that, allowed them to remain in power far longer than they otherwise would have. (Hillary Clinton’s health care plan also gave the Republicans quite an assist in coming to power but fortunately the Democrats dodged that bullet this year. The Democrats have not been perfect–just far better than the Republicans.)

Since the financial crisis began there have been numerous videos and other pieces of misinformation which have tried to place the blame on Democrats despite the fact that the Republicans have been the ones in power. One bogus argument has been to claim that the Republicans wanted to do something about the problem but the Democrats prevented them. Matthew Yglesias debunked some of these arguments in a post which is most directly debunking claims from Georgia Senator Saxby Chambliss:

When the Fed proposed some lax regulations on subprime lenders, Chris Dodd called them inadequate and called for new legislation to put tighter regulations in place. Chuck Schumer offered a bill in March 2007 to regulate subprime lenders. In fact, exactly as you would think it’s conservatives who’ve been blocking regulation, not only opposing federal efforts to crack down on predatory lending, but using federal regulators like the Office of the Comptroller of Currency to prevent states from regulating subprime lenders Note that in April of this year, Chambliss voted to kill Dick Durbin’s amendment that would have allowed bankruptcy judges to help families facing home foreclosure.

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